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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)
Fixed costs per unit decrease and variable costs per unit do not
change.
Fixed costs per unit increase and variable costs per unit do not
change.
Fixed costs per unit do not change and variable costs per unit do
not change.
Fixed costs per unit do not change and variable costs per unit
increase.
Question 5.5. (TCO B) Which of the following statements is true?
I. Overhead application may be made slowly as a job is worked on.
II. Overhead application may be made in a single application at the time
of completion of the job.
III. Overhead application should be made to any job not completed at
year end in order to properly value the work in process inventory.
(Points : 6)
Only statement I is true.
Only statement II is true.
Both statements I and II are true.
Statements I, II, and III are true.
Question 6.6. (TCO B) Under a job-order costing system, the product
being manufactured (Points : 6)
is homogeneous.
passes from one manufacturing department to the next before
being completed.
can be custom manufactured.
has a unit cost that is easy to calculate by dividing total production
costs by the units produced.
Question 7.7. (TCO F) Equivalent units for a process costing system
using the FIFO method would be equal to (Points : 6)