11) For externally reported inventory costs, the Work-in-Process Control account is increased (debited) by ________.

A) marketing costs

B) allocated plant utility costs

C) the purchase costs of direct and indirect materials

D) customer-service costs

12) Which account is debited if materials costing $100,000 are sold?

A) Revenues account

B) Work-in-Process Control account

C) Materials Control account

D) Cost of Goods Sold account

13) Which account is credited if direct materials of $20,000 and indirect materials of $3,000 are sent to the manufacturing plant floor?

A) Manufacturing Overhead Control for $23,000

B) Work-in-Process Control for $23,000

C) Accounts Payable Control for $17,000

D) Materials Control for $23,000

14) Which of the following items is debited to the Work-in-Process account?

A) allocated manufacturing overhead

B) completed goods transferred out of the plant

C) accumulated depreciation on fixed assets

D) accounts receivable

15) Which account would be credited if the following labor wages were incurred in a furniture manufacturing company?

Assembly workers              $20,000

Janitors              $10,000

A) Work-in-Process Control, 30,000

B) Manufacturing Overhead Control, 30,000

C) Wages Payable Control, 30,000

D) Accounts Payable Control, 30,000

16) Manufacturing overhead costs incurred for the month are:

Utilities              $30,000

Depreciation on equipment              $25,000

Repairs              $20,000

Which account is debited assuming utilities and repairs were on account?

A) Manufacturing Overhead Control, 75,000

B) Utilities Overhead Control, 30,000

C) Accumulated Depreciation Control, 25,000

D) Accounts Payable Control, 50,000

17) Which of the following statements regarding manufacturing overhead allocation is true?

A) It includes all manufacturing costs that cannot be directly traced to a product or service.

B) The costs can be grouped only as a single indirect-cost pool.

C) Total costs are unknown at the end of the accounting period.

D) Allocated amounts are debited to Manufacturing Overhead Control.

18) When a job is complete ________.

A) actual indirect manufacturing labor is excluded from the total cost of the job

B) Finished Goods Control is debited

C) the cost of the job is transferred to Manufacturing Overhead Control

D) it is reduced from Manufacturing Overhead Control account

19) During an accounting period, job costs are computed on an ongoing basis by the use of ________.

A) actual allocation rates

B) budgeted indirect-cost rates

C) overallocated indirect-cost rates

D) underallocated indirect-cost rates

20) The advantage of using normal costing instead of actual costing is ________.

A) indirect costs are assigned at the end of the year when they are known

B) the job cost is more accurate under normal costing

C) indirect costs are assigned to a job on a timely basis

D) normal costing provides a higher gross profit margin

25) What is the contribution margin per unit?

A) $170

B) $220

C) $435

D) $510

26) For Coroid Manufacturers Inc., what is the minimum acceptable price of this special order?

A) $330

B) $290

C) $340

D) $510

27) What is the change in operating profits if the one-time-only special order for 1,000 units is accepted for $540 a unit by Coroid?

A) $210,000 increase in operating profits

B) $30,000 increase in operating profits

C) $30,000 decrease in operating profits

D) $225,000 decrease in operating profits

28) Ratzlaff Company has a current production level of 20,000 units per month. Unit costs at this level are:

Direct materials$0.25

Direct labor0.40

Variable overhead0.15

Fixed overhead0.20

Marketing - fixed0.20

Marketing/distribution - variable0.40

Current monthly sales are 18,000 units. Jim Company has contacted Ratzlaff Company about purchasing 1,500 units at $2.00 each. Current sales would NOT be affected by the one-time-only special order, and variable marketing/distribution costs would NOT be incurred on the special order. What is Ratzlaff Company's change in operating profits if the special order is accepted?

A) $400 increase in operating profits

B) $400 decrease in operating profits

C) $1,800 increase in operating profits

D) $1,800 decrease in operating profits

29) Snapper Tool Company has a production capacity of 3,000 units per month, but current production is only 2,500 units. Total manufacturing costs are $60 per unit and marketing costs are $16 per unit. Doug Levy offers to purchase 500 units at $76 each for the next five months. Should Snapper accept the one-time-only special order if only absorption-costing data are available?

A) Yes, good customer relations are essential.

B) No, the company will only break even.

C) No, since only the employees will benefit.

D) Yes, since operating profits will most likely increase.

Answer the following questions using the information below:

Contrafic's Kitchens is approached by Mr. Louis Cifer, a new customer, to fulfill a large one-time-only special order for a product similar to one offered to regular customers. The following per unit data apply for sales to regular customers:

Direct materials$546

Direct labor360

Variable manufacturing support54

Fixed manufacturing support120

Total manufacturing costs1,080

Markup (60%)648

Targeted selling price$1,728

Contrafic's Kitchens has excess capacity. Mr. Cifer wants the cabinets in cherry rather than oak, so direct material costs will increase by $60 per unit. The average marketing cost of Contrafic's Kitchens is $180 per order.

