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# Qch02 - Cost Accounting QUIZ Chapter 2 Name"The best way to...

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Cost Accounting QUIZ Chapter 2 Name ______________________________ “The best way to predict the future is to create it.” --Peter F. Drucker 1. What costs are included in conversion costs? 2. On Feb. 23, 2007, fire has destroyed all of your client's inventory. You are responsible for calculating how much inventory was consumed by the fire. You were able to find out the following: Direct materials purchases = \$ 200,000 Work in process, 1/1/2007 = 125,000 Direct materials, 1/1/2007 = 300,000 Finished Goods, 1/1/2007 = 175,000 Indirect mfg. costs = 75,000 Revenues = \$700,000 Direct mfg. labor = 95,000 Prime costs = 245,000 Gross margin % (of sales) = 55% Cost of Goods Available for Sale = 425,000 How much (\$) direct materials were used during the period (1/1—2/23)? How much (\$) direct materials were destroyed by the fire? What was the \$ amount of COGM for the period? How much (\$) WIP was destroyed by the fire? How much (\$) Finished Goods Inventory was destroyed by the fire?

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Cost Accounting QUIZ Chapter 2 Name ______________________________ 3. Cost assignment is:
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Qch02 - Cost Accounting QUIZ Chapter 2 Name"The best way to...

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