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Advertising expense would be considered a period cost while property taxes on the factory building would be considered a product cost. True or false?
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Read more“Suppose a bakery reports this information: Beginning Raw Materials Inventory: $8,000Ending Raw Materials Inventory: $7,000Beginning Work-in-Process Inventory: $2,000Ending Work-in-Process Inventory: $1,000Beginning Finished Goods Inventory: $5,000Ending Finished Goods Inventory: $7,000Direct Labor: $32,000Purchases of Raw Materials: $99,000Manufacturing Overhead: $22,000What is the cost of direct materials used?”,”B. $100
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Read moreWhich of the following would be considered a prime cost?A. The wages of the assembly workersB. The salary of the production managerC. Factory rentD. None of the above
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Read more“Suppose a bakery reports this information: Beginning Raw Materials Inventory: $8,000Ending Raw Materials Inventory: $7,000Beginning Work-in-Process Inventory: $2,000Ending Work-in-Process Inventory: $1,000Beginning Finished Goods Inventory: $5,000Ending Finished Goods Inventory: $7,000Direct Labor: $30,000Purchases of Raw Materials: $96,000Manufacturing Overhead: $18,000What is the cost of goods manufactured?”,”(96,000+30,000+18,000) + 2,000 – 1,000=$146
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Read moreConversion costs are the primary costs in a machine-intensive manufacturing process while prime costs are the primary costs in a labor-intensive manufacturing process. True or false?
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Read more“Umbria Inc. has compiled the following data:Purchases of Raw Materials: $6,400Freight In: 300Property Taxes: $1,200Ending Inventory of Raw Materials: $1,700Beginning Inventory of Raw Materials: $4,200Assume all materials used are direct materials (none are indirect). Compute the amount of direct materials used.”,”Umbria, Inc.Computation of Direct Materials Used:Beginning Inventory of Raw Materials: $4,200+Purchases of Raw Materials: $6,400+Freight In: $300=Direct Materials Available for Use: $10,900-Ending Inventory of Raw Materials: $(1,700)=Direct Materials Used: $9
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Read more“Assume the following for Smart Touch Learning for the year ended December 31, 2018: Ending Finished Goods Inventory = $ 345,000;Sales Revenue = $ 575,000; Cost of Goods Manufactured = $ 300,000; Beginning Finished Goods Inventory = $ 375,000. Calculate Cost of Goods Sold for the period.A. $ 330,000B. $ 605,000C. $ 245,000D. None of the above”,”A. $ 330
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Read more“Use the following inventory data for Caddy Golf Company to compute the cost of goods manufactured for the year:Direct Materials Used: $10,000Manufacturing Overhead: $20,000Work-in-Process Inventory:Beginning: 2,000Ending: 3,000Direct Labor: 13,000Finished Goods Inventory:Beginning: 16,000Ending: 7,000”,”Caddy Golf CompanySchedule of Cost of Goods ManufacturedBeginning Work-in-Process Inventory: $2,000Direct Materials Used: $10,000Direct Labor: 13,000Manufacturing Overhead: 20,000Total Manufacturing Costs Incurred during the Year: 43,000Total Manufacturing Costs to Account For: 45,000Ending Work-in-Process Inventory : (3,000)Cost of Goods Manufactured: $42
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Read more“Which of these software systems is used by world-class businesses to integrate all of a company’s functions, departments, and date into a single system?A. Just-in-Time ManagementB. Total Quality Management (TQM)C. Enterprise Resource PlanningD. Value Chain”
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