ACCT 526 CORRECT EXAMS ANSWERS AND
QUESTIONS SET A+
✔✔Bedron Company is a closely held investment service group that has been quite
successful over the past 5 years, consistently providing most members of the top
management group with 50% bonuses. In addition, both the chief financial officer and
the chief executive officer have received 100% bonuses. Bedron expects this trend to
continue.
Recently, Bedron's top management group, which holds 35% of the outstanding shares
of common stock, has learned that a major corporation is interested in acquiring
Bedron. The other corporation's initial offer is attractive and is several dollars per share
higher than Bedron's current share price. One member of management told a group of
employees under him about the potential offer. He suggested that they might want to
purchase more Bedron stock at the current price in anticipation of the takeover offer.
Do you think that the employees should take the action suggested by their boss? -
✔✔no
✔✔Bedron Company is a closely held investment service group that has been quite
successful over the past 5 years, consistently providing most members of the top
management group with 50% bonuses. In addition, both the chief financial officer and
the chief executive officer have received 100% bonuses. Bedron expects this trend to
continue.
Recently, Bedron's top management group, which holds 35% of the outstanding shares
of common stock, has learned that a major corporation is interested in acquiring
Bedron. The other corporation's initial offer is attractive and is several dollars per share
higher than Bedron's current share price. One member of management told a group of
employees under him about the potential offer. He suggested that they might want to
purchase more Bedron stock at the current price in anticipation of the takeover offer.
Now suppose that it is not prohibited by Bedron's code of ethics. Is the action - ✔✔No
✔✔The provision of accounting information for internal users is known as -
✔✔managerial accounting
, ✔✔the objective of profit maximization should be constrained by the requirement that
profits be achieved through - ✔✔both legal and ethical means
✔✔Slapshot Company makes ice hockey sticks. Last week, direct materials (wood,
paint, Kevlar, and resin) costing $22,000 were put into production. Direct labor of
$28,000 (10 workers x 100 hours x $28 per hour) was incurred. Manufacturing overhead
equaled $52,000. By the end of the week, the company had manufactured 3,900
hockey sticks.
Calculate the total prime cost for last week. - ✔✔50,000
✔✔Slapshot Company makes ice hockey sticks. Last week, direct materials (wood,
paint, Kevlar, and resin) costing $22,000 were put into production. Direct labor of
$28,000 (10 workers x 100 hours x $28 per hour) was incurred. Manufacturing overhead
equaled $52,000. By the end of the week, the company had manufactured 3,900
hockey sticks.
Calculate the per-unit cost. Round your answer to the nearest cent. - ✔✔12.82
✔✔Slapshot Company makes ice hockey sticks. Last week, direct materials (wood,
paint, Kevlar, and resin) costing $22,000 were put into production. Direct labor of
$28,000 (10 workers x 100 hours x $28 per hour) was incurred. Manufacturing overhead
equaled $52,000. By the end of the week, the company had manufactured 3,900
hockey sticks.
Calculate the total conversion cost for last week. - ✔✔80,000
✔✔Slapshot Company makes ice hockey sticks. Last week, direct materials (wood,
paint, Kevlar, and resin) costing $22,000 were put into production. Direct labor of
$28,000 (10 workers x 100 hours x $28 per hour) was incurred. Manufacturing overhead
equaled $52,000. By the end of the week, the company had manufactured 3,900
hockey sticks.
Calculate the per-unit conversion cost. Round your answer to the nearest cent. -
✔✔20.51
✔✔Slapshot Company makes ice hockey sticks. During the month of June, the
company purchased $127,000 of materials. Also during the month of June, Slapshot
Company incurred direct labor cost of $174,000 and manufacturing overhead of
$214,000. Inventory information is as follows:
June 1: Materials: 48,000 & Work in Process: 65,000
June 30: Materials: $45,000 Work in process 63,000
Calculate the cost of goods manufactured for the month of June. - ✔✔520,000
QUESTIONS SET A+
✔✔Bedron Company is a closely held investment service group that has been quite
successful over the past 5 years, consistently providing most members of the top
management group with 50% bonuses. In addition, both the chief financial officer and
the chief executive officer have received 100% bonuses. Bedron expects this trend to
continue.
