Quiz - Forms A&B - Answer Key - Fall 2010

Quiz - Forms A&B - Answer Key - Fall 2010 - Q uiz 2...

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Unformatted text preview: Q uiz 2 – Chapter 3 9/13/10 Name: A nswer Key ACC 312 - Lendecky NO PART IAL CRED I T WILL BE G IVE N ON T H IS QU I Z 1. What 3 types of costs f low into WIP inventory? Direct Materials Direct Labor Manufacturing Overhead For Questions 2-6 please use the information below: During 2009 (the fi rst year of operations, so all beginning balances in all accounts were $0), A BC Company incurred the following manufacturing costs: Direct Materials Direct Labor Manufacturing Overhead During 2009: $80,000 in raw materials were purchased Products costing $90,000 were finished Products costing a total of $50,000 were sold for a total of $70,000. $60,000 $40,000 $70,000 (actual and applied) Form B =$65,000 2. On the December 31, 2009 Balance Sheet, what is Raw Materials Inventory? Form A Form B 0 + 80,000 – 60,000 = 20,000 0 + 80,000 – 65,000 = 15,000 3. On the December 31, 2009 Balance Sheet, what is WIP Inventory? Form A Form B 0 + 60,000 + 40,000 + 70,000 – 90,000 = 80,000 0 + 65,000 + 40,000 + 70,000 – 90,000 = 85,000 4. On the December 31, 2009 Balance Sheet, what is FG Inventory? Form A & B 0 + 90,000 – 50,000 = 40,000 5. On the year ended December 31, 2009 Income Statement, what is Sales Revenue? Form A & B 70,000 6. On the year ended December 31, 2009 Income Statement, what is COGS? Form A &B 50,000 ...
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Quiz - Forms A&B - Answer Key - Fall 2010 - Q uiz 2...

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