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__1. Cost audit does not cover exterior reporting.

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__2. The by-laws that a agency expresses what an company wants to attain and exactly how its products and services have the right to uniquely accomplish its targeted customers’ needs.__3. Strategy is the setup that indicates just how an organization will fulfil the goals and objectives through deploying its resources to create value for customers and also shareholders.__4. Financial accounting comprises financial and nonfinancial information

intended to meet internal users’ needs.__5. Expense leadership describes a company’s ability to offer superior qualityproducts or an ext unique services than competitors.__6. Competence means that individuals will develop and maintain the skillsneeded to practice their profession.

__7. Manufacturing facility Overhead are straight costs.__8. The decision of the price of items Sold is a preliminary action in the preparation of the price of products Manufactured schedule.__9. The disposition the the over/underapplied manufacturing facility Overhead have to be allocated in between Work in Process, finished Goods and Cost of products Sold, when product in amount.__10. The the very least squares regression evaluation is a statistical technique that analyzes the relationship in between dependent and independent variables.

Part II. Multiple choice Theories. Create on the room provided, the letter of your answer. (1.5 point out each)

__11. Factory rent is A. A prime cost and also an inventoriable cost. B. A element cost and a duration cost. C. A counter cost and an inventoriable cost. D. A switch cost and a duration cost.

__12. Indirect labor is a

A. Prime expense C. Period costB. Product cost D. Non-manufacturing cost

__13. For a production company, which of the following is an instance of a duration rather a product cost? A. Depreciation of factory tools B. Earnings of salesperson. C. Wages of maker operators D. Insurance on factory equipment

__14. As soon as a unit of a product is the expense object, manufacturing facility overhead generally is: A. A direct manufacturing price B. An indirect manufacturing expense C. Both the the over D. Nobody of the above

__15. Together current an innovation changes manufacturing processes, the is likely that direct A. Job will boost B. Labor will certainly decrease C. Materials will increase

D. Products will decrease

__16. For inventoriable prices to end up being expenses under the corresponding principle, A. The product must be finished and also in stock. B. The product should be expensed based upon its percentage of completion. C. The product to which they connect must be sold. D. Every accounts payable have to be settled.

__17. If the quantity of “Cost of items Manufactured” during a duration exceeds the amount of “Total production costs” because that the period, then A. Finishing Work in process is less than the amount of the start work in process inventory. B. Ending Work in procedure is same to cost of goods manufactured. C. Ending Work in process is better than the amount of the start work in process inventory. D. Finishing Work in procedure inventory is better than or equal to the quantity of the start work in process inventory.

__18. Immaterial amounts of over/applied factory Overhead is disposed in the adhering to accounts: A. Raw materials C. Finished goods B. Work in procedure D. Cost of products Sold

__19. The complying with are factors in the computation of the High-Low technique to obtain the variable expense per unit except: A. Highest price C. Lowest cost B. Task related to Lowest expense D. Mean Cost

__20. Predetermined manufacturing facility overhead is supplied in this kind of costing: A. Regular C. Yes, really B. Both of the choices D. Nobody of the choices

overhead 8,000 (80% is variable)(100% variable)

Required: fix for the following

Variable price per unit __Fixed cost per unit __Total direct expenses __Total indirect costs __Total costs to develop 20,000 units __

D. Joselito Jordas, a manufacturing facility worker that the Ogayon sectors which is producingBlue coco Supplies, is paid a consistent rate of P500 per hour for a consistent weekconsisting that 40 hours. The said agency has 2 shifts: morning and night shifts. Mr.Jordas works for the night shift, being an insomniac and also is rumoured to it is in a vampire.During the week ended August 28, 2015, the said worker worked for 48 hrs and

earned one fifty percent of his consistent rate together overtime premium. The is right now paid a shiftpremium of P50 every hour, due to the dangerous place of the factory owned through Mr.Armand Ogayon, within the boundaries of Barangay Caliwan, infamous for corridor wars.Payment that wages and also the equivalent premiums is based upon Philippine practice.

What is the full direct labor price for the claimed employee?How numerous hours should be charged with direct labor? __16 How countless hours need to be fee to manufacturing facility overhead? __What is the full gross salary of Mr. Joselito Jordas for the stated week?What is the total factory overhead cost for the saidemployee?__

E. Albert company produces electric combs. Due to the fact that variable overhead is closely

related to hrs worked, the firm uses the direct labor hour together basis ofapplying manufacturing facility overhead. The complying with data pertain come a current productionperiod. Estimated ActualPer hour labor price P 10.00 ns 9.Factory overhead P67,500 P69,Labor hours 15,000 16,

Required: determine the following:19. The predetermined manufacturing facility overhead rate __20. The used factory overhead __21. The end or under applied factory overhead (indicate whether over or under applied) __

E. Teacher Eliseo Panganiban supplies a job-order mechanism with device hours as anoverhead base. The adhering to information relates to teacher Panganiban because that last year: Estimated maker hours for the year 42, Actual maker hours because that the year 40, Predetermined overhead price P1.50 per machine hour used Factory Overhead i m sorry increased expense of products sold top top disposition P2,

Required: deal with for the following22. The peso quantity of the used Factory Overhead __23. The peso lot of the estimated Factory Overhead __

F. The complying with information relates to Salamat Corporation because that the last year.

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Salamat uses straight labor hrs as one overhead base. Estimated straight labor hrs 360,000 hours estimated manufacturing overhead costs P90, Actual manufacturing overhead costs P108, used manufacturing overheads expenses P120, price of products Sold P500,

What was the actual variety of direct labor hours worked last year atSalamat Corporation? __What is the adjusted balance the the cost of goods Sold? (if disposition ofover/under used overhead involves an immaterial amount)

G. Ira Co. Renders motorcycles. Monitoring wants to estimate overhead expenses toplan that operations. A current trade publishing revealed the overhead expenses tend to

vary with device hours. To examine this, they built up the adhering to data for thepast 12 months.

Month No. An equipment Hours Overhead expenses 1 175 P4, 2 170 4, 3 160 4, 4 190 5, 5 175 4. 6 200 5, 7 160 4, 8 150 4, 9 210 5, 10 180 4, 11 170 4, 12 145 3,

Using the high-low method, what is the variable price per an equipment hours?Using the high-low method, what is the total Fixed Costs? __What is the full Cost equation? __