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Q1) In standard cost formula Y = a + bX, what does "b" represent?

i) Total cost
ii) Total fixed cost
iii) Total variable cost
iv) Variable cost per unit

Q2) Milnes Corporation has given the following data concerning its direct labor costs for November:

Standard wage rate $13.40 per DLH
Standard hours 5.0 DLHs per unit
Actual wage rate $14.00 per DLH
Actual hours 20,120 DLHs
Actual output 4,200 units

Journal entry to record incurrence of direct labor costs in November would comprise following for Work in Process:

i) Debit of $281,400
ii) Credit of $281,680
iii) Credit of $281,400
iv) Debit of $281,680

Q3) Company makes a single product. Following volume and average cost data for two accounting periods have been given by management:

Number of units 500 $800
Direct materials $2.00 $2.00
Direct labor $1.50 $1.50
Manufacturing overhead $2.50 $1.75
Other overhead $1.00 $0.625

Best estimate for cost formula for total cost of creating and selling product (where X is number of units produced and sold in period) is:

i) $1,000 + $1.125 X
ii) $1,000 + $3.50 X
iii) $1,500 + $3.50 X
iv) $1,500 + $4.00 X

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916273

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