81. Which of the following is an example of a non-financial measure? 
A. lead time
B. setup time
C. units scrapped
D. all of the above

82. Which of the following is best suited to providing timely and focused performance information? 
A. non-financial information
B. financial accounting information
C. cost accounting information
D. variance analysis

83. Rabbitt Co. operates in a just-in-time manufacturing environment. For June production, Rabbitt purchased 5,000 units of raw materials at $6.00 per unit on account. The journal entry required to record this transaction is: 
A. Raw and In Process Inventory    30,000
   Accounts Payable                                30,000
B. Cost of Goods Manufactured     30,000
   Accounts Payable                                30,000
C. Finished Goods                          30,000
   Accounts Payable                                30,000
D. Raw Materials Inventory            30,000
   Accounts Payable                                30,000

84. Kilbuck Manufacturing operates in a just-in-time manufacturing environment. Kilbuck’s actual conversion costs for the month of April follow:
 

Direct and indirect labor

$150,000

Machine depreciation

85,000

Maintenance and supplies

    60,000

Total conversion costs

$295,000

The journal entry to record April's conversion costs will include: 
A. a debit to Work in Process Inventory
B. a debit to Raw Materials Inventory
C. a credit to Raw and In Process Inventory
D. a debit to Raw and In Process Inventory

85. Logan Electronics Corporation manufactures and assembles electronic motor drives for video cameras. The company assembles the motor drives for several accounts. The process consists of a just-in-time cell for each customer. The following information relates only to one customer's just-in-time cell. For the year planned labor and overhead was $76,800,000; materials costs, $25 per unit. Planned production included 9,600 hours to produce 76,800 motor drives. Actual production for the month of August was 5,200 units, and motor drives shipped amounted to 5,040 units. From the foregoing information, determine the budgeted cell conversion cost per hour. 
A. $8,025
B. $800
C. $7,200
D. $8,000

86. Sifton Electronics Corporation manufactures and assembles electronic motor drives for video cameras. The company assembles the motor drives for several accounts. The process consists of a just-in-time cell for each customer. The following information relates only to one customer's just-in-time cell for the coming year. Projected labor and overhead, $7,370,000; materials costs, $28 per unit. Planned production included 4,000 hours to produce 27,500 motor drives. Actual production for August was 1,600 units, and motor drives shipped amounted to 1,380 units.

From the foregoing information, determine the budgeted cell conversion cost per unit. 
A. $240.00
B. $268.00
C. $296.00
D. $1,842.50

87. Sifton Electronics Corporation manufactures and assembles electronic motor drives for video cameras. The company assembles the motor drives for several accounts. The process consists of a just-in-time cell for each customer. The following information relates only to one customer's just-in-time cell for the coming year. Projected labor and overhead, $7,370,000; materials costs, $28 per unit. Planned production included 4,000 hours to produce 27,500 motor drives. Actual production for August was 1,600 units, and motor drives shipped amounted to 1,380 units.

From the foregoing information, determine the manufacturing cost per unit. 
A. $240.00
B. $268.00
C. $296.00
D. $1,870.50

88. Sifton Electronics Corporation manufactures and assembles electronic motor drives for video cameras. The company assembles the motor drives for several accounts. The process consists of a just-in-time cell for each customer. The following information relates only to one customer's just-in-time cell for the coming year. Projected labor and overhead, $7,370,000; materials costs, $28 per unit. Planned production included 4,000 hours to produce 27,500 motor drives. Actual production for August was 1,600 units, and motor drives shipped amounted to 1,380 units.

From the foregoing information, determine the amount of the conversion costs charged to Raw and In Process Inventory during August. 
A. $369,840
B. $408,480
C. $428,800
D. $473,600

89. Sifton Electronics Corporation manufactures and assembles electronic motor drives for video cameras. The company assembles the motor drives for several accounts. The process consists of a just-in-time cell for each customer. The following information relates only to one customer's just-in-time cell for the coming year. Projected labor and overhead, $7,370,000; materials costs, $28 per unit. Planned production included 4,000 hours to produce 27,500 motor drives. Actual production for August was 1,600 units, and motor drives shipped amounted to 1,380 units.

