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NEW QUESTION # 30
Wycliff Corp. had an immaterial credit balance of $1,250 in the manufacturing overhead account after $21,750 was applied to the WIP inventory account. To close the manufacturing overhead account at the end of the period, assuming no further transactions took place, what should Wycliff do?
- A. Debit manufacturing overhead $1,250; credit cost of goods sold $1,250
- B. Debit cost of goods sold $20,500; credit manufacturing overhead $20,500
- C. Debit cost of goods sold $1,250; credit manufacturing overhead $1,250
- D. Debit manufacturing overhead $20,500; credit cost of goods sold $20,500
Answer: C
NEW QUESTION # 31
Archer Corporation manufactures coffee cups in the Midwest. Using this data, calculate the total current period manufacturing costs for the Schedule of Cost of Goods Manufactured for the year ending on December 31, 2021.
- A. $604,000
- B. $925,000
- C. $554,000
- D. $679,000
Answer: A
NEW QUESTION # 32
Which of the following employees of ABC Corporation is most likely to receive the report regarding the internal audit committee's control findings?
- A. Payroll clerk
- B. Plant manager
- C. Chief financial officer
- D. Managerial accountant
Answer: C
NEW QUESTION # 33
Diamonds and More produced a new line of necklaces that sell for $350 each. Management requires a profit equal to 40 percent of the selling price. What is the target cost of this product?
- A. $175
- B. $350
- C. $140
- D. $210
Answer: D
NEW QUESTION # 34
Cat Hats Inc. produces lines of headwear for cats. They have been asked by a local animal shelter to produce a special order for dogs. Below is a special order differential analysis prepared by their managerial accountant. Using this information, what would be the result of accepting the special order?
- A. A differential profit of ($700)
- B. A differential profit of ($550)
- C. A differential contribution margin of $700
- D. A differential contribution margin of $550
Answer: B
NEW QUESTION # 35
SJ Candles should expect the absorption costing and variable costing methods to result in the same 4th quarter operating profit when which of the following is true?
- A. Their 4th quarter sales included every candle produced in the 4th quarter as well as a few that remained in inventory from the 3rd quarter
- B. They started the 4th quarter with no inventory and every candle that was produced in the 4th quarter also sold
- C. They started the 4th quarter with no inventory and sold 80% of the candles that were produced in the 4th quarter
- D. They sold all remaining 3rd quarter inventory in 4th quarter and produced zero candles in 4th quarter
Answer: B
NEW QUESTION # 36
How does a statement of cash flows provide value for a company?
- A. By showing revenues and expenses using the accrual basis of accounting
- B. By showing assets, liabilities, and owners' equity at a point in time
- C. By showing the change from the beginning cash balance to the ending cash balance on the balance sheet
- D. By showing events that changed the stockholder's equity over the course of the accounting period
Answer: C
NEW QUESTION # 37
Wycliff Corporation manufactures several different styles of bicycles. Managers appropriately record direct materials and direct labor into work-in-process accounts during production. To apply manufacturing overhead, managers consider cost pools for assembly and shipping to calculate a predetermined overhead rate for each department. Which of the following best describes the method used by Wycliff Corporation for allocating manufacturing overhead costs?
- A. Departmental
- B. Process
- C. Plantwide
- D. Activity-based
Answer: A
NEW QUESTION # 38
SJ Candles manufactures two types of candles. Soy candles require three times the number of labor hours as paraffin candles to produce. If SJ wishes to maximize the limited number of direct labor available to them, which of the following calculations will guide them in their planning?
- A. Contribution margin per unit of constraint
- B. Equivalent units for direct materials
- C. Free cash flow
- D. Inventory turnover ratio
Answer: A
NEW QUESTION # 39
What is the formula to calculate working capital?
- A. Current assets - Current liabilities
- B. Total assets - Total liabilities
- C. Current assets + Current liabilities
- D. Total assets - Current liabilities
Answer: A
NEW QUESTION # 40
Myer Inc. achieved their goal of reducing their employee turnover rate by 15%. Which of the following perspectives of their balanced scorecard is most likely to include this measure?
- A. Internal business process
- B. Customer satisfaction
- C. Financial performance
- D. Learning and growth
Answer: D
NEW QUESTION # 41
Wycliff Corporation manufactured Job #3 during the month of May. On May 29, 100% of the product was finished and sold on account for $150. These journal entries were recorded during production:
On May 31, Wycliff determined that the amount remaining in the manufacturing overhead account was immaterial and closed it out. What was the amount of gross profit before closing the manufacturing account, and what effect did closing the manufacturing account have on gross profit?
- A. Gross profit was $44; gross profit increased by $1.00 after closing manufacturing overhead.
- B. Gross profit was $75; gross profit increased by $1.00 after closing manufacturing overhead.
- C. Gross profit was $44; gross profit decreased by $1.00 after closing manufacturing overhead.
- D. Gross profit was $75; gross profit decreased by $1.00 after closing manufacturing overhead.
Answer: D
NEW QUESTION # 42
Use the statement of cash flows to calculate the free cash flow.
- A. $77,000
- B. $3,000
- C. $22,000
- D. $52,000
Answer: B
NEW QUESTION # 43
Cost behavior patterns tend to be reliable within which of the following?
- A. A relevant range
- B. Free cash flow
- C. The current ratio
- D. A contribution margin
Answer: A
NEW QUESTION # 44
This is select financial statement data for Binks Corporation. What is the inventory turnover ratio for year 2?
- A. 2.3
- B. 7.2
- C. 4.7
- D. 4.4
Answer: C
NEW QUESTION # 45
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