ACC 560 ACC560 Week 2 Quiz 1 Chapter 1

ACC 560 Week 2 Quiz 1 Chapter 1

1. 

A manufacturing company calculates cost of goods sold as follows:

2. 

Dolan Company's accounting records reflect the following inventories:
Dec. 31, 2017Dec. 31, 2016
Raw materials inventory $310,000 $260,000
Work in process inventory 300,000 160,000
Finished goods inventory 190,000 150,000
 
During 2017, $800,000 of raw materials were purchased, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000.
The total raw materials available for use during 2017 for Dolan Company is

3. 

Product costs are also called

4. 

As current technology changes manufacturing processes, it is likely that direct

5. 

Sales commissions are classified as

6. 

Dolan Company's accounting records reflect the following inventories:
Dec. 31, 2017Dec. 31, 2016
Raw materials inventory $310,000 $260,000
Work in process inventory 300,000 160,000
Finished goods inventory 190,000 150,000
During 2017, $800,000 of raw materials were purchased, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000.
If Dolan Company's cost of goods manufactured for 2017 amounted to $1,890,000, its cost of goods sold for the year is

7. 

Property taxes on a manufacturing plant are an element of a
Product CostPeriod Cost

8. 

Benson Inc.'s accounting records reflect the following inventories:
Dec. 31, 2016Dec. 31, 2017
Raw materials inventory $ 80,000 $ 64,000
Work in process inventory 104,000 116,000
Finished goods inventory 100,000 92,000
 
During 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000.
Assume Benson’s cost of goods manufactured for 2017 amounted to $1,660,000. How much would it report as cost of goods sold for the year?

9. 

On the costs of goods manufactured schedule, the item raw materials inventory (ending) appears as a(n)

10. 

For a manufacturing firm, cost of goods available for sale is computed by adding the beginning finished goods inventory to