Question :
31) What Frazer’s cost of goods sold?
A) $520,000
B) $464,000
C) $440,000
D) : 1186143
31) What is Frazer’s cost of goods sold?
A) $520,000
B) $464,000
C) $440,000
D) $400,000
E) $516,000
32) Which of the following formulae would determine costs of goods sold in a merchandising entity?
A) Purchases – Ending inventory
B) Beginning inventory + Purchases – Ending inventory
C) Beginning inventory – Purchases + Ending inventory
D) Beginning inventory – Ending inventory – Purchases
E) Ending Inventory – Beginning inventory – Purchases
33) Which of the following formulae would determine cost of goods sold in a manufacturing entity?
A) Beginning inventory + Ending inventory – Cost of goods manufactured
B) Cost of goods manufactured + Ending inventory + Beginning inventory
C) Beginning inventory – Ending inventory – Cost of goods manufactured.
D) Cost of goods manufactured – Ending inventory + Beginning inventory
E) Ending inventory – Beginning inventory – Cost of goods manufactured
34) The following information pertains to Tom’s Country Wood Shop:
Beginning finished goods, 1/1/X4
$15,000
Ending finished goods, 12/31/X4
9,500
Cost of goods sold
56,000
Sales
112,500
Operating expenses
25,000
What is the cost of goods manufactured for 20X4?
A) $56,500
B) $31,500
C) $50,500
D) $61,500
E) $66,500
35) Which of the following is true of period costs?
A) They are also called fixed costs.
B) They are part of the cost of goods sold.
C) They are expected to benefit future periods.
D) They are costs incurred to generate revenue in a specific time period except the cost of manufacturing accumulated as cost of goods sold.
E) For merchandising sector companies they include all costs not related to the cost of goods purchased for resale.
36) Generally, costs which are initially recorded as an asset and subsequently become an expense are called
A) inventoriable costs.
B) non-manufacturing costs.
C) manufacturing costs.
D) non-capitalized costs.
E) non-inventoriable costs.
37) Finished goods inventory would normally include
A) direct materials in stock and awaiting use in the manufacturing process.
B) goods partially worked on but not yet fully completed.
C) goods fully completed but not yet sold.
D) products in their original form intended to be sold without changing their basic form.
E) goods completed and sold.
38) Inventoriable costs
A) include administrative and marketing costs.
B) are expensed in the accounting period in which the products are sold.
C) are particularly useful in management accounting.
D) are also referred to as nonmanufacturing costs.
E) are similar to period costs.
Answer the following question(s) using the information below.
The Singer Company manufactures several different products. Unit costs associated with Product ICT101 are as follows:
Direct materials
$60
Direct manufacturing labour
10
Variable manufacturing overhead
18
Fixed manufacturing overhead
32
Sales commissions (2% of sales)
4
Administrative salaries
16
Total
$140
39) What are the variable costs per unit associated with Product ICT101?
A) $18
B) $22
C) $88
D) $92
E) $28
40) What are the fixed costs per unit associated with Product ICT101?
A) $102
B) $48
C) $52
D) $32
E) $36
