Final Exam Review Q Fall 07

Final Exam Review Q - Final Exam Review Fall 07 Multiple Choice Identify the letter of the choice that best completes the statement or answers the

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Final Exam Review Fall 07 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. When product costs are found on the balance sheet, they are classified as __________; when they are on the income statement, they are classified as __________. a. assets; revenues b. assets; cost of goods sold c. liabilities; revenues d. liabilities; cost of goods sold ____ 2. Manufacturing costs typically consist of: a. direct materials, direct labor, and administrative costs. b. production and shipping costs. c. direct materials, direct labor, and manufacturing overhead. d. manufacturing overhead and selling costs. Michael's Manufacturing, Inc. has the following information available for the month of July: Beginning Ending Raw materials inventory $50,000 $62,000 Work-in-process inventory 80,000 55,000 Finished goods inventory 24,000 35,000 Raw materials purchased $120,000 Direct labor costs 60,000 Overhead costs 45,000 ____ 3. Refer to the Michael's Manufacturing, Inc. information above. Cost of goods manufactured for July is: a. $188,000 b. $250,000 c. $238,000 d. $213,000 ____ 4. The following overhead cost information is available for Henderson Inc. for 2005:
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This note was uploaded on 05/09/2008 for the course ACC 240 taught by Professor Karengeiger during the Fall '07 term at ASU.

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Final Exam Review Q - Final Exam Review Fall 07 Multiple Choice Identify the letter of the choice that best completes the statement or answers the

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