Please answer the attached. Provide answers in a word document. Thanks ATTACHMENT PREVIEW Download attachment HW9.pdf FINAL EXAM – ACCT 301 – Fall 2015 Name: Section: Date: 1. (Multiple Choice) Jose Company uses a job order cost system. At the end of an accounting period, Jose has a debit balance in the Factory Overhead account. This would indicate: A. B. C. D. E. 2. a loss for the period. underapplied overhead. overapplied overhead. a malfunction in the job order cost system. None of these. (Multiple Choice) The budgeting process would normally begin with the preparation of a: A. B. C. D. E. 3. cash budget. capital expenditure budget. sales budget. production budget. None of these. (Multiple Choice) What type of direct material variances for usage and price will arise if the actual number of pounds of materials used exceeds standard pounds allowed but actual cost was less than standard cost? A. B. C. D. E. 4. Unfavorable usage, but favorable price Favorable usage, and favorable price Unfavorable usage, and unfavorable price Cannot be determined from the information given. None of these. (Multiple Choice) Which of the following decisions would necessarily result in an increase in profit or decrease in loss? A. B. C. D. E. Eliminating the sale of all products that are priced below variable cost. Eliminating the sale of all products that are priced below absorption cost. Eliminating the sale of all products if the firm has a loss. Not eliminating the sale of any products if the firm is profitable overall. None of these. 5. (True or False) Residual Income = Operating Income – (Operating Assets X Cost of Capital) 6. (Multiple Choice) In selecting between production of two different products, the best course of action is to: A. B. C. D. E. 7. select the option which produces the highest per unit contribution margin. select the option which allows the most units to be produced. select the option with the smallest fixed costs. select the option which will allow full utilization of productive capacity. None of these. (Multiple Choice) Another name for "pro forma financial statements" would be: A. B. C. D. E. 8. computer generated financial statements. projected financial statements. historical cost financial statements. external use financial statements. None of these. (Essay) What would be the effect on a company’s net income of discontinuing a department with a contribution margin of $16,000 and allocated overhead of $32,000 (of which $14,000 cannot be eliminated)? 9. (Essay) On May 21, Vincent worked 6 hours on Job 657, and 2 hours on general "overhead activities." Vincent is paid $15 per hour. Overhead is applied based on $4 per direct labor hour. Job 657 also entailed $30 of direct material. On May 21, Vincent used $7 of indirect material. Indirect material is included in the overhead application rate. Of these amounts, how much total cost should be allocated to Job 657 for May 21? 10. (Multiple Choice) Jose Company uses a job order cost system. At the end of an accounting period, Jose has a debit balance in the Factory Overhead account. This would indicate: A. B. C. D. E. a loss for the period. underapplied overhead. overapplied overhead. a malfunction in the job order cost system. None of these. 11. (Multiple Choice) If beginning work in process was 600 units, 1,400 additional units were put into production, and ending work in process was 500 units, how many units were completed? A. B. C. D. E. 12. 500 900 1,400 2,000 None of these. (Multiple Choice) Which of these alternatives would decrease contribution per unit margin the most? A. B. C. D. E. 13. A 10 percent decrease in selling price. A 10 percent increase in variable expenses. A 10 percent increase in selling price. A 10 percent decrease in variable expenses. None of these. (Multiple Choice) Each of the following would affect the breakeven point except a change in the: A. B. C. D. E. 14. number of units sold. variable costs per unit. total fixed cost