ACCT 526 Final Exam| Questions and Answers Latest
Updated (Graded A+)-ULL
The correct answer is: Work of factory employees that has no physical association with the finished
product, or it is impractical to trace the costs to the goods produced. – Indirect labor, Costs that are
matched with the revenue of a specific time period and charged to expense as incurred. – Period costs,
Manufacturing costs that are indirectly associated with the manufacture of the finished product. – None,
The work of factory employees that can be physically and conveniently associated with converting raw
materials into finished goods. – Direct labor, A field of accounting that provides economic and financial
information for internal users. – Managerial accounting, Costs that are a necessary and integral part of
producing the finished product. – Product costs
The correct answer is: Factory supervisor's salary – Manufacturing overhead, Supplies for the general
office. – Period cost, Wages paid to assembly-line workers who install interiors in automobiles. – Direct
labor, Salary paid to mechanics who maintain and repair factory equipment. – Manufacturing overhead,
Rubber latex purchased for the use in the manufacture of automobile tires. – Direct materials, Rent on
factory equipment. – Manufacturing overhead, Utility cost for the store – Period cost, Advertising – Period
cost, Salary paid to the company's chief executive officer. – Period cost
Select one:
a. produce general-purpose reports.
b. have the same primary users.
c. have reports that are prepared quarterly and annually.
d. deal with the economic events of an enterprise.
Select one:
a. the product completes the manufacturing process.
b. the order is received for the product.
c. raw materials for the product are purchased.
d. the product is sold.
Super Tread Inc. is a large manufacturer of auto tires. Super Tread has provided the
following information:
Sales Revenue $55,000
Beginning Finished Goods
15,500
Inventory
Cost of Goods Sold 37,500
Cost of Goods Manufactured 44,500
Calculate the amount of ending Finished Goods Inventory reported on Super Tread's balance sheet.
Select one:
a. $7,000
b. $22,500
, c. $10,500
d. $60,000
Payton Corporation provided the following information for the year:
Beginning Balance - Work-in-Process Inventory $26,000
Ending Balance - Work-in-Process Inventory 55,000
Beginning Balance - Direct Materials 81,000
Ending Balance - Direct Materials 59,000
Purchases - Direct Materials 360,000
Direct Labor 471,000
Indirect Labor 19,000
Depreciation on Factory Plant and Equipment 24,000
Plant Utilities and Insurance 268,000
What was the amount of the cost of goods manufactured for the year?
Select one:
a. $1,363,000
b. $1,135,000
c. $1,193,000
d. $1,164,000
The following relates to Harrison, Inc:
Advertising Costs $10,600
Sales Salary 10,000
Sales Revenue 500,000
President's Salary 230,000
Office Rent 60,500
Manufacturing Equipment Depreciation 1,200
Indirect Materials Used 8,000
Indirect Labor 13,000
Factory Repair and Maintenance 920
Direct Materials Used 27,500
Direct Labor 36,000
Delivery Vehicle Depreciation 1,550
Administrative Salaries 22,000
How much were Harrison's product costs?
Select one:
Updated (Graded A+)-ULL
The correct answer is: Work of factory employees that has no physical association with the finished
product, or it is impractical to trace the costs to the goods produced. – Indirect labor, Costs that are
matched with the revenue of a specific time period and charged to expense as incurred. – Period costs,
Manufacturing costs that are indirectly associated with the manufacture of the finished product. – None,
The work of factory employees that can be physically and conveniently associated with converting raw
materials into finished goods. – Direct labor, A field of accounting that provides economic and financial
information for internal users. – Managerial accounting, Costs that are a necessary and integral part of
producing the finished product. – Product costs
The correct answer is: Factory supervisor's salary – Manufacturing overhead, Supplies for the general
office. – Period cost, Wages paid to assembly-line workers who install interiors in automobiles. – Direct
labor, Salary paid to mechanics who maintain and repair factory equipment. – Manufacturing overhead,
Rubber latex purchased for the use in the manufacture of automobile tires. – Direct materials, Rent on
factory equipment. – Manufacturing overhead, Utility cost for the store – Period cost, Advertising – Period
cost, Salary paid to the company's chief executive officer. – Period cost
Select one:
a. produce general-purpose reports.
b. have the same primary users.
c. have reports that are prepared quarterly and annually.
d. deal with the economic events of an enterprise.
Select one:
a. the product completes the manufacturing process.
b. the order is received for the product.
c. raw materials for the product are purchased.
d. the product is sold.
Super Tread Inc. is a large manufacturer of auto tires. Super Tread has provided the
following information:
Sales Revenue $55,000
Beginning Finished Goods
15,500
Inventory
Cost of Goods Sold 37,500
Cost of Goods Manufactured 44,500
Calculate the amount of ending Finished Goods Inventory reported on Super Tread's balance sheet.
Select one:
a. $7,000
b. $22,500
, c. $10,500
d. $60,000
Payton Corporation provided the following information for the year:
Beginning Balance - Work-in-Process Inventory $26,000
Ending Balance - Work-in-Process Inventory 55,000
Beginning Balance - Direct Materials 81,000
Ending Balance - Direct Materials 59,000
Purchases - Direct Materials 360,000
Direct Labor 471,000
Indirect Labor 19,000
Depreciation on Factory Plant and Equipment 24,000
Plant Utilities and Insurance 268,000
What was the amount of the cost of goods manufactured for the year?
Select one:
a. $1,363,000
b. $1,135,000
c. $1,193,000
d. $1,164,000
The following relates to Harrison, Inc:
Advertising Costs $10,600
Sales Salary 10,000
Sales Revenue 500,000
President's Salary 230,000
Office Rent 60,500
Manufacturing Equipment Depreciation 1,200
Indirect Materials Used 8,000
Indirect Labor 13,000
Factory Repair and Maintenance 920
Direct Materials Used 27,500
Direct Labor 36,000
Delivery Vehicle Depreciation 1,550
Administrative Salaries 22,000
How much were Harrison's product costs?
Select one:
