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Keller ACCT 505 Week 4 Midterm Exam Answers(2018)


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Keller ACCT 505 Week 4 Midterm Exam Answers(2018)

  1. (TCO A)  Direct material cost is a part of
  2. (TCO A)  Total fixed costs

  3. (TCO A) The cost of lubricants used to grease a production machine in a manufacturing company is an example of a(n)

  4. (TCO A) Depreciation expense of office equipment in a company's sales office would be categorized under:


    (TCO C) When the business activity level of a production company increases within the relevant range, which one of the following statements would typically be true of the cost behavior?


    (TCO B) A job-order cost system is typically employed in production environments where:


    (TCO C) Which of the following is a variable cost?


    (TCO C) The contribution margin equals


    (TCO C) To calculate the break-even point in terms of sales dollars for an operation, we can simply divide the total fixed costs by which of the following values?


    (TCO D) On a variable costing income statement versus an absorption (full) costing income statement for a company, which of the following costs would be treated (accounted for) differently?


    (TCO A) The following data (in thousands of dollars) have been taken from the accounting records of Larden Corporation for the just-completed year.



    Purchases of raw materials


    Direct labor


    Manufacturing overhead


    Administrative expenses


    Selling expenses


    Raw materials inventory, beginning


    Raw materials inventory, ending


    Work-in-process inventory, beginning


    Work-in-process inventory, ending


    Finished goods inventory, beginning


    Finished goods inventory, ending


    Required: Calculate the Cost of Goods Manufactured for the year and be sure to show all of your computational work.


    (TCO B) The Florida Company manufactures a product that goes through three processing departments. Information relating to activity in the first department during June is given below.



    Percentage Completed






    Work in process, June 1





    Work in process, Jun 30





    The department started 650,000 units into production during the month and transferred 680,000 completed units to the next department.

    Required: Compute the total equivalent units of production with respect to materials for Department A for June (applying the weighted-average method) and be sure to display all of your calculation work.


    (TCO C) Yoder's Yo-Yo Company has supplied the following data for its latest fiscal year of operation:

    Number of yo-yos produced and sold


    Sales revenue


    Variable manufacturing expense


    Fixed manufacturing expense


    Variable selling and admin expense


    Fixed selling and admin expense


    Net operating income



    1.  Calculate the contribution margin per unit. 
    2.  Calculate the contribution margin ratio. 
    3.  If the company increases its unit sales volume by 5% without increasing any of its fixed expenses, what would the company's net operating income be?


    (TCO D) Johnson Company produces and sells only one type of product and has provided the following data for its most recent month of operations.

    Selling price per unit




    Units in beginning inventory


    Units produced


    Units sold


    Units in ending Inventory




    Variable costs (PER UNIT):


    Direct materials


    Direct labor


    Variable manufacturing overhead


    Variable selling and admin




    Fixed costs (TOTAL):


    Fixed manufacturing overhead


    Fixed selling and admin


    1. What is the unit product cost for the month applying variable costing? 
    2. What is the unit product cost for the month applying absorption (full) costing? 
    3. Which of the two types of income statement, variable costing or absorption (full) costing, will display a higher net income for the month, and by how much? Please be sure to show your calculations.

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