30) For Contrafic's Kitchens, what is the full cost of the one-time-only special order?

A) $1,020

B) $1,140

C) $1,080

D) $1,320

31) Other than price, what other items should Contrafic's Kitchens consider before accepting this one-time-only special order?

A) reaction of shareholders

B) reaction of existing customers to the lower price offered to Mr. Louis Cifer

C) demand for cherry cabinets

D) price is the only consideration

32) Which of the following costs is NOT considered to calculate the minimum acceptable price of a one-time-only special order?

A) marketing costs

B) direct material costs

C) indirect material costs

D) special design costs

33) An example of a qualitative factor for the decision-making process is ________

A) customer satisfaction

B) employee wages

C) audit report

D) manufacturing overhead

Answer the following questions using the information below:

Black Forrest manufactures rustic furniture. The cost accounting system estimates manufacturing costs to be $180 per table, consisting of 80% variable costs and 20% fixed costs. The company has surplus capacity available. It is Back Forrest's policy to add a 50% markup to full costs.

34) Black Forrest is invited to bid on a one-time-only special order to supply 100 rustic tables. What is the lowest price Black Forrest should bid on this special order?

A) $12,600

B) $14,400

C) $18,000

D) $23,000

25) What is the contribution margin per unit?

A) $170

B) $220

C) $435

D) $510

26) For Coroid Manufacturers Inc., what is the minimum acceptable price of this special order?

A) $330

B) $290

C) $340

D) $510

27) What is the change in operating profits if the one-time-only special order for 1,000 units is accepted for $540 a unit by Coroid?

A) $210,000 increase in operating profits

B) $30,000 increase in operating profits

C) $30,000 decrease in operating profits

D) $225,000 decrease in operating profits

28) Ratzlaff Company has a current production level of 20,000 units per month. Unit costs at this level are:

Direct materials$0.25

Direct labor0.40

Variable overhead0.15

Fixed overhead0.20

Marketing - fixed0.20

Marketing/distribution - variable0.40

Current monthly sales are 18,000 units. Jim Company has contacted Ratzlaff Company about purchasing 1,500 units at $2.00 each. Current sales would NOT be affected by the one-time-only special order, and variable marketing/distribution costs would NOT be incurred on the special order. What is Ratzlaff Company's change in operating profits if the special order is accepted?

A) $400 increase in operating profits

B) $400 decrease in operating profits

C) $1,800 increase in operating profits

D) $1,800 decrease in operating profits

29) Snapper Tool Company has a production capacity of 3,000 units per month, but current production is only 2,500 units. Total manufacturing costs are $60 per unit and marketing costs are $16 per unit. Doug Levy offers to purchase 500 units at $76 each for the next five months. Should Snapper accept the one-time-only special order if only absorption-costing data are available?

A) Yes, good customer relations are essential.

B) No, the company will only break even.

C) No, since only the employees will benefit.

D) Yes, since operating profits will most likely increase.

Answer the following questions using the information below:

Contrafic's Kitchens is approached by Mr. Louis Cifer, a new customer, to fulfill a large one-time-only special order for a product similar to one offered to regular customers. The following per unit data apply for sales to regular customers:

Direct materials$546

Direct labor360

Variable manufacturing support54

Fixed manufacturing support120

Total manufacturing costs1,080

Markup (60%)648

Targeted selling price$1,728

Contrafic's Kitchens has excess capacity. Mr. Cifer wants the cabinets in cherry rather than oak, so direct material costs will increase by $60 per unit. The average marketing cost of Contrafic's Kitchens is $180 per order.

30) For Contrafic's Kitchens, what is the full cost of the one-time-only special order?

A) $1,020

B) $1,140

C) $1,080

D) $1,320

31) Other than price, what other items should Contrafic's Kitchens consider before accepting this one-time-only special order?

A) reaction of shareholders

B) reaction of existing customers to the lower price offered to Mr. Louis Cifer

C) demand for cherry cabinets

D) price is the only consideration

32) Which of the following costs is NOT considered to calculate the minimum acceptable price of a one-time-only special order?

A) marketing costs

B) direct material costs

C) indirect material costs

D) special design costs

33) An example of a qualitative factor for the decision-making process is ________

A) customer satisfaction

B) employee wages

C) audit report

D) manufacturing overhead

Answer the following questions using the information below:

Black Forrest manufactures rustic furniture. The cost accounting system estimates manufacturing costs to be $180 per table, consisting of 80% variable costs and 20% fixed costs. The company has surplus capacity available. It is Back Forrest's policy to add a 50% markup to full costs.

34) Black Forrest is invited to bid on a one-time-only special order to supply 100 rustic tables. What is the lowest price Black Forrest should bid on this special order?

A) $12,600

B) $14,400

C) $18,000

D) $23,000

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