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Chapter 02 Inclass quiz

Chapter 02 Inclass quiz - 20,000 14,000 In addition the...

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Acc 200P Name: ________________________ Lab Section #_________________ Chapter 2 Problem I: Indicate by circling either “yes” or “no” which costs would be classified as “Manufacturing Overhead” in a traditional manufacturing environment? a. Direct materials used Yes No b . Indirect materials used Yes No c. Salary of assembly-line worker Yes No d . Salary of the company president Yes No e. Repair costs for factory machinery Yes No Problem II: Use the following information to answer the questions below: Beginning of year End of year Raw materials inventory -------- $ 6,000 $ 4,000 Work-in-process inventory ----- 50,000 70,000 Finished goods inventory -------
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Unformatted text preview: 20,000 14,000 In addition, the following information is also available: Raw materials purchased during the year ------------------------$ 70,000 Direct labor incurred during the year-----------------------------150,000 Manufacturing overhead incurred during the year--------------120,000 Marketing and Administrative expenses during the year------40,000 A. What was the cost of raw material used during the year? Answer: __________ B. What was cost of goods manufactured during the year? Answer: _________ C. What was cost of goods sold during the year? Answer: _____________ Show work here :...
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