ACCT 344 Week 1 Homework;1. Question: Able Corporation incurred the following costs??????. Calculate the following.;a Direct materials used;b. Cost of goods manufactured;c. Cost of goods sold;d. Operating income;2. Question: Below is information from Job Card 506 for the Bearing Manufacturing Company?????.Required;a. Prepare the journal entries to record the costs incurred for Job 506 in 2015 for direct materials, direct labor, and factory overhead.;b. Prepare the journal entry to record the completion of Job 506.;c. What is the predetermined factory overhead rate for Bearing Manufacturing?;d. Prepare the journal entries to record the sale of Job 506.;ACCT 344 Week 1 Quiz;1. Question: (TCO 2) Which cost assignment method would likely assign the cost of heating in a plant that makes beds and dressers when the bed product line is the cost object?;2. Question: (TCO 2) Which cost is an example of product costs?;3. Question: (TCO 2) Period costs do not include;4. Question: (TCO 2) Based on the following information, which are the conversion costs? Beginning work-in-process inventory $160,000 Ending work-in-process inventory $180,000 Cost of goods manufactured $500,000 Direct materials used $130,000;5. Question: (TCO 2) Based on the following information, which are the prime costs for the year? Cost of goods manufactured $380,000 Beginning work-in-process inventory $140,000 Ending work-in-process inventory $120,000 Manufacturing overhead $70,000;6. Question: (TCO 2) The absolute maximum production activity of a manufacturing firm is called;7. Question: (TCO 2) Which item is a basic costing system record in a job-order costing system?;8. Question: (TCO 2) Which firm would make extensive use of job-order costing?;9. Question: (TCO 2) ABC Manufacturing Company has the following total job cards. Job A $6,500 Job B $5,630 Job C $3,825 Job D $3,800 Job E $6,300 Job F $4,200 Jobs A and B were in Finished Goods Inv. at the beginning of the month. Jobs C and D were in Work-in-Process at the beginning of the month. Jobs E and F were started during the month. At the end of the month, Jobs A and E were sent to customers. At the end of the month, Jobs C, E, and F were completed and sent to finished goods. Which is the cost of goods sold for the month?;10. Question: (TCO 2) Action Corporation uses activity-based costing to apply overhead to jobs within a job-order costing system. The following overhead activities were budgeted for the year.
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