M30BCHAPTER4QUIZSUMMER2017WITHSOLUTIONS.docx

M30BCHAPTER4QUIZSUMMER2017WITHSOLUTIONS.docx - M30B...

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M30B: MANAGERIAL ACCOUNTING QUIZ: CHAPTER 4 AUGUST 15, 2017 ANSWER KEY NAME: _________________________________ STUDENT ID: ____________________________ 1. Brown Company makes copper fire pits. Each job is unique in size and design. Brown has provided you with the following January 1, 2017 account balances. Raw Materials Work in Process Finished Goods 35,000 80,000 72,000 Cash Manufacturing Overhead Cost of Goods Sold 20,000 0 0 Accounts Receivable Accounts Payable 50,000 35,000 During 2017, the following transactions occurred: 1. Brown purchased raw materials for $125,000 on account. 2. Brown used $150,000 of raw materials in production. Ninety percent were direct materials and 10 percent were indirect materials. 3. $72,000 of direct labor and $30,000 of indirect labor was incurred and paid. 4. Other manufacturing overhead incurred and paid totaled $55,000. 5. Brown completed production on goods costing $275,000 6. Brown’s sales revenue was $520,000. All goods were sold on account. 7. Brown cost of goods sold was $330,000 before adjusting for over-/under-applied overhead.
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