Question :
101. All of the following examples of activity bases except: A. salaries of : 1239424
101. All of the following are examples of activity bases except:
A. salaries of supervisors
B. quality inspections of products
C. number of machine setups
D. raw materials storage
102. Materials purchased on account during the month amounted to $180,000. Materials requisitioned and placed in production totaled $165,000. From the following, select the entry to record the transaction on the day the materials were bought.
A. Materials 165,000
Accounts Payable 165,000
B. Materials 180,000
Accounts Payable 180,000
C. Materials 180,000
Cash 180,000
D. Accounts Payable 180,000
Materials 180,000
103. Materials purchased on account during the month amounted to $180,000. Materials requisitioned and placed in production totaled $165,000. From the following, select the entry to record the transaction on the day the materials were requisitioned by the production department.
A. Materials 165,000
Work in Process 165,000
B. Work in Process 180,000
Materials 180,000
C. Work in Process 165,000
Materials 165,000
D. Work in Process 165,000
Cash 165,000
104. During the period, labor costs incurred on account amounted to $275,000 including $200,000 for production orders and $75,000 for general factory use. In addition, factory overhead charged to production was $32,000. From the following, select the entry to record the direct labor costs.
A. Work in Process 200,000
Wages Payable 200,000
B. Work in Process 275,000
Wages Payable 275,000
C. Wages Payable 275,000
Work in Process 275,000
D. Wages Payable 200,000
Work in Process 200,000
105. During the period, labor costs incurred on account amounted to $275,000 including $200,000 for production orders and $75,000 for general factory use. In addition, factory overhead applied to production was $32,000. From the following, select the entry to record the actual factory overhead costs incurred.
A. Accounts Payable 75,000
Factory Overhead 75,000
B. Factory Overhead 32,000
Accounts Payable 32,000
C. Work in Process 75,000
Wages Payable 75,000
D. Factory Overhead 75,000
Wages Payable 75,000
106. During the period, labor costs incurred on account amounted to $275,000 including $200,000 for production orders and $75,000 for general factory use. In addition, factory overhead applied to production was $32,000. From the following, select the entry to record the factory overhead applied to production.
A. Work in Process 75,000
Factory Overhead 75,000
B. Factory Overhead 32,000
Work in Process 32,000
C. Work in Process 32,000
Factory Overhead 32,000
D. Factory Overhead 75,000
Accounts Payable 75,000
107. The cost of production of completed and finished goods during the period amounted to $450,000, and the finished products shipped to customers had total production costs of $357,000. From the following, select the entry to record the transfer of costs from work in process to finished goods.
A. Finished Goods 357,000
Work in Process 357,000
B. Finished Goods 450,000
Work in Process 450,000
C. Work in Process 450,000
Finished Goods 450,000
D. Work in Process 357,000
Finished Goods 357,000
108. The cost of production of completed and finished goods during the period amounted to $450,000, and the finished products shipped to customers had total production costs of $357,000. From the following, select the entry to record the transfer of costs from finished goods to cost of goods sold.
A. Finished Goods 450,000
Cost of Goods Sold 450,000
B. Finished Goods 357,000
Cost of Goods Sold 357,000
C. Cost of Goods Sold 357,000
Finished Goods 357,000
D. Cost of Goods Sold 450,000
Finished Goods 450,000
109. Costs that are used in generating revenues during the current period, but are not involved in the manufacturing process are often referred to as:
A. period costs
B. conversion costs
C. factory overhead costs
D. product costs
110. Costs that are treated as assets until the product is sold are called:
A. product costs
B. period costs
C. conversion costs
D. selling expenses
