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Factory rent, taxes and insurance are product costs.

A) True
B) False

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Arturo Manufacturing Company provided the following information for the year 2012: Arturo Manufacturing Company provided the following information for the year 2012: How much is the cost of goods sold? A) $682,500 B) $598,500 C) $549,000 D) $682,000 How much is the cost of goods sold?


A) $682,500
B) $598,500
C) $549,000
D) $682,000

E) All of the above
F) C) and D)

Correct Answer

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Selected data for Young Company for 2012 is presented below: Selected data for Young Company for 2012 is presented below: What is the manufacturing overhead? A) $47,000 B) $50,000 C) $38,000 D) $46,000 What is the manufacturing overhead?


A) $47,000
B) $50,000
C) $38,000
D) $46,000

E) A) and C)
F) None of the above

Correct Answer

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Bainbridge Services reported the following information for the year 2012: Bainbridge Services reported the following information for the year 2012: How much was the unit cost per service call? A) $0.95 B) $2.20 C) $0.75 D) $0.20 How much was the unit cost per service call?


A) $0.95
B) $2.20
C) $0.75
D) $0.20

E) A) and D)
F) None of the above

Correct Answer

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Harrison Company reports the following cost information for August: Harrison Company reports the following cost information for August: What is the amount of direct labor incurred by Harrison Company in August? A) $131,800 B) $61,944 C) $49,556 D) $63,900 What is the amount of direct labor incurred by Harrison Company in August?


A) $131,800
B) $61,944
C) $49,556
D) $63,900

E) C) and D)
F) B) and C)

Correct Answer

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Charleston Company was nearing year-end and the CEO wanted to report a high level of inventory on the balance sheet. An order of raw materials was scheduled for delivery on January 2 of the next year, but the CEO asked the accounting manager to record the shipment as being received on the last day of December. The shipment was actually received on January 2nd, and although the dollar impact of the transaction was not affected in any way, the misrepresentation of facts in the situation would make the behavior unethical.

A) True
B) False

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Selling and administrative expenses are subtracted from cost of goods sold to obtain gross profit.

A) True
B) False

Correct Answer

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Which of the following describes the term cost object?


A) An object which costs money to purchase
B) Any type of cost which is incurred to produce a finished product
C) Anything which requires a detailed record of its component costs to be kept
D) Any cost which is treated as a period expense

E) None of the above
F) A) and C)

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For a manufacturing business, which of the following would be included in manufacturing overhead?


A) Sales commissions
B) Fuel and maintenance for delivery vehicles
C) Wages of the assembly line workers
D) Wages of the factory manager

E) A) and B)
F) A) and C)

Correct Answer

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The wages and benefits of the factory manager are included in manufacturing overhead.

A) True
B) False

Correct Answer

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Which of the following is TRUE for a service company?


A) Expenses are all period costs.
B) Expenses are all product costs.
C) Income statement includes gross profit.
D) Balance sheet includes finished goods inventory.

E) All of the above
F) B) and C)

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Given the following information, determine the cost of goods sold. Given the following information, determine the cost of goods sold. A) $781,000 B) $461,000 C) $731,000 D) $414,000


A) $781,000
B) $461,000
C) $731,000
D) $414,000

E) A) and D)
F) B) and C)

Correct Answer

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What is the name given to software systems that can integrate all of a company's worldwide functions, departments and data into a single system?


A) Total quality management
B) Enterprise resource planning
C) E-Commerce
D) Just-in-time inventory management

E) B) and C)
F) C) and D)

Correct Answer

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Which of the following is NOT a period cost?


A) Sales commissions
B) CEO's salary
C) Delivery van depreciation
D) Factory janitorial costs

E) None of the above
F) A) and D)

Correct Answer

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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. 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. What is the operating income for 2012? A) $250,000 B) $140,000 C) $30,000 D) $90,000 What is the operating income for 2012?


A) $250,000
B) $140,000
C) $30,000
D) $90,000

E) A) and B)
F) C) and D)

Correct Answer

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Which of the following could be found on the income statement of a service company?


A) Rent expense
B) Cost of goods manufactured
C) Cost of goods sold
D) Manufacturing overhead

E) A) and D)
F) C) and D)

Correct Answer

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Cost of goods manufactured includes direct materials, direct labor, and manufacturing overhead.

A) True
B) False

Correct Answer

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Which of the following is NOT an advantage of just-in-time inventory management?


A) Surplus inventory is maintained to prevent production shut-down in case of supply interruption
B) Lower inventory levels reduce storage cost
C) Inventory kept for shorter periods of time reduces the amount of goods that become obsolete
D) Reduce the amount of insurance needed for lower levels of inventory

E) B) and C)
F) A) and D)

Correct Answer

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The cost of goods sold for Frye Manufacturing in 2012 was $233,000. The January 1, 2012 finished goods inventory balance was $31,600, and the December 31, 2012 finished goods inventory balance was $24,200. What was cost of goods manufactured during 2012?


A) $288,800
B) $233,000
C) $225,600
D) $240,400

E) B) and D)
F) All of the above

Correct Answer

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Which of the following describes a system in which suppliers deliver materials at the time they are needed and finished units are completed when customer orders need to be filled?


A) Supply chain management
B) Just-in-time (JIT)
C) Enterprise resource planning
D) Total quality management

E) A) and D)
F) A) and C)

Correct Answer

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Showing 61 - 80 of 163

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