Question :
121. Use the following information to compute the cost of goods : 1225429
121. Use the following information to compute the cost of goods manufactured:
A. $36,650.
B. $30,950.
C. $30,650.
D. $30,350.
E. $31,650.
122. The following information pertains to the Hewett Corporation. Calculate the cost of goods sold for the period:
A. $250,000.
B. $290,000.
C. $242,000.
D. $258,000.
E. $246,000.
123. Using the information below, calculate the cost of goods manufactured for the period.
A. $553,000.
B. $536,000.
C. $549,000.
D. $527,000.
E. $525,000.
124. Using the information below, calculate gross profit for the period.
A. $714,000.
B. $482,000.
C. $1,022,000.
D. $187,000.
E. Cannot be determined from the information provided.
125. An internal control system consists of the policies and procedures managers use to do all of the following except:
A. Urge adherence to company policies.
B. Promote efficient operations.
C. Ensure reliable accounting.
D. Determine pricing for products.
E. Protect assets.
126. The manufacturing statement is divided into four parts consisting of all of the following except:
A. Direct materials.
B. Computation of cost of goods sold.
C. Overhead.
D. Computation of cost of goods manufactured.
E. Direct labor.
127. All of the following statements regarding manufacturing costs are True except:
A. Direct material costs that increase with production are called variable costs.
B. The reporting of fixed and variable costs separately is not helpful to managers in analyzing cost behavior.
C. When overhead costs vary with production, they are called variable costs.
D. When overhead costs don’t vary with production, they are called fixed overhead.
E. Overhead can be both variable and fixed.
128. Using the information below, compute the manufacturing cycle time:
A. 7.5 hours.
B. 6.5 hours.
C. 8.0 hours.
D. 80.0 hours.
E. 7.1 hours.
129. Using the information below, compute the cycle efficiency:
A. 93.8%.
B. 81.3%.
C. 100.0%.
D. 75.0%.
E. 88.8%.
130. Which of the following statements is True regarding product and period costs?
A. Office salaries expense is a product cost and factory maintenance is a period cost.
B. Office rent is a product cost and supervisors’ salaries expense is a period cost.
C. Factory rent is a product cost and advertising expense is a period cost.
D. Delivery expense is a product cost and indirect materials is a period cost.
E. Sales commissions is a product cost and indirect labor is a period cost.
131. Choosing to outsource a component of a product or manufacture it internally is an example of a(n):
A. Opportunity cost.
B. Sunk cost.
C. Out-of-pocket cost.
D. Period cost.
E. Fixed cost.
132. A company’s prime costs total $4,500,000 and its conversion costs total $5,500,000. If direct materials are $2,000,000, calculate the overhead costs:
A. $2,500,000.
B. $3,500,000.
C. $2,000,000.
D. $1,000,000.
E. $3,000,000.
133. If the cost of the beginning goods in process inventory is $10,000, costs of goods manufactured is $890,000, direct materials cost is $330,000, direct labor cost is $210,000, and overhead cost is $315,000, calculate the ending goods in process inventory:
A. $35,000.
B. $25,000.
C. $45,000.
D. $350,000.
E. $355,000.
134. Calculate the cost of goods manufactured using the following information:
A. $680,500.
B. $701,900.
C. $687,100.
D. $674,600.
E. $772,600.
135. Calculate the cost of goods sold using the following information:
A. $680,500.
B. $701,900.
C. $687,100.
D. $674,600.
E. $772,600.
