05 Jun Question 1. Continuous improvement
Question
1. Continuous improvement
a. Is used to reduce inventory levels.
b. Is applicable only in service businesses.
c. Rejects the notion of “good enough.”
d. Is used to reduce ordering costs.
e. Is applicable only in manufacturing businesses.
2. A direct cost is one that is
a. Variable with respect to the cost object.
b. Traceable to the cost object.
c. Fixed with respect to the cost object.
d. Allocated to the cost object.
e. A period cost.
3. Costs that are incurred as part of the manufacturing process, but are not clearly traceable to the specific unit of product or batches of product, are called
a. Period costs.
b. Factory overhead.
c. Sunk costs.
d. Opportunity costs.
e. Fixed costs.
4. The three major cost components of manufacturing a product are
a. Direct materials, direct labor, and factory overhead.
b. Period costs, product costs, and sunk costs.
c. Indirect labor, indirect materials, and fixed expenses.
d. Variable costs, fixed costs, and period costs.
e. Opportunity costs, sunk costs, and direct costs.
5. A company reports the following for the current year
.
Its cost of goods manufactured for the current year is
a. $1,500.
b. $1,700.
c. $7,500.
d. $2,800.
e. $4,700.
6. A company’s predetermined overhead allocation rate is 150% of its direct labor costs. How much overhead is applied to a job that requires total direct labor costs of $30,000?
a. $15,000
b. $30,000
c. $45,000
d. $60,000
e. $75,000
7. A company’s cost accounting system uses direct labor costs to apply overhead to goods in process and finished goods inventories. Its production costs for the period are: direct materials, $45,000; direct labor, $35,000; and overhead applied, $38,500. What is its predetermined overhead allocation rate?
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.