Chapter 3 Group EC

Chapter 3 Group EC - 1. The indirect labor cost is: A....

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Managerial Accounting – Cost Acct Exercise Team name: ___________________ Participants: ___________________________________________________________ The following T accounts are for Stanford Company: Raw Materials Cost of Goods Sold Beg Bal. 7,000 24,000 (2) (1) 19,000 Sales Salary Expense Work in Process (4) 11,000 Beg Bal. 11,000 ? (7) (2) 15,000 (4) 18,000 (6) 31,000 Accounts Payable Manufacturing Overhead 19,000 (1) (2) 9,000 31,000(6) 5,000 (5) (3) 16,000 (4) 8,000 (5) 5,000 Salaries Payable Finished Goods 7,000 Beg Bal. Beg Bal. 18,000 37,000 (4) (7) 62,000 End Bal. 15,000 Accumulated Depreciation - Factory 82,000 Beg Bal. 16,000 (3) Please answer the following based on the above T-account information:
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Unformatted text preview: 1. The indirect labor cost is: A. $8,000 B. $15,000 C. $18,000 D. $37,000 2. The cost of goods manufactured is: A. $82,000 B. $64,000 C. $71,000 D. $62,000 3. The cost of goods sold (after adjustment for over/underapplied overhead) is: A. $58,000 B. $69,000 C. $72,000 D. $65,000 E. none of the above 4. The manufacturing overhead applied is: A. $24,000 B. $31,000 C. $38,000 D. $42,000 5. The cost of direct materials used is: A. $14,000 B. $15,000 C. $18,000 D. $24,000 6. The ending Work in Process account balance would be: A. $13,000 B. $75,000 C. $20,000 D. $64,000...
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This note was uploaded on 04/22/2008 for the course ACCT 2251 taught by Professor Lilysieux during the Winter '07 term at CSU East Bay.

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Chapter 3 Group EC - 1. The indirect labor cost is: A....

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