Accounting Quiz Cost Accounting Multiple PDF

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Pasig Catholic College Accounting Quiz – Cost AccountingMultiple Choice – Problems The following cost relate to Kirstel Company for the quarter of the year. Conversion cost P 435, Direct materials 215, Manufacturing overhead 190, Selling and administrative expense 185,What is Kirstel’s prime cost fo...

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Pasig Catholic College Accounting Quiz – Cost Accounting

Multiple Choice – Problems 1. The following cost relate to Kirstel Company for the quarter of the year. Conversion cost Direct materials Manufacturing overhead Selling and administrative expense

P 435,000 215,000 190,000 185,000

What is Kirstel’s prime cost for the last quarter? a. P 460,000 b. P 410,000

c. P405,000 d. P375,000

2. For the year 2015 the gross margin of Jumbo Co. was P96,000, the cost of goods manufactured was P340,000; the beginning inventories of work in process and finished goods were P28,000 and P45,000, respectively; and the ending inventories of work in process and finished goods were P38,000 and P52,000, respectively. The sales of Jumbo Co. for 2015 must have been. a. P419,000 b. P429,000

c. P434,000 d. P436,000

3. Some selected sales and cost data for Alcid Manufacturing Company are given below: Direct materials used P 100,000 Direct labor 150,000 Factory overhead (40% variable) 75,000 Selling and administrative expenses ( 50% direct, 60% variable ) 120,000 Conversion cost was: a. P150,000 b. P225,000

c. P250,000 d. P270,000

4. During the month of March 2014. Nape Co., used P300,000 of direct materials. At March 31, 2014. Nape’s direct materials inventory was P50,000 more than it was at March 1, 2014. Direct material purchases during the month of March 2014 amounted to: a. P 0 b. P250,000

c. P300,000 d. P350,000

5. Peter Paul Company uses a job order cost system and applies factory overhead to production orders on the basis of direct labor cost. The overhead rates for 2015 are 200% for Dept. A and 50% for Dept. B. Job 123, started and completed during 2015 was charged with the following costs. Department A -----------------------P 25,000 ? 40,000

Direct materials Direct labor Factory overhead

B -----------------------P 5,000 30,000 ?

The total manufacturing costs associated with Job 123 should be a. P135,000 c. P195,000 b. P180,000 d. P240,000 6. March Company had 150 units of product on hand at January 1, costing P21.00 each. Purchasing of product A during the month of January were as follows:

January 10 18 28

Unit 200 250 100

Unit Cost P 22.00 23.00 24.00

Physical count on January 31, shows 250 units of product A on hand. The cost of the inventory at January 31, under the FIFO method is: a. P 5,850 b. P 5,550

c. P5,350 d. P5,250

7. Assume Boone Manufacturing had worked on two jobs, A-01 and A-02 last year 1,200 hours of direct labor was spent on Job A-01, while 1,000 hours of direct labor was spent on Job A-02. The actual manufacturing overhead was P37,000. The predetermined overhead rate for Boone Manufacturing is: a. P 2.00 per unit b. P 15.00 per DLH

c. P20.00 per DLH d. P30.00 per DLH

8. Pocahontas Production Inc. has provided you with the following pertinent information for the calendar year 2015. Raw material purchases Beginning raw material inventory Ending raw materials inventory Factory overhead ( including P85,000 of indirect Labor and P20,000 of indirect materials) Total manufacturing costs

P 135,000 100,000 175,000 277,500 960,000

Compute direct labor cost a. P577,500 b. P382,500

c. P402,500 d. P642,500

9. M Company has two producing departments. Department A and Department B. Department A works on raw material XYZ and then transfers it to Department B. After Department B. puts on its finishing touches, it transfers the product to finished goods inventory: If Department A had put 95,000 units into process during the period and had ending work in process of 21,000 units, what is the number of units transferred to finished goods inventory, if Department B’s ending units in process are 12,000? a. 104,000 b. 85,000

c. 74,000 d. 62,000

10. Department A is the first stage of Lovely Company’s production cycle. The following information is available for conversion cost for the month of May, 2015

Work in process, beginning (25% complete) Started in May Completed in May and transferred to Dept. B Work in process, ending (60% complete)

UNITS 8,000 40,000 38,000 10,000

Using the FIFO method, the equivalent units for conversion costs for the month are a. 42,000 units b. 38,000 units

c. 44,000 units d. 36,000 units...