DEVRY ACCT 346 Week 4 Midterm 2
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1 . Question : ( TCO 1 ) Which of the following is not a difference between financial accounting and managerial accounting ? 2 . Question : TCO 1 ) Which of the following statements regarding fixed costs is true ? 3 . Question : ( TCO 1 ) You own a car and are trying to decide whether or not to trade it in and buy a new car . Which of the following costs is an opportunity cost in this situation ? 4 . Question : ( TCO 1 ) Shula ’ s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold : materials , $ 4,080 ; hourly labor ( variable ), $ 5,200 ; rent ( fixed ), $ 1,700 ; depreciation , $ 800 ; and other fixed costs , $ 600 . Each steak dinner sells for $ 14.00 each . How much is the budgeted variable cost per unit ? 5 . Question : ( TCO 1 ) Which of the following is an example of a manufacturing overhead cost ? 6 . Question : ( TCO 1 ) Product costs 7 . Question : ( TCO 1 ) At December 31 , 2010 , WDT Inc . has a balance in the Work in Process Inventory account of $ 62,000 . At January 1 , 2010 , the balance was $ 55,000 . Current manufacturing costs for the year are $ 292,000 , and cost of goods sold is $ 284,000 . How much is cost of goods manufactured ?