ACC 206 Week 11 Quiz Chapter 19 -
Multiple Choice Question 103
Myles Manufacturing Company's accounting records reflect the following inventories:
Dec. 31, 2014 Dec. 31, 2013
Raw materials inventory $620,000 $520,000
Work in process inventory 600,000 320,000
Finished goods inventory 380,000 300,000
During 2014, $900,000 of raw materials were purchased, direct labor costs amounted to $1,000,000, and manufacturing overhead incurred was $960,000.
Myles Manufacturing Company's total manufacturing costs incurred in 2014 amounted to
Multiple Choice Question 97
Agale Combines, Inc. has $40,000 of ending finished goods inventory as of December 31, 2014. If beginning finished goods inventory was $25,000 and cost of goods sold was $75,000, how much would Agale report for cost of goods manufactured?
Multiple Choice Question 119
Using $2,380,000 as the cost of goods manufactured, compute the cost of goods sold using the following information.
Raw materials inventory, January 1 $20,000
Raw materials inventory, December 31 40,000
Work in process, January 1 22,000
Work in process, December 31 28,000
Finished goods, January 1 42,000
Finished goods, December 31 30,000
Raw materials purchases 1,200,000
Direct labor 560,000
Factory utilities 160,000
Indirect labor 90,000
Factory depreciation 400,000
Operating expenses 420,000
Multiple Choice Question 115
Hermiston Manufacturing Company reported the following year-end information: beginning work in process inventory, $80,000; cost of goods manufactured, $780,000; beginning finished goods inventory, $40,000; ending work in process inventory, $70,000; and ending finished goods inventory, $50,000. How much is Hermiston’s cost of goods sold for the year?
Multiple Choice Question 121
Assuming the cost of direct materials used is $1,170,000, compute the total manufacturing costs using the information below.
Raw materials inventory, January 1 $ 35,000
Raw materials inventory, December 31 50,000
Work in process, January 1 18,000
Work in process, December 31 27,000
Finished goods, January 1 48,000
Finished goods, December 31 60,000
Raw materials purchases 1,100,000
Direct labor 700,000
Factory utilities 225,000
Indirect labor 105,000
Factory depreciation 500,000
Operating expenses 630,000
Multiple Choice Question 138
Which one of the following managerial accounting approaches attempts to allocate manufacturing overhead in a more meaningful fashion?
- Balanced scorecard
- Just-in-time inventory
- Total-quality management
Multiple Choice Question 73
Which of the following is not a manufacturing cost category?
- Direct labor
- Manufacturing overhead
Multiple Choice Question 78
Which of the following is not another name for the term manufacturing overhead?
- Factory overhead
- Indirect manufacturing costs
Multiple Choice Question 140
Which one of the following characteristics would likely be associated with a just-in-time inventory method?
- Ending inventory of work in process that would allow several production runs.
- Minimal finished goods inventory on hand.
- A backlog of inventory orders not yet shipped.
- An understanding with customers that they may come to the showroom and select from inventory on hand.
Multiple Choice Question 151
The inventory accounts that show the cost of completed goods on hand and the costs applicable to production that is only partially completed are, respectively
- Work in Process Inventory and Raw Materials Inventory.
- Finished Goods Inventory and Raw Materials Inventory.
- Finished Goods Inventory and Work in Process Inventory.
- Raw Materials Inventory and Work in Process Inventory.