Note: Please put your name & ID# on the exam & answer sheet. Provide all your an

Question

Note: Please put your name & ID# on the exam & answer sheet. Provide all your answers on the answer sheet and return it along with the exam after completion. 22. How does a job-costing system differ from a process-costing system? A) A job-costing system assigns costs to masses of similar units; a process-costing system assigns costs to distinct units B) Job-costing system and process-costing system are interchangeable terms C) A job-costing system assigns costs to distinct units; a process-costing system assigns costs to masses of similar units D) All of the above 23. Identify three different debit entries to the Work-in-Process T-Account under nor mal costing: A) Direct materials usage cost, actual manufacturing overhead cost incurred, cost of completion B) Direct materials purchase cost, indirect manufacturing labor cost paid to employees, actual C) Direct materials purchase cost, cost of completion and transfer of jobs to finished goods, sales D) Direct materials usage cost, direct manufacturing labor cost billed to a job, manufacturing and transfer of jobs to finished goods manufacturing overhead cost incurred of completed goods overhead cost allocated to a job 24. The following information is for Vincent Corporation: .Product A: Revenue $12.00 $4.50 Variable Cost Product B Revenue $44.50 $9.50 Variable Cost Total fixed costs $75,000 What is the breakeven point in units assuming the sales mix consists of two units of Product A and one unit of Product B? A) 842.5 units of B and 1,685 units of A B) 3,000 units of B and 1,500 units of A C) 1 units of B and 10,000 units of A D) 1,500 units of B and 3,000 units of A

Explanation / Answer

Q No. Answer Explanation 22 C Job Costing is for Customized/Tailor made Units and Process Costing is for Similar Product Masses 23 B All Actual Costs are Debited to Work in Progress Account Product A Product B Total 24 D Refer Working At Right Side Product Mix 2 1 3 Product A Product B Revenue 12.00 44.50 Less: VC 4.50 9.50 Contribution Margin 7.50 35.00 Product Mix 66.67% 33.33% Total Contribution Margin 5.00 11.67 16.67 Fixed Cost 75000 Total Contribution Margin 16.67 Break Even Point in Units Total 4500 (75000/16.67) Product A Product B Total Product Mix 66.67% 33.33% 100% BEP*Product Mix 3000 1500

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