CH 2 Quiz - Homework Manager 2 - Managerial Accounting...

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Question 1: Score 0.7/1 Exercise 2-1 Classifying Manufacturing Costs [LO1] Your Boat, Inc., assembles custom sailboats from components supplied by various manufacturers. The company is very small and its assembly shop and retail sales store are housed in a Gig Harbor, Washington, boathouse. Below are listed some of the costs that are incurred at the company. Required: For each cost, indicate whether it would most likely be classified as direct labor, direct materials, manufacturing overhead, selling, or an administrative cost. (Select all that apply.) 1. The wages of employees who build the sailboats. Choice Selected Points Direct labor cost Yes +1 Direct materials cost No Manufacturing overhead cost No Selling cost No Administrative cost No Total correct answers: 1 Partial Grading Explained 2. The cost of advertising in the local newspapers. Choice Selected Points Direct labor cost No Direct materials cost No Manufacturing overhead cost No Selling cost Yes +1 Administrative cost No Total correct answers: 1 Partial Grading Explained 3. The cost of an aluminum mast installed in a sailboat. Choice Selected Points Direct labor cost Yes -1 Direct materials cost Yes +1 Manufacturing overhead cost No Selling cost No Administrative cost No Total correct answers: 1 Partial Grading Explained 4. The wages of the assembly shop's supervisor. Choice Selected Points Direct labor cost No Direct materials cost No Manufacturing overhead cost No Selling cost No Administrative cost Yes -1 Total correct answers: 1 Partial Grading Explained 5. Rent on the boathouse. Choice Selected Points Direct labor cost No Direct materials cost No Manufacturing overhead cost Yes +1 Selling cost Yes +1 Administrative cost No Total correct answers: 3 Partial Grading Explained 6. The wages of the company's bookkeeper. Choice Selected Points Direct labor cost No Direct materials cost No Manufacturing overhead cost No Selling cost No Administrative cost Yes +1 Total correct answers: 1 Partial Grading Explained 7. Sales commissions paid to the company's salespeople. Choice Selected Points Page 1 of 3 Homework Manager 2 - Managerial Accounting ACC116B - Section 50120 9/3/2008 http://mh10.brownstone.net/modules/viewRecord.TestDetails
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Question 2: Score 0.6/1 Question 3: Score 1/1 Question 4: Score 1/1 Direct labor cost No Direct materials cost No Manufacturing overhead cost No Selling cost Yes +1 Administrative cost No Total correct answers: 1 Partial Grading Explained 8. Depreciation on power tools. Choice Selected Points Direct labor cost No Direct materials cost No Manufacturing overhead cost Yes +1 Selling cost No Administrative cost No Total correct answers: 1 Partial Grading Explained Total grade: 1.0×1/15 + 0.0×1/15 + 1.0×1/15 + 1.0×1/15 + 1.0×1/15 + 1.0×1/15 + 0.0×1/15 + 1.0×1/15 + 1.0×1/15 + 0.0×1/15 + 0.0×1/15 + 0.0×1/15 + 1.0×1/15 + 1.0×1/15 + 0.0×1/15 = 7% + 0% + 7% + 7% + 7% + 7% + 0% + 7% + 7% + 0% + 0% + 0% + 7% + 7% + 0% Your response Correct response Exercise 2-2 Classification of Costs as Period or Product Costs [LO2]
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This note was uploaded on 09/24/2008 for the course ACCT 116b taught by Professor Hansen during the Fall '08 term at San Diego.

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CH 2 Quiz - Homework Manager 2 - Managerial Accounting...

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