Accounting Homework
Accounting Homework
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Question 1
Green Company’s costs for the month of August were as follows: direct materials, $27,000; direct labor, $34,000; selling, $14,000; administrative, $12,000; and manufacturing overhead, $44,000. The beginning work in process inventory was $16,000 and the ending work in process inventory was $9,000. What was the cost of goods manufactured for the month?
| [removed] | A. | $105,000 |
| [removed] | B. | $132,000 |
| [removed] | C. | $138,000 |
| [removed] | D. | $112,000 |
Question 2
Consider the following costs incurred in a recent period:
| Direct Materials | $ 33,000 |
| Depreciation on factory equipment | $ 12,000 |
| Factory janitor’s salary | $ 23,000 |
| Direct labor | $ 28,000 |
| Utilities for factory | $ 9,000 |
| Selling expenses | $ 16,000 |
| Production supervisor’s salary | $ 34,000 |
| Administrative expenses | $ 21,000 |
What was the total amount of the period costs listed above for the period?
| [removed] | a. | $78,000 |
| [removed] | b. | $71,000 |
| [removed] | c. | $37,000 |
| [removed] | d. | $46,000 |
Question 3
The following inventory balances relate to Lequin Manufacturing Corporation at the beginning and end of the year:
| Beginning | Ending | |
| Raw materials | $ 14,000 | $ 19,000 |
| Work in proces | $ 31,000 | $ 7,000 |
| Finished goods | $ 25,000 | $ 23,000 |
Lequin’s total manufacturing cost was $543,000. What was Lequin’s cost of goods sold?
| [removed] | a. | $517,000 |
| [removed] | b. | $545,000 |
| [removed] | c. | $569,000 |
| [removed] | d. | $567,000 |
Question 4
Corcetti Company manufactures and sells prewashed denim jeans. Large rolls of denim cloth are purchased and are first washed in a giant washing machine. After the cloth is dried, it is cut up into jean pattern shapes and then sewn together. The completed jeans are sold to various retail chains.
Which of the following terms could be used to correctly describe the cost of the soap used to wash the denim cloth?
| Direct Cost | Product Cost | |||
| A) | Yes | Yes | ||
| B) | Yes | No | ||
| C) | No | Yes | ||
| D) | No | No | ||
| [removed] | a. |
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Question 5
The variable cost per unit is constant and does not depend on how many units are produced.
[removed]True
[removed]False
Question 6
Which two terms below describe the wages paid to security guards that monitor a factory 24 hours a day?
| [removed] | A. |
variable cost and direct cost
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| [removed] | B. |
fixed cost and direct cost
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| [removed] | C. |
variable cost and indirect cost
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| [removed] | D. | fixed cost and indirect cost |
