Multiple Choice Quiz_chapter7 -...

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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
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$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)
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This note was uploaded on 04/10/2010 for the course HOA SEN 1234 taught by Professor Vananh during the Spring '10 term at Haaga - Helia University of Applied Sciences.

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Multiple Choice Quiz_chapter7 -...

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