Quiz 1-2 - View Attempt 1 of unlimited Title: Chapter 1 2...

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Unformatted text preview: View Attempt 1 of unlimited Title: Chapter 1 2 Quiz Started: January 28, 2008 2:18 PM Submitted: January 28, 2008 2:51 PM Time spent: 00:33:00 Total score: 6.4/8 = 80% Total score adjusted by 0.0 Maximum possible score: 8 1. Figure 2-1. Concam Inc. manufactures television sets. Last month direct materials (electronic components, etc.) costing $500,000 were put into production. Direct labor of $800,000 was incurred, overhead equaled $450,000, and selling and administrative costs totaled $360,000. The company manufactured 8,000 television sets during the month. Assume that there were no beginning or ending work in process balances. Refer to Figure 2-1: What was the amount of cost of goods manufactured last month? Student Response Value Correct Answer Feedback 1. $2,110,000 0% 2. $1,250,000 0% 3. $1,300,000 0% 4. $1,750,000 100% General Feedback: SUPPORTING CALCULATIONS: $500,000 + $800,000 + $450,000 Score: 0.4/0.4 2. Which of the following would not be found on the Income Statement of a manufacturer? Student Response Value Correct Answer Feedback 1. cost of goods sold 0% 2. cost of goods manufactured 0% 3. selling and administrative costs 0% 4. work in process 100% General Feedback: (Assume a separate schedule of Cost of Goods Manufactured) Score: 0.4/0.4 3. Which of the following is an example of direct labor? Student Response Value Correct Answer Feedback 1. security guard for the factory 0% 2. chef in a restaurant 100% 3. janitor in a production plant 0% 4. management accountant 0% Score: 0.4/0.4 4. Which of the following would not be an example of a value-added activity? Student Response Value Correct Answer Feedback 1. timely delivery of products 0% 2. offering the customer a variety of products 0% 3. excellent customer service 0% 4. storage of finished products 100% Score: 0.4/0.4 5. Figure 2-6. Seaview Company took the following data from their Income Statement at the end of the current year. Per-unit product cost: $30 Gross margin percentage: 40% Selling and administrative expenses $30,000 Operating Income $10,000 Refer to Figure 2-6: How many units were sold during the year? Student Response Value Correct Answer Feedback 1. 3,333 0% 2. 1,000 0% 3. 2,000 100% 4. 1,500 0% General Feedback: SUPPORTING CALCULATIONS: Cost of goods Sold $60,000/$30 = 2,000 units Score: 0/0.4 6. Kutlow, Inc. had cost of goods sold of $112,000 for the year ended December 31, 20x8. The Finished Goods Inventory on January 1, 20x8 was $28,000 and the Finished Goods Inventory on December 31, 20x8 was $17,000. What was the amount of Cost of Goods Manufactured for the year?...
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This note was uploaded on 04/15/2008 for the course ACCT 2020 taught by Professor Lui during the Spring '08 term at North Texas.

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Quiz 1-2 - View Attempt 1 of unlimited Title: Chapter 1 2...

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