Acct test 1 - Name: __________________________ Spring 2007...

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Unformatted text preview: Name: __________________________ Spring 2007 Test One Chapters 2-4 Acct 2302 1. CF Company manufactures wooden rocking chairs. CF identified the following three material costs in its production process for July: $100,000 for springs for the rocking mechanism; two springs at a cost of $10 each are used in each chair; $1,700 for glue used as needed from one gallon containers; and $500 for stain used to touch up spots on the chairs. The total cost that should have been assigned to indirect material for July was: A) $102,200 B) $500 C) $2,200 D) $1,700 2. Fab Co. manufactures textiles. Fab's manufacturing costs last year included the following salaries and wages: Loom operators ......................... $120,000 Factory foremen ........................ $45,000 Machinery repairmen ................ $30,000 What is the amount of direct labor included in this list? A) $195,000 B) $165,000 C) $150,000 D) $120,000 3. A manufacturing company has provided the following cost data for a recent period: Direct materials............................................... $8,000 Manufacturing overhead ................................. $12,000 Direct labor...................................................... $10,000 Increase in work-in-process ............................ $4,000 Prime cost for the period was: A) $18,000 B) $26,000 C) $30,000 D) $34,000 Version 1 Page 1 4. The following information is taken from the records of CL Company for last year: Direct materials..................................................... $5,000 Manufacturing overhead ....................................... $6,000 Total manufacturing costs ..................................... $17,000 Beginning work in process inventory ................... $1,000 Cost of goods manufactured.................................. $15,000 What are the correct amounts for direct labor and ending work in process inventory? Direct Labor Ending Work in Process A) $12,000 $2,000 B) $11,000 $2,000 C) $6,000 $1,000 D) $6,000 $3,000 A) Item A B) Item B C) Item C D) Item D 5. The following information is taken from the records of DW Company for last year: Direct materials............................................ $8,000 Direct labor................................................... $3,000 Manufacturing overhead .............................. $11,000 Ending work in process inventory................ $5,000 Cost of goods manufactured......................... $19,000 The amount of beginning work in process inventory is: A) $24,000 B) $2,000 C) $22,000 D) $3,000 6. Using the following data for February, calculate the cost of goods manufactured: Direct materials..................................................... $36,000 Direct labor............................................................ $20,000 Manufacturing overhead ....................................... $19,000 Beginning work in process inventory ................... $10,000 Ending work in process inventory......................... $13,000 The cost of goods manufactured was:...
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This note was uploaded on 03/29/2008 for the course ACCT 2301 taught by Professor Vchamb during the Spring '08 term at Texas A&M University, Corpus Christi.

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Acct test 1 - Name: __________________________ Spring 2007...

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