GRAND ACC650 MODULE 7 QUIZ/ GRAND ACC650 MODULE 7 QUIZ

Jun 23rd, 2016
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Question 1) Indiana Company incurred the following costs during the past year when planned production and actual production each totaled 20,000 units: Direct material used $280,000 Direct labor $120,000 Variable manufacturing overhead $160,000 Fixed manufacturing overhead $100,000 Variable selling and administrative costs $60,000 Fixed selling and administrative costs $90,000 If Indiana uses variable costing, the total inventorial costs for the year would be: a. $400,000. b. $460,000 c. $560,000. d. $620,000. e. $660,000. 2) Garage Specialty Corporation manufactures joint products P and Q. During a recent period, joint costs amounted to $80,000 in the production of 20,000 gallons of P and 60,000 gallons of Q. Garage can sell P and Q at split-off for $2.20 per gallon and $2.60 per gallon, respectively. Alternatively, both products can be processed beyond the split-off point, as follows: i. P Q Separable processing costs $15,000 $35,000 Sales price (pe

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grand acc650 module 7 quizQuestion1) Indiana Company incurred the following costs during the past year when planned productionand actual production each totaled 20,000 units:Direct material used$280,000Direct labor$120,000Variable manufacturing overhead$160,000Fixed manufacturing overhead$100,000Variable selling and administrative costs$60,000Fixed selling and administrative costs$90,000If Indiana uses variable costing, the total inventorial costs for the year would be:a. $400,000.b. $460,000c. $560,000.d. $620,000.e. $660,000.2) Garage Specialty Corporation manufactures joint products P and Q. During a recent period,joint costs amounted to $80,000 in the production of 20,000 gallons of P and 60,000 gallons ofQ. Garage can sell P and Q at split-off for $2.20 per gallon and $2.60 per gallon, respectively.Alternatively, both products can be processed beyond the split-off point, as follows:i. P QSeparable processing costs $15,000 $35,000Sales price (per gallon) if processed beyond split-off $3 $4The joint cost allocated to Q under the relative-sales-value method would be:b. $40,000$62,400.$64,000.$65,600.Some other amount.3) When allocating joint costs, Weinberg calculates the final sales value of the various productsmanufactured and subtracts appropriate separable costs. The company is using the:a. Gross margin at split-off method.Reciprocal-accounting method.relative-sales-value method.physical-units method.net-realizable-value method

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