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Quiz 1-2

# Quiz 1-2 - View Attempt 1 of unlimited Title Started...

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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.

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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.

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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?   Student  Response Value Correct  Answer Feedback 1.  \$113,000 0%      2.  \$67,000 0%      3.  \$101,000 100%      4.  \$129,000 0%      General  Feedback: SUPPORTING CALCULATIONS: Finished Goods 1/1 \$28,000 Cost of Goods  Manufactured 101,000 Goods available 129,000 Finished Goods 12/31 <17,000> Cost of Goods Sold \$112,000 Score: 0.4/0.4    7.

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Period costs   Student  Response Value Correct
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