61.Judy would like to enjoy freshly grown vegetables from her own garden but also wants her daughter to enjoy summers with a swimming pool in the backyard. Despite having a green thumb, she chooses to use her extra land for a swimming pool. The opportunity cost of the swimming pool is: A. equal to the cost of building and maintaining the pool. B. the value […]
31) The table above shows a production possibilities frontier for an economy. If the economy tried to produce a combination of 250 loaves of bread and 800 books, A) there is some unemployment. B) there is full employment. C) the tradeoff between bread and books is inefficient. D) it cannot produce this combination because it lacks enough resources or technology. E) it is enjoying […]
PART I — MULTIPLE CHOICE (30 points) Instructions: Designate the best answer for each of the following questions. 1. A debit balance in the Manufacturing Overhead account at the end of an interim month means that a. the balance should be reported as an asset in the monthly balance sheet. b. corrective action by management is necessary. c. overhead has been underapplied. d. […]
71) Refer to Figure 9-1. The diagram shows cost curves for a perfectly competitive firm. The short-run shut down price for the firm is A) P1. B) P2. C) P3. D) P4. E) P5. 72) Refer to Figure 9-1. The diagram shows cost curves for a perfectly competitive firm. The price at which the firm earns zero economic profits is A) P1. B) P2. […]
71. Which of the following is not an example of a physical property? A)The boiling point of liquid nitrogen is 77 K. B)Nitrogen is a gas at room temperature. C)Nitrogen is colorless. D)Nitrogen gas is less dense than oxygen gas. E)Nitrogen combines with oxygen in an internal combustion engine to form oxides of nitrogen. 72. Which of the following is not an […]
41) A rise in the price level brings a ________ in the real wage rate that ________ profits which leads to ________ production. A) rise; reduces; decreasing B) rise; reduces; increasing C) fall; increases; increasing D) rise; increases; decreasing E) fall; decreases; decreasing 42) A fall in the price level brings a ________ in the real wage rate that ________ profits which leads […]
Article Summary Since 2008, the United States has been involved in trade negotiations over the Trans-Pacific Partnership (TPP), a free trade agreement with 11 other countries on both sides of the Pacific Ocean. One area of the negotiations involves patents and intellectual property rights in the pharmaceutical industry. A number of developing countries have ignored international agreements concerning patents and intellectual property rights […]
31) If people’s expectations about future income improve so they think their future income will be higher than previously believed, then the AD curve A) will not change until income actually rises. B) will shift leftward because people will spend less now. C) will shift rightward because people will increase spending now. D) and the AS curve will both shift leftward because people will […]
11) When a farmer in Manitoba produces fertilizer run-off that pollutes the local water system, A) the amount of farm output will not be profitable. B) the amount of farm output produced will not be cost-effective. C) the amount of farm output produced will be less than the efficient level. D) the farm should stop producing agricultural products altogether. E) the amount of […]
111) A parallel shift in the consumer’s budget line must indicate a change in A) at least one money price. B) money income. C) real income. D) tastes. E) both prices. 112) In indifference curve analysis, a point to the left of the consumer’s budget line A) indicates consumption spending beyond current income. B) implies the household is paying above-market prices for the goods […]
111. The debits to Work in Process--Assembly Department for April, together with data concerning production, are as follows:
April 1, work in process:
Materials cost, 3,000 units
$ 7,500
Conversion costs, 3,000 units,
2/3 completed
6,000
Materials added during April, 10,000 units
26,000
Conversion costs during April
31,000
Goods finished during April, 11,500 units
---
April 30 work in process, 1,500 units,
1/2 completed
---
All direct materials are placed in process at the beginning of the process and the average cost method is used to cost inventories. The materials cost per equivalent unit (to the nearest cent) for April is: A. $2.60B. $2.58C. $3.02D. $2.26
112. The debits to Work in Process--Assembly Department for April, together with data concerning production, are as follows:
April 1, work in process:
Materials cost, 3,000 units
$ 7,500
Conversion costs, 3,000 units,
2/3 completed
6,000
Materials added during April, 10,000 units
26,000
Conversion costs during April
31,000
Goods finished during April, 11,500 units
---
April 30 work in process, 1,500 units,
1/2 completed
---
All direct materials are placed in process at the beginning of the process and the average cost method is used to cost inventories. The conversion cost per equivalent unit (to the nearest cent) for April is: A. $2.70B. $2.53C. $3.02D. $5.60
113. Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. 14,000 units of direct materials were added during the period at a cost of $28,700. 15,000 units were completed during the period, and 3,000 units were 75% completed at the end of the period. All materials are added at the beginning of the process. Direct labor was $32,450 and factory overhead was $18,710. The number of equivalent units of production for the period for conversion if the average cost method is used to cost inventories was: A. 15,650B. 14,850C. 18,000D. 17,250
114. Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. 14,000 units of direct materials were added during the period at a cost of $28,700. 15,000 units were completed during the period, and 3,000 units were 75% completed at the end of the period. All materials are added at the beginning of the process. Direct labor was $32,450 and factory overhead was $18,710. The number of equivalent units of production for the period for materials if the average cost method is used to cost inventories was: A. 15,650B. 18,000C. 17,250D. 17,700
115. Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. Of the $12,500, $8,000 was for material and $4,500 was for conversion costs. 14,000 units of direct materials were added during the period at a cost of $28,700. 15,000 units were completed during the period, and 3,000 units were 75% completed at the end of the period. All materials are added at the beginning of the process. Direct labor was $32,450 and factory overhead was $18,710. If the average cost method is used the material cost per unit (to the nearest cent) would be: A. $2.04B. $1.59C. $1.91D. $2.00
116. Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. Of the $12,500, $8,000 was for material and $4,500 was for conversion costs. 14,000 units of direct materials were added during the period at a cost of $28,700. 15,000 units were completed during the period, and 3,000 units were 75% completed at the end of the period. All materials are added at the beginning of the process. Direct labor was $32,450 and factory overhead was $18,710. Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. Of the $12,500, $8,000 was for material and $4,500 was for conversion costs. 14,000 units of direct materials were added during the period at a cost of $28,700. 15,000 units were completed during the period, and 3,000 units were 75% completed at the end of the period. All materials are added at the beginning of the process. Direct labor was $32,450 and factory overhead was $18,710. If the average cost method is used the conversion cost per unit (to the nearest cent) would be: A. $3.71B. $2.84C. $2.97D. $3.23
117. Which of the following industries would normally use job order costing systems and which would normally use process costing systems?Business consultingChemicalsFoodMovieSoap and cosmeticsWeb designer
Business consultantJob Order
ChemicalsProcess
FoodProcess
Movie studioJob Order
Soap and cosmeticsProcess
Web designerJob order
118. The Desert Springs Water Company has two departments. Purifying and Bottling. The Bottling Department received 62,000 liters from the Purifying Department. During the period, the Bottling Department completed 60,000 liters, including 3,000 liters of work in process at the beginning of the period. The ending work in process was 5,000 liters. How many liters were started and completed during the period?
57,000 liters started and completed (60,000 completed - 3,000 beginning WIP)
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