From the foregoing information, determine the production costs transferred to Finished Goods during August. 
A. $369,840
B. $408,480
C. $428,800
D. $473,600

90. Sifton Electronics Corporation manufactures and assembles electronic motor drives for video cameras. The company assembles the motor drives for several accounts. The process consists of a just-in-time cell for each customer. The following information relates only to one customer's just-in-time cell for the coming year. Projected labor and overhead, $7,370,000; materials costs, $28 per unit. Planned production included 4,000 hours to produce 27,500 motor drives. Actual production for August was 1,600 units, and motor drives shipped amounted to 1,380 units.

From the foregoing information, determine the production costs transferred to Cost of Goods Sold during August. 
A. $369,840
B. $408,480
C. $428,800
D. $473,600

81. Which of the following is an example of a non-financial measure? 
A. lead time
B. setup time
C. units scrapped
D. all of the above

82. Which of the following is best suited to providing timely and focused performance information? 
A. non-financial information
B. financial accounting information
C. cost accounting information
D. variance analysis

83. Rabbitt Co. operates in a just-in-time manufacturing environment. For June production, Rabbitt purchased 5,000 units of raw materials at $6.00 per unit on account. The journal entry required to record this transaction is: 
A. Raw and In Process Inventory    30,000
   Accounts Payable                                30,000
B. Cost of Goods Manufactured     30,000
   Accounts Payable                                30,000
C. Finished Goods                          30,000
   Accounts Payable                                30,000
D. Raw Materials Inventory            30,000
   Accounts Payable                                30,000

84. Kilbuck Manufacturing operates in a just-in-time manufacturing environment. Kilbuck’s actual conversion costs for the month of April follow:
 

Direct and indirect labor

$150,000

Machine depreciation

85,000

Maintenance and supplies

    60,000

Total conversion costs

$295,000

The journal entry to record April's conversion costs will include: 
A. a debit to Work in Process Inventory
B. a debit to Raw Materials Inventory
C. a credit to Raw and In Process Inventory
D. a debit to Raw and In Process Inventory

85. Logan Electronics Corporation manufactures and assembles electronic motor drives for video cameras. The company assembles the motor drives for several accounts. The process consists of a just-in-time cell for each customer. The following information relates only to one customer's just-in-time cell. For the year planned labor and overhead was $76,800,000; materials costs, $25 per unit. Planned production included 9,600 hours to produce 76,800 motor drives. Actual production for the month of August was 5,200 units, and motor drives shipped amounted to 5,040 units. From the foregoing information, determine the budgeted cell conversion cost per hour. 
A. $8,025
B. $800
C. $7,200
D. $8,000

86. Sifton Electronics Corporation manufactures and assembles electronic motor drives for video cameras. The company assembles the motor drives for several accounts. The process consists of a just-in-time cell for each customer. The following information relates only to one customer's just-in-time cell for the coming year. Projected labor and overhead, $7,370,000; materials costs, $28 per unit. Planned production included 4,000 hours to produce 27,500 motor drives. Actual production for August was 1,600 units, and motor drives shipped amounted to 1,380 units.

From the foregoing information, determine the budgeted cell conversion cost per unit. 
A. $240.00
B. $268.00
C. $296.00
D. $1,842.50

87. Sifton Electronics Corporation manufactures and assembles electronic motor drives for video cameras. The company assembles the motor drives for several accounts. The process consists of a just-in-time cell for each customer. The following information relates only to one customer's just-in-time cell for the coming year. Projected labor and overhead, $7,370,000; materials costs, $28 per unit. Planned production included 4,000 hours to produce 27,500 motor drives. Actual production for August was 1,600 units, and motor drives shipped amounted to 1,380 units.

From the foregoing information, determine the manufacturing cost per unit. 
A. $240.00
B. $268.00
C. $296.00
D. $1,870.50

88. Sifton Electronics Corporation manufactures and assembles electronic motor drives for video cameras. The company assembles the motor drives for several accounts. The process consists of a just-in-time cell for each customer. The following information relates only to one customer's just-in-time cell for the coming year. Projected labor and overhead, $7,370,000; materials costs, $28 per unit. Planned production included 4,000 hours to produce 27,500 motor drives. Actual production for August was 1,600 units, and motor drives shipped amounted to 1,380 units.

