What was the abnormal loss or abnormal gain for last month?
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1. The following data for last month relate to a production process in which no work- in-progress is held Input 12,800 litres Normal loss 4% of input Output 12.500 litres What was the abnormal loss or abnormal gain for last month? A) Abnormal loss of 300 litres B) Abnormal loss of 212 litres C) Abnormal gain of 200 litres D) Abnormal gain of 212 litres 2. A regression analysis shows the relationship between the number of units sold (Y) and the time in months (X) is Y=152.2+78.6X .If month 1 of 20X5 is represented by X-0, what are the forecast sales levels for month 6 of 20X6 (to the nearest whole unit) A)1488 B)545 C)624 D)1567 3. Which of the following defines the prime cost of a product? A) The cost of making the first unit of a product B) The total production cost of a product C) The material cost of a product D) The total direct costs of a product 4. Last month the total sales for XYZ Co were $960,000. A pie chart is used to show the breakdown of sales by region for the month. South region is represented by 60 degrees on the pie chart What are the sales for the month for the south region? A)180000 B)160000 C)200000 D)220000 5. In the last period an organisation budgeted to work 116,000 hours manufacturing 29,000 units. Actual output last period was 26,000 units which took 108,000 hours to manufacture. What was the labour efficiency ratio for the last period (expressed as a % correct to one decimal place)? A) 89.7% B) 96.3% C) 93.1% D) 103.3% 6. The following data relate to a process for last month Opening inventory 200 units (70% complete). Completed output 2,450 units . Closing inventory 300 units (40% complete) What were the equivalent units of production last month? A)2510 B)2570 C)2430 D)2450 7. A company operates a job costing system. Job number 1207 requires $80 of direct materials and $120 of direct labour. Direct labour is paid at a rate of $12 per hour. Direct expenses for the job are $50. Production overheads are absorbed at a rate of $40 per direct labour hour and non-production overheads are absorbed at a rate of 110% of prime cost. What is the total cost of job number 1207? A)925 B)715 C)820 D)1000 8. A firm recorded a profit of $50,000 under marginal costing when inventory increased from 1,000 units at the start of the period to 1,400 units at the end of the period Under absorption costing the fixed production overhead absorption rate for the period would be $12 per unit What would be the profit for the period under absorption costing? A)45200 B)54800 C)58600 D)54900 9. What are equivalent units in-the context of process costing? A) Notional whole units representing completed work B) Actual whole units used to quantity normal losses C) Actual whole units used to quantity abnormal losses D) Notional whole units representing incomplete work 10. A company knows that there is a relationship between its production volume and its power costs. When power costs are $10,000 production volume is 2,000,000 units and when power costs are $16,000 production volume is 6,000,000 units What will be the power cost at an output level of 5,000,000 units? A) $15,000 B) $25,000 C) $13,333 D) $14,500 11. A company has examined the degree of correlation between advertising expenditure and sales from available data for a number of periods. The correlation coefficient has been calculated as 0.6 How much of the variation in sales is explained by the variation in advertising expenditure? A) 60% B) 16% C) 36% D)40% 12. The following are details of a process for a period: Input units 1,000 Process costs $80,960 Fully completed units 800 At the end of the period, 200 units were 60% completed. What is the cost per equivalent unit for the period? A) $101.20 B) $80.96 C) $88.00 D)$92.00 13. HM Co operates a process costing system 1,000 units of a product remained incomplete in a process at the end of a period The closing work-in-progress (WP) was 70% complete in respect of conversion costs which were $3 per equivalent unit in the period What was the amount of conversion costs included in the valuation of the closing WIP? A)$3000 B)$2100 C)$900 D)$5100 14. Which of the following are features of process costing? (1) Valuation of closing work-in-progress (2) Loss in process due to wastage (3) Output from one process becomes the input for the next A) 1 and 2 only B) 1,2 and 3 C) 2 and 3 only D)1 and 3 only 15. A company uses process costing to value its output. The following was recorded for the period: Input materials 2,000 units at $4.50 per unit Conversion costs $13,340 Normal loss 5% of input valued at $3 per unit Abnormal loss 150 units There were no opening or closing inventories. What was the valuation of one unit of output (to 2 decimal places)? A)11.60 B) 13.4 C)11.6 D)15.09 16. What was the value of closing work‐in‐progress? A)$81,900 B)$90,175 C)$140,675 D)$214,425 17. Job 3 was completed during the period and consisted of 2,400 identical circuit boards. The firm adds 50% to total production costs to arrive at a selling price. What is the selling price of a circuit board? A)It cannot be calculated without more information B)$31.56 C)$41.41 D)$58.33 18. If there are abnormal losses in a process how is this recorded in a process account? A) debit with the scrap value of the abnormal loss units B) debit with the full production cost of the abnormal loss units C) credit with the scrap value of the abnormal loss units D) credit with the full production cost of the abnormal loss units 19. X uses process costing. In Process 3 the normal loss is 4% of total input. Last period the input from Process 2 was 8,500 kg and additional material of 4,250 kg was added to process 3. Actual output to finished goods was 12,700 kg. There was no opening or closing work‐in‐progress in the period. What was the abnormal gain or loss in kg for period 3? A)460 kg gain B)460 kg loss C)290 kg gain D)290 kg loss 20. A chemical process has a normal wastage of 10% of input. In a period, 2,500 kg of material were input and there was an abnormal loss of 75 kg. What was the quantity of good production? A)2,175 kg B)2,250 kg C)2,325 kg D)2,675 kg 21. In a production process the percentage completion of the work‐in‐progress (WIP) at the end of a period is found to have been understated. When this is corrected what will be the effect on the cost per unit and the total value of the WIP? Cost per unit Total value of WIP A Decrease Decrease B Decrease Increase C Increase Decrease D Increase Increase 22. A company operates a job costing system. Job number 1012 requires $45 of direct materials and $30 of direct labour. Direct labour is paid at the rate of $7·50 per hour. Production overheads are absorbed at a rate of $12·50 per direct labour hour and non-production overheads are absorbed at a rate of 60% of prime cost. What is the total cost of job number 1012? A)$170 B)$195 C)$200 D)$240 23. Which of the following manufacturing operations is best suited to using a job order system? A)Manufacture of light aircraft B)Bottling of soft drinks C)Crude oil refining D)Manufacture of plastic packaging 24. A process operates with a normal loss of 5% of input. All losses have a realisable value of $38 per litre. Last month 10,000 litres were input to the process and good production was 9,200 litres. Process costs arising last month were $456,000. There was no work-in-progress. What was the credit entry in the process account for abnormal loss last month? A)19000 B)14000 C)13800 D)15000 25. A company operates a process costing system. At the start of last month it had 300 units of work-in-progress which were 70% complete in respect of all costs and costed at $2,210. Last month a total of 1,900 units were completed and transferred to the finished goods warehouse. The cost per equivalent unit for costs arising last month was $12. The company uses the FIFO method to apportion process costs. What was the total value of the 1,900 units transferred to the finished goods warehouse last month? A)22490 B)25900 C)27500 D)32589 Yüklə 0,87 Mb. Dostları ilə paylaş:
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