total manufacturing costs plus beginning work in process inventory less ending work in process inventory

• Question 1

  1 out of 1 points

  	Cost of goods manufactured is equal to
  	Selected Answer: c.  total manufacturing costs plus beginning work in process inventory less ending work in process inventory Answers: a.  cost of goods sold plus beginning work in process inventory less ending work in process inventory b.  total manufacturing costs plus ending work in process inventory less beginning work in process inventory c.  total manufacturing costs plus beginning work in process inventory less ending work in process inventory d.  total manufacturing costs plus ending materials inventory less beginning materials inventory

• Question 2

  1 out of 1 points

  	Finished goods inventory is reported on the
  	Selected Answer: d.  balance sheet as a current asset Answers: a.  balance sheet as a long-term asset b.  income statement as revenue c.  income statement as a period cost d.  balance sheet as a current asset

• Question 3

  1 out of 1 points

  	Direct labor and direct materials are
  	Selected Answer: a.  product costs and expensed when the goods are sold Answers: a.  product costs and expensed when the goods are sold b.  period costs and expensed when incurred c.  period costs and expensed when the goods are sold d.  product costs and expensed when incurred

• Question 4

  1 out of 1 points

  	Which of the following is an example of direct labor cost for a cell phone manufacturer?
  	Selected Answer: d.  cost of wages of assembly worker Answers: a.  cost of phone components b.  salary of plant supervisor c.  cost of oil lubricants for factory machinery d.  cost of wages of assembly worker

• Question 5

  1 out of 1 points

  	Period costs include
  	Selected Answer: b.  operating costs that are shown on the income statement in the period in which they are incurred Answers: a.  operating costs that are shown on the income statement when products are sold b.  operating costs that are shown on the income statement in the period in which they are incurred c.  current assets on the balance sheet d.  current liabilities on the balance sheet

• Question 6

  1 out of 1 points

  	Product costs
  	Selected Answer: d.  appear on both the income statement and balance sheet Answers: a.  appear only on the balance sheet b.  are expensed as costs are incurred for direct labor, direct material, and factory overhead c.  appear only on the income statement d.  appear on both the income statement and balance sheet

• Question 7

  1 out of 1 points

  	Beginning work in process is equal to
  	Selected Answer: b.  cost of goods manufactured plus ending work in process minus manufacturing costs incurred during the current period Answers: a.  cost of goods manufactured minus ending work in process plus manufacturing costs incurred during the current period b.  cost of goods manufactured plus ending work in process minus manufacturing costs incurred during the current period c.  ending work in process plus manufacturing costs incurred during the current period d.  manufacturing costs incurred during the current period minus ending work in process

• Question 8

  1 out of 1 points

  	Which of the following items would not be classified as part of factory overhead?
  	Selected Answer: d.  direct labor used Answers: a.  factory supplies used b.  amortization of manufacturing patents c.  production supervisors' salaries d.  direct labor used

• Question 9

  1 out of 1 points

  	The cost of a manufactured product generally consists of which of the following costs?
  	Selected Answer: d.  direct labor cost, direct materials cost, and factory overhead cost Answers: a.  direct materials cost and direct labor cost only b.  direct labor cost and factory overhead cost only c.  direct materials cost and factory overhead cost only d.  direct labor cost, direct materials cost, and factory overhead cost

• Question 10

  1 out of 1 points

  	Work in process inventory increased by $20,000 during the current year.  Cost of goods manufactured was $180,000.  Total manufacturing costs incurred are
  	Selected Answer: d.  $200,000 Answers: a.  $189,000 b.  $160,000 c.  $198,000 d.  $200,000 Response Feedback: Rationale: Total manufacturing costs = Cost of goods manufactured – Beginning work in process inventory + Ending work in process inventory = $180,000 – Beginning work in process inventory + (Beginning work in process inventory + $20,000) = $200,000​

