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1. In a standard cost formula Y = a + bX, what does the "b" represent?

a) total cost
b) total fixed cost
c) total variable cost
d) variable cost per unit

2. ABC Corporation has provided the given 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

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

a) Debit of $281,400
b) Credit of $281,680
c) Credit of $281,400
d) Debit of $281,680

3. A company produces a single product. The volume and average cost data for two accounting periods have been provided by management are given below:

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

The best estimate for cost formula for total cost of producing and selling product (where X is a number of units produced and sold in a period) is:

a) $1,000 + $1.125 X
b) $1,000 + $3.50 X
c) $1,500 + $3.50 X
d) $1,500 + $4.00 X

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M99248

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