Recently, Bedron's top management group, which holds 35% of the outstanding shares
of common stock, has learned that a major corporation is interested in acquiring
Bedron. The other corporation's initial offer is attractive and is several dollars per share
higher than Bedron's current share price. One member of management told a group of
employees under him about the potential offer. He suggested that they might want to
purchase more Bedron stock at the current price in anticipation of the takeover offer.
Do you think that the employees should take the action suggested by their boss? -
✔✔no
✔✔Bedron Company is a closely held investment service group that has been quite
successful over the past 5 years, consistently providing most members of the top
management group with 50% bonuses. In addition, both the chief financial officer and
the chief executive officer have received 100% bonuses. Bedron expects this trend to
continue.
Recently, Bedron's top management group, which holds 35% of the outstanding shares
of common stock, has learned that a major corporation is interested in acquiring
Bedron. The other corporation's initial offer is attractive and is several dollars per share
higher than Bedron's current share price. One member of management told a group of
employees under him about the potential offer. He suggested that they might want to
purchase more Bedron stock at the current price in anticipation of the takeover offer.
Now suppose that it is not prohibited by Bedron's code of ethics. Is the action - ✔✔No
✔✔The provision of accounting information for internal users is known as -
✔✔managerial accounting
, ✔✔the objective of profit maximization should be constrained by the requirement that
profits be achieved through - ✔✔both legal and ethical means
✔✔Slapshot Company makes ice hockey sticks. Last week, direct materials (wood,
paint, Kevlar, and resin) costing $22,000 were put into production. Direct labor of
$28,000 (10 workers x 100 hours x $28 per hour) was incurred. Manufacturing overhead
equaled $52,000. By the end of the week, the company had manufactured 3,900
hockey sticks.
Calculate the total prime cost for last week. - ✔✔50,000
✔✔Slapshot Company makes ice hockey sticks. Last week, direct materials (wood,
paint, Kevlar, and resin) costing $22,000 were put into production. Direct labor of
$28,000 (10 workers x 100 hours x $28 per hour) was incurred. Manufacturing overhead
equaled $52,000. By the end of the week, the company had manufactured 3,900
hockey sticks.
Calculate the per-unit cost. Round your answer to the nearest cent. - ✔✔12.82
✔✔Slapshot Company makes ice hockey sticks. Last week, direct materials (wood,
paint, Kevlar, and resin) costing $22,000 were put into production. Direct labor of
$28,000 (10 workers x 100 hours x $28 per hour) was incurred. Manufacturing overhead
equaled $52,000. By the end of the week, the company had manufactured 3,900
hockey sticks.
Calculate the total conversion cost for last week. - ✔✔80,000
✔✔Slapshot Company makes ice hockey sticks. Last week, direct materials (wood,
paint, Kevlar, and resin) costing $22,000 were put into production. Direct labor of
$28,000 (10 workers x 100 hours x $28 per hour) was incurred. Manufacturing overhead
equaled $52,000. By the end of the week, the company had manufactured 3,900
hockey sticks.
Calculate the per-unit conversion cost. Round your answer to the nearest cent. -
✔✔20.51
✔✔Slapshot Company makes ice hockey sticks. During the month of June, the
company purchased $127,000 of materials. Also during the month of June, Slapshot
Company incurred direct labor cost of $174,000 and manufacturing overhead of
$214,000. Inventory information is as follows:
June 1: Materials: 48,000 & Work in Process: 65,000
June 30: Materials: $45,000 Work in process 63,000
Calculate the cost of goods manufactured for the month of June. - ✔✔520,000
