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Brooks Final Exam UPDATED ACTUAL Exam Questions and CORRECT Answers Which of the following is not typical of traditional costing systems? - CORRECT ANSWER- Use of multiple cost drivers to allocate overhead. Value-added activities - CORRECT ANSWER- all of the above. Which of the following is ...

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  • October 13, 2024
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  • 2024/2025
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Brooks Final Exam UPDATED ACTUAL
Exam Questions and CORRECT Answers
Which of the following is not typical of traditional costing systems? - CORRECT
ANSWER✔✔- Use of multiple cost drivers to allocate overhead.



Value-added activities - CORRECT ANSWER✔✔- all of the above.



Which of the following is a batch-level activity? - CORRECT ANSWER✔✔- Purchase
ordering


The use of activity-based costing in service industries - CORRECT ANSWER✔✔- all of
these.


An "Ordering and Receiving Materials" cost pool would most likely have as a cost driver: -
CORRECT ANSWER✔✔- number of purchase orders.



Which of the following is a unit-level activity? - CORRECT ANSWER✔✔- Painting


If actual overhead is less than applied manufacturing overhead, then manufacturing overhead
is: - CORRECT ANSWER✔✔- overapplied.


If the entry to assign factory labor showed only a debit to Work In Process Inventory, then all
labor costs were - CORRECT ANSWER✔✔- direct labor.



An important feature of a job order cost system is that each job - CORRECT ANSWER✔✔-
has its own distinguishing characteristics.


The predetermined overhead rate is based on the relationship between - CORRECT
ANSWER✔✔- estimated annual costs and expected annual activity.

,Process costing is not used when - CORRECT ANSWER✔✔- jobs have distinguishing
characteristics.


The Raw Materials Inventory account is - CORRECT ANSWER✔✔- debited for invoice
costs and freight costs chargeable to the purchaser.


In the month of June, a department had 20,000 units in beginning work in process that were
70% complete. During June, 80,000 units were transfered into production from another
department. At the end of June there were 10,000 units in ending work in process that were
40% complete. Materials are added at the beginning of the process, while conversion costs
are incurred uniformly throughout the process. How many units were transferred out of the
process in June? - CORRECT ANSWER✔✔- 90,000 units


Materials costs of $800,000 and conversion costs of $1,020,000 were charged to a processing
department in the month of September. Materials are added at the beginning of the process,
while conversion costs are incurred uniformly throughout the process. There were no units in
beginning work in process, 20,000 units were started into production in September, and there
were 5,000 units in ending work in process that were 40% complete at the end of September.


What was the total amount of manufacturing costs assigned to those units that were
completed and transferred out of the process in September? - CORRECT ANSWER✔✔-
$1,500,000.


Holton Company has the following equivalent units for July: materials 20,000 and conversion
18,000. Production cost data are: - CORRECT ANSWER✔✔- D


A process with no beginning work in process, completed and transferred out 95,000 units
during a period and had 50,000 units in the ending work in process inventory that were 30%
complete. The equivalent units of production for the period were: - CORRECT
ANSWER✔✔- 110,000 equivalent units.


Using $2,540,000 as the cost of goods manufactured, compute the cost of goods sold using
the following information. - CORRECT ANSWER✔✔- $2,548,000.


Using $2,500,000 as the total manufacturing costs, compute the cost of goods manufactured
using the following information. - CORRECT ANSWER✔✔- $2,506,000.

, Assuming that the total manufacturing costs are $2,900,000, compute the cost of goods
manufactured using the information below. - CORRECT ANSWER✔✔- $2,909,000.


Kushman Combines, Inc. has $20,000 of ending finished goods inventory as of December 31,
2013. If beginning finished goods inventory was $10,000 and cost of goods sold was
$50,000, how much would Kushman report for cost of goods manufactured? - CORRECT
ANSWER✔✔- $60,000


The Manufacturing Overhead account shows debits of $30,000, $24,000, and $28,000 and
one credit for $86,000. Based on this information, manufacturing overhead - CORRECT
ANSWER✔✔- has been overapplied


During 2013, Tanner Manufacturing expected Job No. 26 to cost $300,000 of overhead,
$500,000 of materials, and $200,000 in labor. Tanner applied overhead based on direct labor
cost. Actual production required an overhead cost of $280,000, $550,000 in materials used,
and $210,000 in labor. All of the goods were completed. What amount was transferred to
Finished Goods? - CORRECT ANSWER✔✔- $1,075,000


Redman Company manufactures customized desks. The following pertains to Job No. 978:

What is the total manufacturing cost for Job No. 978? - CORRECT ANSWER✔✔- $23,450


For Wilton Company, the predetermined overhead rate is 70% of direct labor cost. During the
month, $360,000 of factory labor costs are incurred of which $100,000 is indirect labor.
Actual overhead incurred was $180,000. The amount of overhead debited to Work in Process
Inventory should be: - CORRECT ANSWER✔✔- $182,000



Equivalent units are calculated by - CORRECT ANSWER✔✔- multiplying the percentage
of work done by the physical units.


When manufacturing overhead costs are assigned to production in a process cost system, they
are debited to - CORRECT ANSWER✔✔- a Work in Process account.


A product requires processing in two departments, the Baking Department and then the
Packaging Department, before it is completed. Costs transferred out of the Baking

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