test 1 - Accounting 2102 Practice Farmer Test 1 . . ....

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Accounting 2102 Practice Farmer Test 1 . . . Chapters 1, 2, 3, and 4 1. CHP 1 On the Schedule of Cost of Goods Manufactured, the final Cost of Goods Manufactured figure represents: a. the cost charged to Work in Process during the period. b. the cost transferred from Finished Goods to Cost of Goods Sold during the period. c. the cost placed into production during the period. d. the cost of goods completed during the current period. e. the amount subtracted from Sales to arrive at Gross Profit. 2. CHP 4 What Was All That One in a Million Talk, LLC is a manufacturer of cross country mopeds. During the month of January, direct labor and direct materials totaled $39,000; direct labor costs were twice as much as direct material costs. Applied manufacturing overhead was 70% of direct labor costs. The balance in Work in Process at the beginning of the month was $64,000; the balance in Work in Process at the end of the month was $55,000. Which of the following journal entries would appear in the accounting records of One in a Million based on the above information? a. Debit Work in Process $26,000; Credit Raw Materials Inventory $26,000. b. Debit Work in Process $26,000; Credit Wages Payable $26,000. c. Debit Manufacturing Overhead $18,200; Credit Work in Process $18,200. d. Debit Finished Goods $48,200; Credit Work in Process $48,200. e. Debit Finished Goods $57,200; Credit Work in Process $57,200. 3. CHP 4 The following information was extracted from the accounting records of Pickin’ and Grinnin’, LLC, a manufacturer of custom guitars, who uses a normal costing system: Raw materials used $279,000 Direct labor 185,000 Indirect labor 35,000 Building depreciation (70% of building devoted to production, 30% of building devoted to selling and administrative) 300,000 Other factory costs (includes $15,000 of indirect materials requisitioned from Raw Materials Inventory) 600,000 In the journal entry to record actual Manufacturing Overhead costs during the period, the total amount debited to Manufacturing Overhead (MOH) would be: a. $50,000. b. $260,000. c. $600,000. d. $830,000. e. $845,000. 02e6b94be2cef90342b35b39542f27346a011248.doctest 1 practice Page 1 of 10
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Accounting 2102 Practice Farmer Test 1 . . . Chapters 1, 2, 3, and 4 4. CHP 2 Breakin’ a Sweat, Inc., a manufacturer of elliptical machines, has compiled data related to factory maintenance costs for the past six months. The maintenance cost and related machine hours were entered in Microsoft Excel. Given the following regression analysis output, which of the following statements is FALSE ? (assume a relevant range of 0-15,000 machine hours) a. If plotted on a graph, the collected data points would lie near the line created with the above regression analysis output. b.
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This note was uploaded on 05/26/2011 for the course ACCT 2102 taught by Professor Farmer during the Spring '08 term at University of Georgia Athens.

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test 1 - Accounting 2102 Practice Farmer Test 1 . . ....

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