Ch02PracticeQuiz_MyCopy_ - Ch. 2 Practice Quiz 1. Abair...

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-- c Ch. 2 Practice Quiz 1. Abair Company's manufacturing overhead is 20% of its total conversion costs. If direct labor is $38,000 and if direct materials are $35,000, the manufacturing overhead is: A) $18,250 ~) $9,500 $8,750 D) $152,000 Answer: B Level: Hard LO: 1 DL + t>L + CO n.V :; ~ o\'(~):::. \)l :; s CCfYLV . ~ if- It 5 (fD A tt)~ ~ 10
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2. A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $3,000 and is paid at the beginning of the first year. Three-fourths of the premium applies to factory operations and one-fourth applies to selling and administrative activities. What amounts should be considered product and period costs respectively for the first year of coverage? Product Period A) $1,000 $0 8) $250 $750 c C~ D $225 0 $750 ~~~~ ::> Answer: D Level: Hard LO: 2 2
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3. Last month a manufacturing company had the following operating results: Beginning finished goods inventory $72,000 Ending finished goods inventory $66,000 Sales $465,000 Gross margin $88,000 C ____ A) ~~~t!gtt the CQS ~900dS manufactured for the month? B) $459,000 C) $383,000 D) $377,000 Answer: A Level: Hard LO: 3,4 (o~o) i- S ~ '+'~~. 61JV F&- ~v' +- - l ""J{3 17 , ~.J l}. - ~I CVO ~' 17 b-.~~ ~ C~ C,-S hb 3
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Inventories November 7 November 30 Raw materials $17,000 ? Work in process $14,000 $12,000 Finished goods ? $9,000 Additional Data: + Sales revenue $102,000 ~~ 11 Direct labor costs $10,000 Manufacturing overhead costs $12,000 ~( O Selling expenses \ $14,000 l~ \ Administrative expenses L$16,000 ~v. .-('J. .. Cost of goods manufactured $40,000 . Raw materials purchases $10,000 1r0 (-\- O--t---- 4. $11,000 $2 , 00 . Is inventory was: ~ C) $10,000 D) $12,000 Answer: A Level: Hard LO: 2,4 5. If the net operating income was $40,000, then the beginning finished goods inventory was: A) $22,000 D L 8) $9,000 C) $42,000 C ~) $6 ,000 :> \ ( 0 nswer: Level: Hard LO: 2,3,4 (OO<l) 10 J,- 5 a.. le-s -- cC:r-S 1Y ...... -:--- ------- -to G-M - S.J-Rr ( I t+ /b) \------",1 ~_ ..
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This note was uploaded on 12/22/2011 for the course ACCOUNTING 0122008006 taught by Professor Muliady during the Spring '08 term at Universitas Pelita Harapan.

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Ch02PracticeQuiz_MyCopy_ - Ch. 2 Practice Quiz 1. Abair...

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