ACCT 505 Midterm Exam( New) Set 1
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of the most recently completed year, the company estimated the labor hours for the upcoming year at 35,000. The estimated variable manufacturing overhead was $ 7.25 per labor hour and the estimated total fixed manufacturing overhead was $ 585,000. The actual labor hours for the year turned out to be 33,000. ================================================
ACCT 505 Midterm Exam( New) Set 1
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Score 144 / 150 Multiple Choice 10 Essay 4
1.( TCO A) Direct material cost is a part of( Points: 6) Conversion Cost NO.... Prime Cost NO. Conversion Cost YES.... Prime Cost NO. Conversion Cost YES.... Prime Cost YES. Conversion Cost NO.... Prime Cost YES. Question 2.2.( TCO A) Total fixed costs( Points: 6) will increase with increases in activity. will decrease with increases in activity. are not affected by activity. should be ignored in making decisions because they can never change. Question 3.3.( TCO A) Property taxes on a company ' s factory building would be classified as a( n)( Points: 6) variable cost. opportunity cost. period cost. product cost. Question 4.4.( TCO C) When the activity level is expected to increase within the relevant range, what effects would be anticipated with respect to each of the following?( Points: 6)