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More Multiple Choice Practice questions with answers W(1)

More Multiple Choice Practice questions with answers W(1) -...

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MULTIPLE CHOICE (Practice) 1. 1.The flow of goods through a JIT production system is based on achieving which of the following outcomes? . A) Processing goods in large batch sizes rather than less economical small batches. B) Maintaining a stockpile of raw materials in anticipation of materials shortages. C) Producing to meet customer demand with no buildup of inventory at any point in the production process D) workstation efficiently completing its processing of a batch of units so that the units can proceed forward to the next workstation before that workstation is ready to receive them 2. During the first week of April, Gillian worked a total of 50 hours assembling products and had no idle time. Gillian is paid $12 per hour for regular time, and is paid time-and-a- half for all hours in excess of a 40-hour week. How much of Gillian's wages for the week should be charged to direct labour? 3.The following information was provided by Grand Company for the year just ended: Beginning finished goods inventory $135,620 Ending finished goods inventory $125,770 Sales $500,000 Gross margin $100,000 What was the cost of goods manufactured for the year? 4.Mueller Company reports the following data for the year just ended: Raw materials used in production $ 900,000 Direct labour $ 800,000 Total overhead costs $ 1000,000 Ending work-in-process inventory $ 450,000 Cost of goods manufactured $3,000,000 1
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What was the ending work in process inventory when compared to the beginning work in process ? 5. A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $3300 and is paid at the beginning of the first year. Eighty percent of the premium applies to manufacturing operations and 20% applies to selling and administrative activities. What amounts should be considered product costs and period costs respectively for the first year of coverage? Product Costs Period Costs A) $3300 $ 0 B) $2,640 $ 660 C) $1,440 $ 360 D) $880 $ 220 6. Which one of the following costs should not be considered an indirect cost of serving a particular customer at a Dairy Queen fast food outlet? .
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