of the following is a sign that a product cont system lo not working properly A)
ID: 2407287 • Letter: O
Question
of the following is a sign that a product cont system lo not working properly A) Managers don't undessland costs and profits 8) The cost aystem was installed five years ago. C) The cost system is fully depreciated D) The cost system has multiple allocation bases 11) The use of which of the following costing, systems is most likely to reduce coot distortion to a 1 minimum? A) Activity-based costing C) Plantwide overhead rate B) Traditional costing system D) Departmental overhead allocation rates 12) MANGO Furniture Company had the following labor-related transactions at their plant last month 12) Woodworkers' wages Staining tank workers' wages 850 What is the journal entry to record the incurrence of direct labor? 153,800 Manufacturing Wages 153,800 B) WIP Inventory 153,800 C) WIP Inventory 163,650 163,650 163,650 163,650 Manufacturing Wages 13) 13) An accounting firm would be classified as a A) manufacturing company C) service company. B) simple company. D) merchandising company. 14 14) Wertheim Ltd. reports the following data for its first year of operation. Work in process inventory, beginning Work in process inventory, ending Manufacturing overhead Direct materials used Direct Labor 50,200 25,400 7,700 60,000 12,000 inventory 2,900 Cost of goods manufactured D) $23,100 C) $76400 What is the cost of goods sold? B) $43,100 A) $30,900Explanation / Answer
10 A) managers don't understand costs and profits Explanation: Prooduct cost system is used by Managers for knowing the efficiency of process If they don’t understand the system, i.e. it has no use. 11 A) Activity-based costing Explanation: Activity cost system classifies the cost to their drivers which is using them so chances of cost distortion reduced. 12 C WIP Inventory 163,650 Wages Payable 163,650 13 C Service Company 14 A $30,900 Explanation: Cost of goods manufactured 42900 Add: Finished goods beginning 0 42900 Less: Finished goods ending 12000 cost of goods sold 30900
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