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FIN 073 Strategic Cost Management Second Perlodic Exam Answered Fall 2024.

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FIN 073 Strategic Cost Management (FIN073)

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St. Augustine\'S College

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Name: Date:
Section: Score:

FIN 073 Strategic Cost Management
Second Perlodic Exam

Multiple Choice:
Write your final answer in the box provided before the number. Use CAPITAL letters only. Answers written outside
the box will not be considered. Erasures, changing of final answer, and the like will be considered wrong.

D‘L The professional certification developed by the IMA indicating professional competence in the
management accounting field is the:
A.CPA B. CAT C.CMA D.CIA

D 2. Which of the following is/are true?
1. Published financial statements show costs classified by behavior.
I1. Internal financial statements must be prepared using generally accepted accounting principles.

a. lonly b. Il only c.Bothland Il d. Neither | nor Il

D 3. Analyzing cost overruns to determine their cause is an example of
a. planning activity.
b. directing activity.
c. controlling activity.
d. decision making

DA. Currently, the activity found LEAST often within the controller’s department is
a. updating the general ledger.
b. budget preparation.
c. maintaining accounts receivable records.
d. establishing and maintaining a market for the organization's debt and equity securities.

DS. Which of the following positions would most likely be a line manager?
a. personnel department manager c. treasurer
b. production supervisor d. purchasing department manager

I:‘S. Primo Company has a beginning inventory of direct materials on March 1 of $30,000 and an ending
inventory on March 31 of $36,000. The following additional manufacturing cost data were available for
the month of March:
Direct materials purchased $84,000
Direct labor 60,000
Factory overhead 80,000
During March, prime cost added to production was:
A. $140,000 B. $138,000 C. $144,000 D. $150,000

Dl Castelo, Villasin and Barrera is a large, local accounting firm located in Cebu. Belle Castelo, one of the
Firm's founders, appreciates the success her firm has enjoyed and wants to give something back to her
community. She believes that an inexpensive accounting services clinic could provide basic accounting
services for small businesses located in the province. She wants to price the services at cost.

Since the clinic is brand new, it has no experience to go on. Belle decided to operate the clinic for two
months before determining how much to charge per hour on an ongoing basis. As a temporary measure,
the clinic adopted an hourly charge of P50, half the amount charged by Castelo, Villasin and Barrera for
professional services.

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, The accounting services clinic opened on January 1. During January, the clinic had 120 hours of
professional service. During February, the activity was 150 hours. Costs for these two levels of activity
usage are as follows:

Professional hours 120 hours 150 hours
Salaries:
Senior accountant P2,500 P2,500
Office assistant 1,200 1,200
Internet and software subscriptions 700 850
Consulting by senior partner 1,200 1,500
Depreciation (equipment) 2,400 2,400
Supplies 905 1,100
Administration 500 500
Rent (offices) 2,000 2,000
Utilities 332 365

The clinic’s monthly fixed costs amount to:
a. P8,600 b. P9,025 c. P425 d. P12,189

Temperance, Inc. is studying marketing cost and sales volume, and has generated the following
information by use of a scatter diagram and a least-squares regression analysis:

Scatter Diagram Regression Analysis
Variable cost per unit sold $6.50 $6.80
Total monthly fixcd cost $45,000 $42,500

Temperance is now preparing an estimate for monthly sales of 18,000 units. On the basis of the data
presented, compute the most accurate sales forecast possible.

a. $159,500. b. $162,000. c. $164,900. d. $167,400.

As projected net income increases the
a. degree of operating leverage declines. c. break-even point goes down.
b. margin of safety stays constant. d. contribution margin ratio goes up.

. For its most recent fiscal year, a firm reported that its contribution margin was equal to 40 percent of sales
and that its net income amounted to 10 percent of sales. Ifits fixed costs for the year were P60,000, how
much was the margin of safety?
a. P150,000 b. P200,000 c. P600,000 d. P 50,000

. Assume that the company's management learned that a new technology that will increase the quality of
its product is available. If implemented, its projections for next year will be changed:
1. The selling price of the product will increase to P75 per unit.
2. Fixed manufacturing costs will increase by 20%.
3. Additional advertising costs will be incurred to promote the higher-quality product. This will increase
fixed non-manufacturing cost by 10%.
4. The improved product will require a new material that will increase direct materials cost by P4.50

If the new technology is adapted, how much sales should the company make to earn a pre-tax profit of
10% on sales?
a. P366,130 b. P358,875 c. P253,324 d. P353,897

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