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Unformatted text preview: ACC 206 Week 3 Questions 9 th ed. 1. At the beginning of 2011, the Taylor Company's work in process inventory account had a balance of $30,000. During 2011, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred. Manufacturing overhead in 2011 amounted to $90,000. The cost of goods manufactured was $220,000 in 2011. What is the balance in work in process inventory on December 31, 2011? (Points : 1) $24,000 $66,000 $ 6,000 $34,000 None of these is correct 2. All manufacturing overhead costs incurred are accumulated as debits to a general ledger account titled Manufacturing overhead. (Points : 1) True False 3. The following information pertains to Bright Toy Company's operating activities for 2012. The company sells light box toys and sold 10,000 units in 2012. Purchases $ 126,000 Selling and Administrative Expenses 90,000 Merchandise inventory, 1/1/2012 14,000 Merchandise inventory, 12/31/2012 10,000 Sales Revenue 250,000 What is the cost of goods available for sale for 2012? (Points : 1) What is the cost of goods available for sale for 2012?...
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This note was uploaded on 03/01/2012 for the course ACCOUTNING 550 taught by Professor Abner during the Spring '11 term at DeVry Houston.
- Spring '11