Support departments(Points : 3) are responsible for manufacturing the products sold to customers. work directly on the products of the firm. provide services directly to customers. provide essential services to the producing departments.2. (TCO 7) Which would be the most appropriate base for allocating the costs of the housekeeping department?(Points : 3) Machine hours Direct labor hours Square feet Number of employees3. (TCO 7) If the costs of support departments are NOT allocated to producing departments,(Points : 3) product costs would be understated. GAAP requirements would not be met. managers of producing departments may tend to overconsume services. All of the above4. (TCO 7) Joint costs are allocated because of(Points : 3) financial reporting requirements. tax reporting requirements. IMA requirements. Both A and B5. (TCO 7) Which method allocates support department costs?(Points : 3) Direct allocation method Reciprocal allocation method Sequential allocation method All of the above6. (TCO 7) The cost of crude oil used in producing gasoline products is an example of(Points : 3) joint costs. a by-product. joint products. common cost allocation.7. (TCO 7) Ajoint cost allocation method that would assign the same amount of costper unit to two joint products that sell for $10 and $40, respectively,is the(Points : 3) sales-value-at-split-off method. direct allocation method. net realizable value method. physical unit method.8. (TCO 7) DeeDee Corporation manufactures the following products in its factory. $400,000 of costs were incurred.ProductUnits ProducedWeight per Unit (lb)Selling Price per UnitA2,50010$6 B5,0008$12 C7,5006$12 D10,0004$6 How much joint cost would be allocated to Product B based on the physical units method?(Points : 3) $420,000 $80,000 $106,667 $400,0009. (TCO 7)Sally Corporation manufactures four products. The following data wereprovided by the cost accountant for the current year.ProductUnits ProducedSales Value at Split-OffJ 15,000 $10,000 K 9,000 $5,000 L 24,000 $6,000 M 12,000 $9,000 Total Joint Processing Costs$24,000 Which is the amount of joint costs assigned to Product J using the sales-value-at-split-off method?(Points : 3) $8,000 $6,000 $24,000 $2,66710. (TCO 7) Lamb Inc. processes wool into four grades of yarn as follows.ProductYards ProducedSales Value at Split-OffMerino Wool 75,000 $56,250 Wool Singles 200,000 $180,000 Superwash Wool 100,000 $105,000 Plied Wool 125,000 $127,500 Total Joint Processing Costs$300,000 Which is the amount of joint costs assigned to Superwash Wool using the constant gross margin percentage method?(Points : 3) $300,000 $67,200 $37,800 $192,000
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