31. Which of the following is a product cost? A. Insurance on factory machineryB. Insurance on delivery trucksC. Lease expense on office computerD. Advertising costs
32. Jasper Corporation incurred the following costs in April:
Salesperson’s salaries
$40,000
Factory maintenance worker
$20,000
Factory insurance
12,000
Administrative utilities
4,000
Factory supervisor salary
30,000
Administrative supplies
1,000
Advertising
15,000
Delivery truck insurance
2,000
Factory machine operator
22,000
Factory machine depreciation
6,000
Direct materials used
25,000
Receptionist salary
18,000
Refer to the Jasper Corporation information above. Total product costs are: A. $130,000B. $155,000C. $115,000D. $117,000
33. Jasper Corporation incurred the following costs in April:
Salesperson’s salaries
$40,000
Factory maintenance worker
$20,000
Factory insurance
12,000
Administrative utilities
4,000
Factory supervisor salary
30,000
Administrative supplies
1,000
Advertising
15,000
Delivery truck insurance
2,000
Factory machine operator
22,000
Factory machine depreciation
6,000
Direct materials used
25,000
Receptionist salary
18,000
Refer to the Jasper Corporation information above. Total period costs are: A. $86,000B. $38,000C. $40,000D. $80,000
34. The type of costing that takes into account costs incurred by all the activities throughout a product’s entire life is called: A. life-cycle costing.B. value-chain costing.C. full-costing.D. complete-costing.
35. The set of activities that increases the value of an organization’s products and services is called the: A. activity chain.B. value chain.C. profit chain.D. life chain.
36. Which of the following statements regarding life-cycle and/or product costing is true? A. Life-cycle costing is confined to direct materials, direct labor, and manufacturing overhead.B. Life-cycle costing would include research and development costs, advertising costs, and shipping costs.C. Product costing would include marketing and distribution costs.D. Product costing would include research and development costs, direct materials, direct labor, and manufacturing overhead.
37. Which of the following is an “upstream cost” in the value chain? A. Advertising costsB. Sales staff salariesC. Shipping costsD. Research and development costs
38. Which of the following is a “downstream cost” in the value chain? A. Research costsB. Shipping costsC. Production costsD. Product design costs
39. Products and their costs flow through a production facility in the following order: A. Work-in-process, finished goods, cost of goods soldB. Raw materials, work-in-process, finished goods, cost of goods soldC. Work-in-process, raw materials, cost of goods sold, finished goodsD. Work-in-process, cost of goods manufactured, cost of goods sold
40. Which of the following increases the work-in-process account? A. Cost of goods soldB. Raw material purchasedC. Administrative costsD. Raw material used
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