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Question 1 Amoeba Manufacturing Inc. provided the following information for the year 2015:

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Question 1 Amoeba Manufacturing Inc. provided the following information for the year 2015;Purchases Raw Materials $90,000;Plant Utilities & Insurance 67,500;Indirect Materials 11,750;Indirect Labor 4,750;Direct Materials Used in Production 96,000;Direct Labor 117,500;Depreciation on Factory Plant & Equipment 6,000;Cost of Goods Manufactured 290,850;The inventory account balances as of January 1st 2015 are given below.;Raw Materials Inventory $42,000;Work-in-Process Inventory 12,000;Finished Goods Inventory 49,500;What is the ending balance in the Work-in-Process Inventory account?;$65,350;$49,500;$24,650;$12,000;Question 2 Barricades Corporation provided the following information for the year 2015;Beginning Balance Work-in-Process Inventory $24,000;Ending Balance Work-in-Process Inventory 56,000;Beginning Balance Raw Materials Inventory 84,000;Ending Balance Raw Materials Inventory 60,000;Purchases Raw Materials 360,000;Direct Labor 470,000;Indirect Materials 47,000;Indirect Labor 19,000;Depreciation on Factory Plant & Equipment 24,000;Plant Utilities & Insurance 270,000;What was the amount of direct materials used in production during 2015?;$504,000;$360,000;$328,000;$384,000;Question 3 Which of the following is an objective of management accounting?;to provide information to business managers to assist them in controlling their business;to ensure that the reports produced for internal and external business purposes are GAAP compliant;to provide information to shareholders to assist them with their investment decisions;to generate financial statements of a company for tax reporting;Question 4 Jasper Corporation reports the following cost information for March;Cost of Goods Manufactured $75,000;Direct Materials Used 16,850;Finished Goods Inventory, March 1 4,500;Finished Goods Inventory, March 31 2,650;Work-in-Process Inventory, March 1 9,670;Work-in-Process Inventory, March 31 1,250;Direct Labor 36,300;What is the amount of manufacturing overhead incurred by the company in March?;$30,270;$20,000;$13,430;$136,570;Question 5 Which of the following is an example of direct labor cost in a factory?;wages of factory security guard;salary of production manager;wages of assembly line personnel;salary of vice president of production;Question 6 Damsel Inc. is a large manufacturer of auto tires. Damsel has provided the following information;Sales Revenue $45,500;Beginning Finished Goods Inventory 1,500;Cost of Goods Sold 32,500;Cost of Goods Manufactured 35,000;Calculate the amount of ending finished goods inventory reported in Damsel's balance sheet.;$4,000;$10,500;$3,500;$36,500;Question 7 The balance sheet of a ________ company will show Work-in-Process Inventory as a line item.;trading;service;manufacturing;merchandising;Question 8 Crystal Inc. is a merchandiser of stone ornaments. The company sold 15,000 units in 2015. The company has provided the following information;Sales Revenue $557,000;Purchases (excluding freight in) 300,000;Selling and Administrative Expenses 69,000;Freight In 15,000;Beginning Merchandise Inventory 45,000;Ending Merchandise Inventory 55,700;What is the cost of goods sold for 2015?;$360,000;$330,000;$304,300;$358,300;Question 9 Given the following information, determine the cost of goods sold.;Direct Labor Incurred $63,000;Manufacturing Overhead Incurred 179,500;Direct Materials Used 150,000;Finished Goods Inventory, 1/1/2015 197,500;Finished Goods Inventory, 12/31/2015 221,000;Work-in-Process Inventory, 1/1/2015 96,500;Work-in-Process Inventory, 12/31/2015 109,000;$1,016,500;$414,000;$356,500;$380,000;Question 10 Barricades Corporation provided the following information for the year 2015;Beginning Balance Work-in-Process Inventory $24,000;Ending Balance Work-in-Process Inventory 56,000;Beginning Balance Raw Materials Inventory 84,000;Ending Balance Raw Materials Inventory 60,000;Purchases Raw Materials 360,000;Direct Labor 470,000;Indirect Materials 47,000;Indirect Labor 19,000;Depreciation on Factory Plant & Equipment 24,000;Plant Utilities & Insurance 270,000;What was the amount of the cost of goods manufactured for the year 2015?;$1,182,000;$1,246,000;$1,414,000;$1,214,000;Question 11 Which of the following would be included as manufacturing overhead for a manufacturing business?;direct labor;advertising;indirect materials cost;direct materials cost;Question 12 For a manufacturing company, which of the following is a period cost?;wages expense of factory workers;office rent;indirect materials;direct materials;Question 13 Which of the following correctly describes the accounting for indirect labor costs?;Indirect labor costs are period costs and are expensed when the manufactured product is sold.;Indirect labor costs are period costs and are expensed as incurred.;Indirect labor costs are product costs and are expensed when the manufactured product is sold.;Indirect labor costs are product costs and are expensed as incurred.;Question 14 Which of the following is the primary objective of managerial accounting?;providing summarized results of operations;providing information that managers need to make operational decisions;providing information to comply with laws and regulations of government bodies;providing historical data to investors and creditors;Question 15 Selected data for Lemon Grass Inc. for 2015 is provided below;Factory Utilities $1,500;Indirect Materials Used 37,500;Direct Materials Used 300,000;Property Taxes on Factory Building 6,900;Sales Commissions 85,000;Indirect Labor Incurred 25,000;Direct Labor Incurred 150,000;Depreciation on Factory Equipment 6,500;What is the total factory overhead?;$450,000;$62,400;$612,000;$77,400;Question 16 Samson Inc. reported the following information for the year 2015;Service Revenue $40,000;Operating Expenses $23,625;Net Income $16,375;Number of Services Provided for the Year 10,500;How much was the unit cost per service?;$2.25;$3.81;$1.56;$3.20;Question 17 Crystal Inc. is a merchandiser of stone ornaments. The company sold 15,000 units in 2015. The company has provided the following information;Sales Revenue $557,000;Purchases (excluding freight in) 300,000;Selling and Administrative Expenses 69,000;Freight In 15,000;Beginning Merchandise Inventory 45,000;Ending Merchandise Inventory 55,700;What is the cost of goods available for sale for 2015?;$304,300;$360,000;$330,000;$345,000;Question 18 Which of the following is an example of a period cost for a manufacturing company?;advertising expense;property taxes for the factory;indirect materials;depreciation on factory equipment;Question 19 Which of the following is the primary focus of financial accounting?;providing information that managers need to make operational decisions;providing highly detailed information on product lines, regions, and divisions;providing budgets for future periods;providing summarized information on operational results to investors and creditors;Question 20 Evanston Manufacturing Inc. reported the following information for the year 2015;Number of Units Produced 4,800;Number of Units Sold 5,250;Cost of Goods Manufactured $460,800;Cost of Goods Sold $488,250;Sales Revenue $1,260,000;Gross Profit $771,750;Operating Expense $724,900;What was the unit product cost?;$87.77;$93.00;$262.50;$96.00

 

Paper#73762 | Written in 18-Jul-2015

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