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ACC 560 Week 2 Quiz 1 (Chapter 1)
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Question 1
A manufacturing company calculates cost of goods sold as follows:
Question 2
Dolan Company’s accounting records reflect the following inventories:
Dec. 31, 2017 Dec. 31, 2016
Raw materials inventory $310,000 $260,000
Work in process inventory 300,000 160,000
Finished goods inventory 190,000 150,000
During 2017, $800,000 of raw materials were purchased, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000.
The total raw materials available for use during 2017 for Dolan Company is
Question 3
Product costs are also called
Question 4
As current technology changes manufacturing processes, it is likely that direct
Question 5
Sales commissions are classified as
Question 6
Dolan Company’s accounting records reflect the following inventories:
Dec. 31, 2017 Dec. 31, 2016
Raw materials inventory $310,000 $260,000
Work in process inventory 300,000 160,000
Finished goods inventory 190,000 150,000
During 2017, $800,000 of raw materials were purchased, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000.
If Dolan Company’s cost of goods manufactured for 2017 amounted to $1,890,000, its cost of goods sold for the year is
Question 7
Property taxes on a manufacturing plant are an element of a
Product Cost Period Cost
Question 8
Benson Inc.’s accounting records reflect the following inventories:
Dec. 31, 2016Dec. 31, 2017
Raw materials inventory $ 80,000 $ 64,000
Work in process inventory 104,000 116,000
Finished goods inventory 100,000 92,000
During 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000.
Assume Benson’s cost of goods manufactured for 2017 amounted to $1,660,000. How much would it report as cost of goods sold for the year?
Question 9
On the costs of goods manufactured schedule, the item raw materials inventory (ending) appears as a(n)
Question 10
For a manufacturing firm, cost of goods available for sale is computed by adding the beginning finished goods inventory to
