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CHAPTER 2 QUIZ

1.

Tanner Co. management desires cost information regarding their Rawhide brand. The Rawhide brand is a(n) a. cost object. b. cost driver. c. cost assignment. d. actual cost. The cost of replacement light bulbs on campus would be a direct cost to a college but would need to be allocated as an indirect cost to a. departments. b. buildings. c. schools. d. individual student instruction. What is the total fixed cost of the shipping department of EZ-Mail Clothing Co. if it has the following information for 2002? Salaries $800,000 75% of employees on guaranteed contracts Packaging $400,000 depending on size of item(s) shipped Postage $500,000 depending on weight of item(s) shipped Rent of warehouse space $250,000 annual lease

a. b. c. d.

4.

$850,000 $900,000 $1,050,000 $1,950,000

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3.

Morton Graphics successfully bid on a job printing standard notebook covers during the year using last year’s price of $0.27 per cover. This amount was calculated from prior year costs,

noting that no changes in any costs had occurred from the past year to the current year. At the end of the year, the company manager was shocked to discover that the company had suffered a loss. “How could this be?” she exclaimed. “We had no increases in cost and our price was the same as last year. Last year we had a healthy income.” What could explain the company’s loss in income this current year? a. Their costs were all variable costs and the amount produced and sold increased. b. Their costs were mostly fixed costs and the amount produced this year was less than last

year.

c. They used a different cost object this year than the previous year. d. Their costs last year were actual costs but they used budgeted costs to make their bids. Which type of company converts materials into finished products? a. Not-for-profit b. Service c. Merchandising d. Manufacturing

The three categories of inventories commonly found in many manufacturing companies are: a. Direct materials, direct labor, and indirect manufacturing costs.

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6.

b. c. d. 7.

Purchased goods, period costs, and cost of goods sold. Direct materials, work in process, and finished goods. LIFO, FIFO, and weighted average.

Inventoriable costs are a. only purchased goods for resale. b. a category of costs used only for manufacturing companies. c. recorded as expenses when incurred and later reclassified as assets. d. recorded as assets when incurred.

Period costs are a. all costs in the income statement other than cost of goods sold. b. defined as manufacturing costs incurred this period on the schedule of cost of goods

manufactured.

c. always recorded as assets when first incurred. d. those costs that benefit future periods. The cost of a product can be measured as any of the followingexceptas cost a. gathered from all areas of the value chain. b. identified as period cost. c. designated as manufacturing cost only. d. explicitly defined by contract. The primary focus of cost management is to a. help managers make different decisions. b. calculate product costs. c. aid managers in budgeting. d. distinguish between relevant and irrelevant information.

8.

9.

10.

CHAPTER 2 QUIZ SOLUTIONS

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

a d a b d c d a b a

Quiz Question Calculations 3. Fixed costs = (800,000) ? 75% + 250,000 = $850,000 CHAPTER 11 QUIZ

1.

Which of the following should not be considered for every option in the decision process?

a. Relevant revenues b. Relevant costs c. Historical costs d. Opportunity costs

2. What is always the question to ask to determine if revenues or costs are relevant? a. What is the time frame for achieving results? b. What difference will an action make? c. Who will be responsible? d. How much will it cost?

3. [CPA Adapted] Mikaelabelle Products sells product A at a selling price of $40 per unit.

Mikaelabelle’s cost per unit based on the full capacity of 500,000 units is as follows:

Direct materials $ 6 Direct labor 3 Indirect manufacturing (60% of which is fixed) 10 $19

A one-time-only special order offering to buy 50,000 units was received from an overseas distributor. The only other costs that would be incurred on this order would be $4 per unit for shipping. Mikaelabelle has sufficient existing capacity to manufacture the additional units. In negotiating a price for the special order, Mikaelabelle should consider that the minimum selling price per unit should be

a. b. c.

$17. $19 $21.