Multiple Choice Quiz_chapter7 - MultipleChoiceQuiz...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Multiple Choice Quiz (See related pages) 1 A control account: A) is a temporary account. B) is supported by a set of subsidiary ledger accounts. C) summarizes revenue and expense accounts. D) is closed at the end of the period to cost of goods sold. E) none of the above. 2 A company that manufactures goods usually has how many inventory accounts? A) one B) two C) three D) four E) none of the above 3 Heron Company started March with $35,000 in direct materials inventory. During the month  $145,000 of materials were purchased and at the end of March $22,000 was in ending inventory.  The amount of direct material used in production in March was: A) $158,000 B) $167,000 C) $180,000 D) $193,000 E) None of the above 4 Shapes, Inc. had a beginning work-in-process inventory of $17,000. During January $73,000 of  direct materials were requisitioned for production. Also, $45,000 of direct labor and $62,000 of  manufacturing overhead was incurred. If Shapes completed and transferred $167,000 to finished  goods, what was the ending work-in-process amount? A) $27,000 B) $30,000
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
$42,000 D) $54,000 E) None of the above 5 Use the following information to answer questions 5 – 7  Mostly Done experienced the following in January: The amount of direct materials used in January was: A) $142,000 B) $151,000 C) $159,000 D) $168,000 E) None of the above 6 The cost of goods manufactured in January was: A) $268,000 B)
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 6

Multiple Choice Quiz_chapter7 - MultipleChoiceQuiz...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online