{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Ch02PracticeQuiz_MyCopy_

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

This preview shows pages 1–5. Sign up to view the full content.

-- 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

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
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 \$22 5 0 \$750 ~~~ ~ ::> Answer : D Level : Hard LO : 2 2
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' + - - C&-5{r l ""J{3 17 , ~.J l}. - ~I CVO ~ ' 17 b-.~~ ~ C~ C,-S hb 3

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
Clyde Company has provided the following data for the month of November: 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.. l e-s - - cC:r-S 1Y ...... -:--- ------ - -to G-M - S.J-Rr ( I t+ /b) \------",1 ~_ ..
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

### Page1 / 11

Ch02PracticeQuiz_MyCopy_ - Ch 2 Practice Quiz 1 Abair...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document
Ask a homework question - tutors are online