Accounting 210 Exam

In: Business and Management

Submitted By jmoneycash
Words 2477
Pages 10
Yellow highlight is on test word for word CHAPTER 1 58. Which of the following is not a management function?
a. Constraining (NOT)
b. Planning
c. Controlling
d. Directing Product costs consist of
b. direct materials, direct labor, and manufacturing overhead.

88. Which one of the following represents a period cost?
a. The VP of Sales' salary and benefits

89. Product costs are also called
c. inventoriable costs. 98. Cost of goods manufactured is calculated as follows:
c. Beginning WIP + direct materials used + direct labor + manufacturing overhead – ending WIP.

97. Kushman Combines, Inc. has $20,000 of ending finished goods inventory as of December 31, 2013. If beginning finished goods inventory was $10,000 and cost of goods sold was $50,000, how much would Kushman report for cost of good s manufactured?
c. $60,000 (10,000+50,000)

146. For a manufacturing firm, cost of goods available for sale is computed by adding the beginning finished goods inventory to
b. cost of goods manufactured.

94. The subtotal, "Cost of goods manufactured" appears on
b. a manufacturing company's income statement.

95. Cost of goods manufactured in a manufacturing company is analogous to
d. cost of goods purchased in a merchandising company.

92. A manufacturing company calculates cost of goods sold as follows:
d. Beginning FG inventory + cost of goods manufactured – ending FG inventory.

106. Worth Company reported the following year-end information: beginning work in process inventory, $180,000; cost of goods manufactured, $816,000; beginning finished goods inventory, $252,000; ending work in process inventory, $220,000; and ending finished goods inventory, $264,000. Worth Company's cost of goods sold for the year is
a. $804,000. (816,000+252,000-264,000) 96. Cost of goods sold
c. appears…...

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