Another test 1

Another test 1 - Accounting 203 Test 1 Spring XXXX Name 1...

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Accounting 203 Test 1 Spring XXXX Name _______________________________ 1. The cost of lubricants used to grease a production machine in a manufacturing company is an example of a(n): A) indirect material cost. B) period cost. C) direct material cost. D) none of the above. 2. Property taxes on a company's factory building would be classified as a(n): A) period cost. B) product cost. C) variable cost. D) opportunity cost. 3. Depreciation on a personal computer used in the marketing department of a manufacturing firm would be classified as: A) a period cost that is varaible with respect to the company's output. B) a product cost that is fixed with respect to the company's output. C) a period cost that is fixed with respect to the company's output. D) a product cost that is variable with respect to the company's output. 4. All of the following would be classified as product costs except: A) wages of machine operators. B) salaries of the advertising staff. C) property taxes on production equipment. D) insurance on factory machinery. Version 1 Page 1
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5. Data for Cost A and Cost B are as follows: Which of the above best describes the behavior of Costs A and B? A) Cost A is variable, Cost B is fixed. B) Both Cost A and Cost B are fixed. C) Cost A is fixed, Cost B is variable. D) Both Cost A and Cost B are variable. 6. Fab Co. manufactures textiles. Fab's manufacturing costs last year included the following salaries and wages: What is the amount of direct labor included in this list? A) $165,000 B) $150,000 C) $120,000 D) $195,000 7. Gabert Inc. is a merchandising company. Last month the company's merchandise purchases totaled $68,000. The company's beginning merchandise inventory was $17,000 and its ending merchandise inventory was $13,000. What was the company's cost of goods sold for the month? A) $64,000 B) $98,000 C) $72,000 D) $68,000 Version 1 Page 2
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8. During February, the cost of goods manufactured was $83,000. The beginning finished goods inventory was $14,000 and the ending finished goods inventory was $13,000. What was the cost of goods sold for the month? A) $82,000 B) $84,000 C) $110,000 D) $83,000 9. The following information is taken from the records of CL Company for last year: What are the correct amounts for direct labor and ending work in process inventory? A)
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Another test 1 - Accounting 203 Test 1 Spring XXXX Name 1...

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