Scribd Logo
Upload

Welcome to Scribd!

  • 15 views

    Take Home Drill

    Uploaded by

    Monica Monica

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Take Home Drill

    Uploaded by

    Monica Monica
    15 views2 pages

    Original Title

    take-home-drill.docx

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    15 views2 pages

    Take Home Drill

    Uploaded by

    Monica Monica

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    1.

    A cost driver
    a. Caused fixed cost to rise because of production changes
    b. Has a direct cause effect relationship to cost
    c. Can predict the cost behavior of a variable, but not a fixed cost
    d. Is an overhead cost that causes distribution costs to change in distinct increments
    with changes in production volume

    2. Products cost are deducted from revenue


    a. As expenditure is made
    b. When production is completed
    c. As goods are sold
    d. To minimize taxable income

    3. All cost related to the manufacturing function in a company are


    a. Prime cost
    b. Direct cost
    c. Product cost
    d. Conversion cost

    4. The final figure in the schedule of Cost of Goods manufactured represents the
    a. Cost of goods sold for the period
    b. Total cost of manufacturing for the period
    c. Total cost of goods started and completed this period
    d. Total cost of goods completed for the period

    5. Which of the following replaces purchases in computing cost of goods sold for a
    manufacturing company
    a. Direct Materials used
    b. Decreased in work in process
    c. Total prime cost
    d. Cost of goods manufactured

    6. Which of the following would need to be allocated to a cost object


    a. Direct material
    b. Direct labor
    c. Direct production cost
    d. Indirect production cost

    7. Which of the following would need to be traced to a cost object


    a. Direct production cost
    b. Indirect production cost
    c. Direct period cost
    d. Indirect period cost

    Raw Material
    Bal. 1/1 30,000 Credits ?
    Debits 420,000

    Bal. 12/31 60,000

    Work in Process Factory Wages Payable


    Bal. 1/1 70,000 Credits 810,000 Debits 179,000 Bal.1/1 10,000
    Direct material 320,000 Credits 175,000
    Direct labor 110,000
    Overhead 400,000 Bal. 12/31 6,000

    Bal. 12/31 ?

    Finished Goods Cost of Goods Sold


    Bal. 1/1 40,000 Credits ? Debits ?
    Debits ?

    Bal. 12/31 130,000

    Required:
    a. What was the cost of raw material put into production during the year?
    b. How much of the material from question 1 consisted of indirect material?
    c. How much of the factory labor cost for the year consisted of indirect labor?
    d. What was the cost of goods manufactured for the year?

    You might also like

    pFad - Phonifier reborn

    Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

    Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


    Alternative Proxies:

    Alternative Proxy

    pFad Proxy

    pFad v3 Proxy

    pFad v4 Proxy