From the foregoing information, determine the amount of the conversion costs charged to Raw and In Process Inventory during August. 
A. $369,840
B. $408,480
C. $428,800
D. $473,600

89. Sifton Electronics Corporation manufactures and assembles electronic motor drives for video cameras. The company assembles the motor drives for several accounts. The process consists of a just-in-time cell for each customer. The following information relates only to one customer's just-in-time cell for the coming year. Projected labor and overhead, $7,370,000; materials costs, $28 per unit. Planned production included 4,000 hours to produce 27,500 motor drives. Actual production for August was 1,600 units, and motor drives shipped amounted to 1,380 units.

From the foregoing information, determine the production costs transferred to Finished Goods during August. 
A. $369,840
B. $408,480
C. $428,800
D. $473,600

90. Sifton Electronics Corporation manufactures and assembles electronic motor drives for video cameras. The company assembles the motor drives for several accounts. The process consists of a just-in-time cell for each customer. The following information relates only to one customer's just-in-time cell for the coming year. Projected labor and overhead, $7,370,000; materials costs, $28 per unit. Planned production included 4,000 hours to produce 27,500 motor drives. Actual production for August was 1,600 units, and motor drives shipped amounted to 1,380 units.

From the foregoing information, determine the production costs transferred to Cost of Goods Sold during August. 
A. $369,840
B. $408,480
C. $428,800
D. $473,600

31) Domestic producers require time to gain experience and lower their unit costs; this will allow these producers to compete successfully in international markets. This statement describes the ________ argument for protectionism.

A) diseconomies of scale

B) protecting national security

C) anti-dumping

D) infant industry

32) Which of the following describes the national security argument for protectionism?

A) Nearly all industries can make some claim to strategic importance so such trade restrictions can get out of hand.

B) Increases in economic surplus outweigh the decreases in consumer surplus that result from protectionism.

C) Some goods should be insulated from foreign competition to ensure an adequate supply of these goods in the event of an international conflict.

D) Private companies (for example, Coca-Cola) should not be forced to reveal their trade secrets to foreign companies.

33) Economists believe the most persuasive argument for protectionism is to

A) save jobs.

B) protect high wages.

C) protect national security.

D) protect infant industries.

34) Dumping refers to

A) selling inferior products to unsuspecting consumers.

B) selling a product for a price below its cost of production.

C) exporting products that do not meet domestic safety standards.

D) illegally avoiding tariffs by selling products on the black market.

35) It is difficult to determine if foreign companies are selling their products for prices below their costs of production because

A) the true costs of production are difficult to calculate.

B) the firms have no legal obligation to reveal this information.

C) costs are calculated in the firms' local currencies.

D) domestic taxes increase the firms' costs but it is difficult to determine the incidence of these taxes.

36) In general, the costs tariffs and quotas impose on consumers are

A) large in total but relatively small per person.

B) small in total but relatively large per person.

C) large in total and large per person.

D) small in total and small per person.

37) The quota on imported sugar costs U.S. consumers more than $2 billion annually and protects very few jobs. Why does Congress maintain a sugar quota that protects only a few thousand workers while forcing millions of people to pay higher prices for sugar products?

A) Most U.S. citizens do not buy sugar products and want to help workers in the sugar industry.

B) Voters fear that if they oppose the sugar lobby, the lobby may oppose issues that they want Congress to support.

C) Citizens are not as involved in social and political issues as they used to be.

D) The per person cost of the sugar quota is too small for many people to lobby Congress to make their views known.

Article Summary

Roberto Azevedo, director-general of the World Trade Organization (WTO), reported that global trade growth estimates will be lowered for 2013 and 2014 because of increasing global protectionism. The current protectionism is based primarily in regulations rather than the more common tariffs and subsidies. Since 2008, almost 700 new trade restrictions have materialized - over 150 of those in 2012 alone - with Russia being singled out as one of the primary offenders.

Source: Kiran Moodley, "WTO warns of trade slowdown due to protectionism," CNBC, September 6, 2013.

38) Refer to the Article Summary. The protectionism being granted to Russian firms is likely to cause

A) exporting countries to retaliate by placing trade barriers on Russian imports.

B) Russian manufacturers to become more efficient.

C) Russian consumers to pay lower prices for a wider variety of products.

D) most countries to reduce their own trade barriers to be able to better compete with Russian imports at home.

39) Selling a product at a price below its cost is known as dumping.

40) Protectionism refers to the use of trade barriers to shield domestic firms from foreign competition.

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