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ACG 4341 REVIEW 1

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ACG 4341 REVIEW 1
ACG 4341 - Review Sheet – Test 1

Multiple Choice
Identify the choice that best completes the statement or answers the question.

____ 1. Which of the following defines variable cost behavior?

Total cost reaction to increase in activitya.b.c.d.a.b.c.d.Straight-linedepreciationa.b.c.d.a.b.c.d.a.b.c.d.Predictora.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.Producta.b.c.d.Directa.b.c.d.a.b.c.d.a.b.c.d.direct materiala.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.Raw material used in productionTotal manufacturing costs charged to production during the year (includes direct material, direct labor, and overhead equal to 60% of direct labor cost)Cost of goods available for saleSelling and Administrative expensesInventoriesRaw MaterialWork in ProcessFinished Goodsa.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.Raw Material InventoryWork in Process InventoryFinished Goods Inventorya.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.Inventories:Raw materialWork in processFinished goodsAdditional information for March:Raw material purchasedDirect labor payrollDirect labor rate per hourOverhead rate per direct labor houra.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.Actual direct materialsa.b.c.d.estimated overhead costsa.b.c.d.a.b.c.d.a.b.c.d.Variable componenta.b.c.d.a.b.c.d.a.b.c.d.in totala.b.c.d.in totala.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.Work in Processa.b.c.d.a.b.c.d.Overhead isa.b.c.d.Overhead isa.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.Low pointHigh pointa.b.c.d.MonthJanFebMarApra.b.c.d.For output of less than 200,000 units:For output of 200,000 units or more:a.b.c.d.a.b.c.d.MonthJunJulAugSeptOcta.b.c.d.a.b.c.d.Work in ProcessFinished GoodsCost of Goods SoldDirect LaborDirect Materiala.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.Month123456a.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d. Direct Costsa.b.c.d. Direct Costsa.b.c.d.JITInventorya.b.c.d.a.b.c.d.a.b.c.d.To measure demandsa.b.c.d.a.b.c.d.a.b.c.d.a.b.c.d.A batch costa.b.c.d.Product
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