ACCT2301-002-PracticeExam1-sp2009

ACCT2301-002-PracticeExam1-sp2009 - Managerial Accounting...

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Managerial Accounting Fall 2008 Exam 1 Version 1 Name: ____________________________________ 1. An indirect cost a. can be easily and accurately traced to a cost object. b. is hard to trace. c. should never be assigned to a cost object. d. are correlated with activity-based erganzales. e. none of the above. 2. During the month of January, Enterprise, Inc. had total manufacturing costs of $110,000. They incurred $40,000 of direct labor cost and $30,000 of overhead cost during the month. If the materials inventory on January 1 was $3,000 less that the materials inventory on January 31, what was the cost of materials purchased during the month? a. $37,000 b. $43,000 c. $40,000 d. $33,000 e. none of the above 3. Production costs consist of a. period costs b. indirect materials, indirect labor, and administrative costs c. direct materials, direct labor, and selling costs d. direct materials, direct labor, and overhead e. all of the above 4. Talcum, Inc. had materials inventory at July 1 of $12,000. The materials inventory at July 31 was $15,000 and the cost of direct materials used in production was $20,000. What was the cost of materials purchased during the month? a. $23,000 b. $17,000 c. $35,000 d. $20,000 e. none of the above 5. Cost of goods manufactured equals a. the cost of direct materials used in production b. the product cost of goods completed during the current period c. the product cost of goods sold during the current period d. the cost remaining in ending work in process inventory e. none of the above
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6. Lonborg Co. had the following beginning and ending inventory balances: January 1, 20x8 December 31, 20x8 Materials $10,000 $ 8,000 Work in Process $18,000 $17,000 Finished Goods $21,000 $16,500 In addition, direct labor costs of $30,000 were incurred, overhead equaled $42,000, materials purchased were $27,000 and selling and administrative costs were $22,000. Lonborg Co. sold 25,000 units of product during the year at a sales price of $5.00 per unit. What was the amount of Cost of Goods Manufactured for the year? a. $101,000 b. $124,000 c. $100,000 d. $102,000 e. none of the above 7. Rancor, Inc. had a per-unit conversion cost of $2.50 during April and incurred direct materials cost of $100,000, direct labor costs of $75,000, and overhead costs of $45,000 during the month. How many
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This note was uploaded on 02/16/2009 for the course ACCT 2301 taught by Professor Staff during the Spring '08 term at Texas Tech.

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ACCT2301-002-PracticeExam1-sp2009 - Managerial Accounting...

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