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Multiple Choice Quiz_chapter2 -...

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Multiple Choice Quiz (See related pages) 1 Sinco, Inc. purchased $175,000 of inventory during the year, had transportation-in costs of  $21,000, and transportation-out costs of $14,000. The beginning inventory amount was $10,000  and the ending inventory was $7,000. Sinco's cost of goods sold was: A) $178,000 B) $193,000 C) $199,000 D) $213,000 E) None of the above 2 Period costs are: A) Expensed when the product is sold B) Included in the cost of goods sold C) Expensed as they are incurred D) Appear as a footnote to the income statement E) None of the above 3 _______________ is included in both prime costs and conversion costs. A) Direct material B) Direct labor C) Manufacturing overhead D) Sales and administrative cost E) None of the above 4 If a company's manufacturing costs are: direct material, $40,000; direct labor, $60,000; and  manufacturing overhead, $80,000, the amount of conversion cost is: A) $60,000 B) $100,000 C) $120,000
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D) $140,000 E) None of the above 5 Given the following costs: utilities (60% factory), $5,000; insurance (75% factory), $4,000; direct  materials, $20,000; indirect materials, $3,000; direct labor, $30,000; indirect labor, $5,000. What  is the amount of overhead? A) $ 6,000 B) $14,000 C) $47,000 D) $64,000 E) None of the above 6 A manufacturing company normally has how many inventory accounts? A) One B) Two C) Three D) Four E) None of the above 7 If Apex Company has $19,000 and $7,000 in beginning and ending Finished Goods inventory,  respectively, and has cost of goods manufactured (COGM) this period of $42,000, its Cost of  Goods Sold (COGS) for the period is: A) $30,000 B) $54,000 C) $61,000 D) $68,000 E)
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