Midterm Form D Solutions - Midterm SP 2010 D Key 1 The cost...

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Midterm SP 2010 D Key 1. The cost of goods that were transferred out of finished goods during the current period is known as: A. Current period manufacturing costs B. Cost of goods available for sale. C. Cost of goods manufactured. D. Cost of goods sold. E. Cost of goods available for use. 2. If A sells to B, and B is ultimately responsible for the shipping cost, the goods were shipped ? If C sells to D, and C holds title while goods are in transit, the goods were shipped ____ __ ? A. FOB shipping point, FOB destination B. FOB destination, FOB shipping point C. FOB destination, FOB destination D. FOB shipping point, FOB shipping point 3. Dart Company incurred the following costs during 2010: Conversion Cost $600,000 Prime Cost $800,000 Direct Labor $200,000 What was the amount of direct materials used & MOH applied in 2010? A. Direct Materials, $600,000, MOH $400,000 B. Direct Materials, $400,000, MOH $600,000 C. Direct Materials, $800,000, MOH $600,000 D. Direct Materials, $600,000, MOH $800,000 E. Direct Materials, $600,000, MOH $1,000,000
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4. When goods are sold on credit, revenue usually should be recognized at the date of A. cash collection of the sales price. B. receipt of the sales order C. receipt of the goods by the buyer. D. passage of title from the seller to the buyer. E. manufacture of the goods. 5. Willow Preparatory Academy has recently discovered that certain students have been violating smoking policy. In order to not get caught, the students had been taking the batteries out of the existing antiquated fire alarms. Willow addressed this situation by increasing the penalties for being caught smoking and by installing a new state-of-the-art fire alarm system in the dormitories housing it's students. The new system includes a a sophisticated system of heat and smoke sensors that if triggered will blast an audible warning siren and turn on special green lighting at the base of the floor to guide students while exiting the building. When smoke and/or fire is detected, the system will automatically start the built-in sprinkling system and send electronic emergency notification to the local fire department. Looking at the new system as a whole, what type of control does it represent? A. corrective only B. preventative and detective only C. detective only D. detective and corrective only. E. preventative, detective and corrective 6. In our comprehensive problem (i.e. Lab #1), how was the balance in Musical Expression's bank account (i.e. cash account) reported for financial statement purposes? A. Current Asset, Balance Sheet B. Current Liability, Income Statement C. Current Asset, Income Statement D. Current Liability, Balance Sheet E. It was not required to be reported. 7.
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Midterm Form D Solutions - Midterm SP 2010 D Key 1 The cost...

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