ACCT 434 Week 3 Quiz (Updated)

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ACCT 434 Week 3 Quiz (Updated)

1. (TCO 3) McDevitt Company employs six individuals. Each is paid $12.50 per hour. How would total costs of personnel be classified? (Points : 5)

Fixed cost within relevant range
Variable
Mixed
Variable cost within relevant range

 

Question 2.2. (TCO 3) For January, the cost components of a picture frame include $0.35 for the glass, $0.65 for the wooden frame, and $0.80 for assembly. The assembly desk and tools cost $400. A total of 1,000 frames is expected to be produced in the coming year. What cost function best represents these costs? (Points : 5)

y = 1.80 + 400X
y = 400 + 1.80X
y = 2.20 + 1,000X
y = 1.00 + 400X

 

Question 3.3. (TCO 3) Which cost estimation method analyzes accounts in the subsidiary ledger as variable, fixed, or mixed using qualitative methods? (Points : 5)

Quantitative analysis
Industrial engineering
Account analysis
Conference

 

Question 4.4. (TCO 3) Penny’s TV and Appliance Store is a small company that has hired you to perform some management advisory services. The following information pertains to 20X2 operations: Sales (2,000 televisions) $900,000; Cost of goods sold $400,000; Store manager’s salary per year $70,000; Operating costs per year $157,000; Advertising and promotion per year $15,000; Commissions (4% of sales) $36,000. What are the estimated total costs if Penny’s expects to sell 3,000 units next year? (Points : 5)

$799,000
$1,017,000
$896,000
$799,000

 

Question 5.5. (TCO 4) A decision model involves (Points : 5)

a manager’s instinct.
only qualitative analyses.
only quantitative analyses.
both quantitative and qualitative analyses.

 

Question 6.6. (TCO 4) When using the five-step decision process, which one of the following steps should be done first? (Points : 5)

Implementing the decision
Evaluation and feedback
Identify problem
Choose an alternative

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Question 7.7. (TCO 4) Sunk costs (Points : 5)

are relevant to all decisions.
have future implications.
are future costs.
are past costs.

 

Question 8.8. (TCO 4) Northwoods Incorporated manufactures rustic furniture. The cost accounting system estimates manufacturing costs to be $90 per table, consisting of 80% variable costs and 20% fixed costs. The company has surplus capacity available. It is Northwoods’ policy to add a 50% markup to full costs. A large hotel chain is currently expanding and has decided to decorate all new hotels using the rustic style. Northwoods is invited to submit a bid to the hotel chain. What is the lowest price per unit Northwoods should bid on this long-term order? (Points : 5)

$63
$135
$90
$72

 

Question 9.9. (TCO 5) Piels Corporation produces a part that is used in the manufacture of one of its products. The costs associated with the production of 10,000 units of this part are as follows.
Direct materials $ 90,000
Direct labor 130,000
Variable factory overhead 60,000
Fixed factory overhead 140,000
Total costs $420,000Of the fixed factory overhead costs, $60,000 is avoidable.
Assuming no other use of their facilities, the highest price that Piels should be willing to pay for 10,000 units of the part is _____. (Points : 5)

$420,000
$280,000
$340,000
$360,000

 

Question 10.10. (TCO 5) Helmer’s Rockers manufactures two models, Standard and Premium. Weekly demand is estimated to be 100 units of the Standard Model and 70 units of the Premium Model. The following per unit data apply.
StandardPremium
Contribution margin per unit $18 $20
Number of machine-hours required 3 4If there are 600 machine-hours available per week, how many rockers of each model should Jim Helmer produce to maximize profits? (Points : 5)

100 units of Standard and 49 units of Premium
72 units of Standard and 70 units of Premium
100 units of Standard and 70 units of Premium
85 units of Standard and 60 units of Premium

 

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