82. Which of the following manufacturing costs is an indirect cost of producing a product?
A. Oil lubricants used for factory machinery
B. Commissions for sales personnel
C. Hourly wages of an assembly worker
D. Memory chips for a microcomputer manufacturer
83. Prime costs are
A. direct materials and factory overhead
B. direct materials and direct labor
C. direct labor and factory overhead
D. period costs and factory overhead
84. Conversion costs are
A. direct materials and direct labor
B. direct materials and factory overhead
C. factory overhead and direct labor
D. direct materials and indirect labor
85. Which of the following is not a prime cost?
A. Supervisor’s wages
B. Direct labor wages
C. Machine operator wages
D. Assembly line wages
86. The following are all product costs except:
A. Direct materials
B. Sales and administrative expenses
C. Direct labor
D. Factory overhead
87. One on the following will not be found on the balance sheet of a manufacturing company.
A. cost of goods sold
B. materials
C. work in process
D. finished goods
88. In the income statement of a manufacturing company, what replaces purchases in the cost of goods section of a retail company?
A. Finished goods
B. Cost of merchandise available
C. Cost of goods manufactured
D. Work in process completed
89. What is the purpose of the Statement of Cost of Goods Manufactured?
A. to determine the ending materials inventory
B. to determine the ending work in process inventory
C. to determine the amounts transferred to finished goods
D. all of the answers are true
90. Which of the following accounts will be found on the income statement?
A. inventory
B. work in process
C. finished goods
D. cost of merchandise sold
91. All of the following are ways that managers use managerial information except
A. to evaluate the company’s stock performance
B. to evaluate the performance of a company’s operations
C. to support long-term planning decisions
D. to determine the cost of manufacturing a product
92. Cost of Materials Used $40,000
Direct Labor costs $55,000
Factory Overhead $32,000
Work in Process, beg. $28,000
Work in Process, end. $18,000
What is Cost of Goods Manufactured?
A. $173,000
B. $97,000
C. $117,000
D. $137,000
93. Cost of Materials Used $40,000
Direct Labor costs $55,000
Factory Overhead $32,000
Work in Process, beg. $28,000
Work in Process, end. $18,000
Finished Goods,beg. $28,000
Finished Goods, end. $18,000
What is Cost of Goods Sold?
A. $147,000
B. $137,000
C. $10,000
D. $128,000
94.
|
Beginning Raw Materials Inventory |
$75,000 |
|
Materials purchased |
$20,000 |
|
Ending Raw Materials Inventory |
$30,000 |
|
|
|
How much are Raw Materials Used?
A. $25,000
B. $45,000
C. $65,000
D. $20,000
95. A company manufactured 50,000 units of a product at a cost of $250,000. They sold 40,000 units for $10 each. What is Gross Margin?
A. $150,000
B. $200,000
C. $400,000
D. $250,000
96.
|
Work in Process, Beginning |
$10,000 |
|
Work in Process, Ending |
$15,000 |
|
Direct Labor costs incurred |
$4,000 |
|
Cost of Goods Manufactured |
$8,000 |
|
Factory Overhead |
$8,000 |
|
|
|
What is the amount of Direct Materials Used?
A. $1,000
B. $4,000
C. $7,000
D. $3,000
97. A company sells goods for $300,000 that cost $140,000 to manufacture. Which statement(s) are true?
A. The company will recognize sales on the balance sheet of $300,000
B. The company will recognize $160,000 in the Profit on Product Sales account
C. The company will decrease finished goods by $140,000
D. All of the above are true.
98. Product costs
A. appear only on the balance sheet
B. appear only on the income statement
C. are expensed as costs are incurred for direct labor, direct material and factory overhead
D. appear on both the income statement and balance sheet
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