• Question 11

  1 out of 1 points

  	All of the following are examples of indirect labor except
  	Selected Answer: b.  machine operators Answers: a.  maintenance personnel b.  machine operators c.  plant managers d.  janitorial personnel

• Question 12

  1 out of 1 points

  	Cost of goods sold for a manufacturer equals cost of goods manufactured plus
  	Selected Answer: d.  beginning finished goods inventory less ending finished goods inventory Answers: a.  ending finished goods inventory less beginning finished goods inventory b.  ending work in process inventory less beginning work in process inventory c.  beginning work in process inventory less ending work in process inventory d.  beginning finished goods inventory less ending finished goods inventory

• Question 13

  1 out of 1 points

  	Which of the following is an example of a factory overhead cost?
  	Selected Answer: b.  factory heating and lighting cost Answers: a.  repair and maintenance cost on the administrative building b.  factory heating and lighting cost c.  insurance premiums on salespersons' automobiles d.  president's salary

• Question 14

  1 out of 1 points

  	A company used $35,000 of direct materials, incurred $73,000 in direct labor cost, and had $114,000 in factory overhead costs during the period.  If beginning and ending work in process inventories were $28,000 and $32,000, respectively, the cost of goods manufactured was
  	Selected Answer: d.  $218,000 Answers: a.  $222,000 b.  $190,000 c.  $226,000 d.  $218,000 Response Feedback: Rationale: Cost of goods manufactured = Beginning work in process inventories + Direct materials + Direct labor cost + Factory overhead costs – Ending work in process inventories = $28,000 + $35,000 + $73,000 + $114,000 – $32,000 = $218,000​

• Question 15

  1 out of 1 points

  	Given the following data: ​ Cost of materials used                       $45,000 Direct labor costs                               48,000 Factory overhead                                39,000 Work in process, beginning                 28,000 Work in process, ending                     18,000 Finished goods, beginning                   28,000 Finished goods, ending                        18,000 What is cost of goods sold?
  	Selected Answer: d.  $152,000 Answers: a.  $128,000 b.  $10,000 c.  $142,000 d.  $152,000 Response Feedback: Rationale: Cost of goods sold = Work in process, beginning + Cost of materials used + Direct labor costs + Factory overhead – Work in process, ending + Finished goods, beginning – Finished goods, ending = $28,000 + $45,000 + $48,000 – $18,000 + $28,000 – $18,000 = $152,000​

• Question 16

  1 out of 1 points

  	The controller's staff often consists of several management accountants. All of the following would most likely be on the controller's staff except
  	Selected Answer: b.  investments and shareholder relations managers Answers: a.  cost accountants b.  investments and shareholder relations managers c.  general accountants d.  budgets and budget analysts

• Question 17

  1 out of 1 points

  	The Darwin Company reports the following information: ​ Sales $76,500 Direct materials used     7,300 Depreciation on factory equipment     4,700 Indirect labor     5,900 Direct labor   10,500 Factory rent     4,200 Factory utilities     1,200 Sales salaries expense   15,600 Office salaries expense     8,900 Indirect materials     1,200 ​ Period costs are
  	Selected Answer: c.  $24,500 Answers: a.  $29,200 b.  $35,000 c.  $24,500 d.  $30,300 Response Feedback: Rationale: Period costs = Sales salaries expense + Office salaries expense = $15,600 + $8,900 = $24,500 ​

• Question 18

  1 out of 1 points

  	All of the following employees hold line positions in Facebook except
  	Selected Answer: a.  vice president of finance Answers: a.  vice president of finance b.  vice president of production c.  manager of the web design d.  vice president of sales

• Question 19

  1 out of 1 points

  	Which of the following will not be found on the balance sheet of a manufacturing company?
  	Selected Answer: d.  cost of goods sold Answers: a.  work in process b.  materials c.  finished goods d.  cost of goods sold

• Question 20

  1 out of 1 points

  	Rent expense on a factory building would be treated as a(n)
  	Selected Answer: b.  product cost Answers: a.  period cost b.  product cost c.  indirect cost d.  direct material cost