WGU D101 UFC 1 Managerial Accounting Pre-assessment With Complete Solutions.Which Feature of managerial accounting improves a company's ability to plan and control operations? - Answer It generates detailed information on product cost.Which statement describes period costs? - Answer They flow directly to the current income statement as expenses.
A company has the following costs associated with a job:
Direct materials: $400
Direct labor: $450
Work in process: $950
Revenue from job: $1,450
What is the amount of overhead applied to this job? - Answer $100.Management wants to assess how many units must be sold to earn a profit.The most useful analysis will separate costs into which categories? - Answer Fixed and variable.A manufacturing company budgeted for $1,240,000 in manufacturing overhead and expected 400,000 direct labor hours. Actual overhead was $1,200,000, and actual direct labor hours were 390,000.Was manufacturing overhead over - or under-applied and by how much? - Answer Over-applied by $9,000.Cost of goods manufactured equals $87,000 for the year. Finished goods inventory is $10,000 at the beginning of the year and $4,000 at the end of the year. Beginning and ending work in process are $4,000 and $5,000, respectively.How much is cost of goods sold for the year? - Answer $93,000.The following information relates to a company's production activities for the month
of October:
Estimated cost of direct labor: $18,500
Estimated cost of manufacturing overhead: $22,000
Estimated direct labor hours: 900
Actual cost of direct labor: $19,000
Actual cost of manufacturing overhead: $24,000
Actual direct labor hours: 920
Using direct labor hours as the allocation base, what is the predetermined overhead rate? - Answer $24.44 per direct labor hour. 1 / 2
WGU D101 UFC 1 Managerial Accounting Pre-assessment With Complete Solutions.The following amounts were reported by a company before adjusting its over-applied
manufacturing overhead of $48,000:
Cost of goods sold: $730,000
Applied overhead: $368,000
Actual overhead: $320,000
What is the company's adjusted cost of goods sold? - Answer $682,000.The manufacturing operations of a company had the following balances for the year:
Beginning raw materials: $84,000
Beginning work in process: $45,000
Beginning finished goods: $28,000
Ending raw materials: $91,000
Ending work in process: $59,000
Ending finished goods: $23,000
The company transferred $918,000 of completed goods out of work in process during the year. The overhead is under-applied by $3,000.What is the adjusted cost of goods sold for the year? - Answer $926,000.
A company provides the following data for its process costing system:
Equivalent units for materials: 10,000
Material costs for units in beginning inventory: $20,000
Material costs for units started during the period: $80,000
Conversion costs for units in beginning inventory: $30,000
Conversion costs for units started during period: $80,000
What is the cost per equivalent unit for materials if the weighted average cost method is used? - Answer $10.What is the emphasis of activity-based costing systems? - Answer Individual activities.Which common activity cost pool is driven by number of units produced? - Answer Units assembled.
A company uses an activity-based costing system composed of three processes:
tooling, processing, and resources.The company has the following firm-wide totals from its costing system:
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