ACCT 526 FINAL EXAM WITH CORRECT
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+
Archer Company uses a job order cost system. During the
month of September, the company worked on Job B. The
information contained on the cost sheet is as follows:
Job B
Beg Balance $1,500
Direct Material $800
Direct Labor $2,300
The company applied overhead at 120% of direct labor cost.
During September Job B was completed and sold in October.
If Job B sold for $8,000, what was the amount of gross profit
,for this job? (Ignore any consideration of over/under
applied overhead) - ANSWERS-$640
At the end of the accounting period, applied overhead was
larger than actual overhead by a material amount. The over
applied overhead should be: - ANSWERS-apportioned
among Work in Process Inventory, Finished Goods Inventory
and Cost of Goods Sold
At December 31, 2017, Stand Still Industries had $2,500 of
raw material inventory. At the beginning of 2017, there was
$2,000 of materials on hand. During the year, the company
purchased $305,000 of materials; however, it paid for only
$292,500. How much inventory was used of jobs during
2017? - ANSWERS-$304,500
In the year-end financial statements, the Manufacturing
Overhead account should have: - ANSWERS-a zero balance,
since all overhead costs incurred during the year should be
assigned to the production of the year
ABC Company budgeted the following transactions for April:
Sales (75% collected in month of sale) $200,000
, Cash operating expense $105,000
Cash purchases of capital investments $75,000
Cash payment of debt $20,000
Depreciation on operating assets $15,000
There was a $50,000 beginning cash balance. The company
desires to have a $25,000 ended cash balance. What is the
amount of cash overage or shortage? - ANSWERS-$25,000
shortage
The estimated period costs necessary to support a given
level of sales will be shown on the - ANSWERS-selling and
administrative budget
The budget for a merchandiser differs from a budget for a
manufacturer because:
a. a merchandise purchases budget replaces the production
budget
b. the manufacturing budgets are not applicable
c. none of the above
d. both (a) and (b) - ANSWERS-both (a) and (b)
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+
Archer Company uses a job order cost system. During the
month of September, the company worked on Job B. The
information contained on the cost sheet is as follows:
Job B
Beg Balance $1,500
Direct Material $800
Direct Labor $2,300
The company applied overhead at 120% of direct labor cost.
During September Job B was completed and sold in October.
If Job B sold for $8,000, what was the amount of gross profit
,for this job? (Ignore any consideration of over/under
applied overhead) - ANSWERS-$640
At the end of the accounting period, applied overhead was
larger than actual overhead by a material amount. The over
applied overhead should be: - ANSWERS-apportioned
among Work in Process Inventory, Finished Goods Inventory
and Cost of Goods Sold
At December 31, 2017, Stand Still Industries had $2,500 of
raw material inventory. At the beginning of 2017, there was
$2,000 of materials on hand. During the year, the company
purchased $305,000 of materials; however, it paid for only
$292,500. How much inventory was used of jobs during
2017? - ANSWERS-$304,500
In the year-end financial statements, the Manufacturing
Overhead account should have: - ANSWERS-a zero balance,
since all overhead costs incurred during the year should be
assigned to the production of the year
ABC Company budgeted the following transactions for April:
Sales (75% collected in month of sale) $200,000
, Cash operating expense $105,000
Cash purchases of capital investments $75,000
Cash payment of debt $20,000
Depreciation on operating assets $15,000
There was a $50,000 beginning cash balance. The company
desires to have a $25,000 ended cash balance. What is the
amount of cash overage or shortage? - ANSWERS-$25,000
shortage
The estimated period costs necessary to support a given
level of sales will be shown on the - ANSWERS-selling and
administrative budget
The budget for a merchandiser differs from a budget for a
manufacturer because:
a. a merchandise purchases budget replaces the production
budget
b. the manufacturing budgets are not applicable
c. none of the above
d. both (a) and (b) - ANSWERS-both (a) and (b)
