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__1. Cost audit does no cover exterior reporting.

You are watching: As current technology changes manufacturing processes, it is likely that direct

__2. The by-laws that a agency expresses what an company wants to achieve and just how its products and also services have the right to uniquely meet its target customers’ needs.__3. Strategy is the arrangement that indicates how an company will fulfil that is goals and objectives through deploying its sources to create value for customers and shareholders.__4. Financial bookkeeping comprises financial and nonfinancial information

intended to accomplish internal users’ needs.__5. Expense leadership refers to a company’s capability to market superior qualityproducts or more unique services than competitors.__6. Competence way that people will develop and also maintain the skillsneeded to exercise their profession.

__7. Manufacturing facility Overhead are direct costs.__8. The determination of the cost of products Sold is a preliminary step in the preparation of the cost of products Manufactured schedule.__9. The disposition that the over/underapplied factory Overhead need to be allocated in between Work in Process, perfect Goods and also Cost of goods Sold, when product in amount.__10. The least squares regression analysis is a statistical an approach that analyzes the relationship in between dependent and independent variables.

Part II. Multiple an option Theories. Create on the an are provided, the letter of your answer. (1.5 points each)

__11. Manufacturing facility rent is A. A element cost and an inventoriable cost. B. A prime cost and a duration cost. C. A conversion cost and also an inventoriable cost. D. A switch cost and a period cost.

__12. Indirect labor is a

A. Prime expense C. Duration costB. Product cost D. Non-manufacturing cost

__13. For a manufacturing company, i m sorry of the following is an example of a period rather a product cost? A. Depreciation that factory tools B. Incomes of salesperson. C. Earnings of maker operators D. Insurance allowance on factory equipment

__14. As soon as a unit the a product is the cost object, factory overhead generally is: A. A direct manufacturing price B. One indirect manufacturing expense C. Both of the over D. None of the above

__15. Together current technology changes production processes, that is likely that direct A. Job will boost B. Labor will decrease C. Materials will increase

D. Materials will decrease

__16. For inventoriable expenses to come to be expenses under the corresponding principle, A. The product need to be finished and in stock. B. The product have to be expensed based on its percentage of completion. C. The product to which they connect must be sold. D. Every accounts payable must be settled.

__17. If the amount of “Cost of goods Manufactured” during a duration exceeds the amount of “Total production costs” for the period, climate A. Ending Work in procedure is less than the lot of the start work in procedure inventory. B. Finishing Work in procedure is same to expense of goods manufactured. C. Ending Work in process is greater than the amount of the beginning work in process inventory. D. Ending Work in process inventory is greater than or equal to the quantity of the start work in procedure inventory.

__18. Immaterial amounts of over/applied manufacturing facility Overhead is disposed in the following accounts: A. Raw products C. Finished items B. Occupational in process D. Expense of items Sold

__19. The following are factors in the computation the the High-Low an approach to gain the variable price per unit except: A. Highest cost C. Lowest cost B. Activity related to Lowest expense D. Typical Cost

__20. Predetermined factory overhead is used in this kind of costing: A. Common C. Actual B. Both of the choices D. None of the choices

overhead 8,000 (80% is variable)(100% variable)

Required: fix for the following

Variable cost per unit __Fixed expense per unit __Total direct costs __Total indirect prices __Total expenses to produce 20,000 systems __

D. Joselito Jordas, a factory worker the the Ogayon industries which is producingBlue coco Supplies, is payment a continual rate of P500 per hour for a continuous weekconsisting the 40 hours. The said company has two shifts: morning and also night shifts. Mr.Jordas works for the night shift, gift an insomniac and also is rumoured to be a vampire.During the week ended August 28, 2015, the said worker functioned for 48 hours and

earned one fifty percent of his regular rate as overtime premium. That is at this time paid a shiftpremium the P50 per hour, due to the dangerous location of the factory owned by Mr.Armand Ogayon, in ~ the confines of Barangay Caliwan, well known for corridor wars.Payment that wages and the equivalent premiums is based on Philippine practice.

What is the full direct labor expense for the claimed employee?How countless hours need to be fee with straight labor? __16 How countless hours have to be charged to manufacturing facility overhead? __What is the full gross salary of Mr. Joselito Jordas because that the stated week?What is the complete factory overhead price for the saidemployee?__

E. Albert company produces electric combs. Since variable overhead is closely

related to hrs worked, the company uses the straight labor hour as basis ofapplying factory overhead. The complying with data pertain to a current productionperiod. Approximated ActualPer hour labor price P 10.00 ns 9.Factory overhead P67,500 P69,Labor hrs 15,000 16,

Required: determine the following:19. The predetermined manufacturing facility overhead price __20. The used factory overhead __21. The end or under used factory overhead (indicate whether over or under applied) __

E. Sir Eliseo Panganiban uses a job-order mechanism with machine hours together anoverhead base. The following information relates to teacher Panganiban because that last year: Estimated maker hours because that the year 42, Actual maker hours for the year 40, Predetermined overhead rate P1.50 per device hour applied Factory Overhead i m sorry increased price of items sold upon disposition P2,

Required: fix for the following22. The peso quantity of the used Factory Overhead __23. The peso amount of the estimated Factory Overhead __

F. The complying with information relates to Salamat Corporation because that the critical year.

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Salamat uses direct labor hours as an overhead base. Estimated direct labor hours 360,000 hours estimated manufacturing overhead prices P90, Actual production overhead prices P108, used manufacturing overheads expenses P120, cost of goods Sold P500,

What to be the actual variety of direct labor hours functioned last year atSalamat Corporation? __What is the adjusted balance the the expense of goods Sold? (if disposition ofover/under used overhead entails an immaterial amount)

G. Ira Co. Provides motorcycles. Management wants to estimate overhead costs toplan the operations. A current trade publication revealed that overhead prices tend to

vary with device hours. To check this, they collected the following data because that thepast 12 months.

Month No. Device Hours Overhead costs 1 175 P4, 2 170 4, 3 160 4, 4 190 5, 5 175 4. 6 200 5, 7 160 4, 8 150 4, 9 210 5, 10 180 4, 11 170 4, 12 145 3,

Using the high-low method, what is the variable cost per maker hours?Using the high-low method, what is the complete Fixed Costs? __What is the complete Cost equation? __