Question 11 (3 points) Company Z reported Sales totaling $58,965 and a Gross Pro

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Question 11 (3 points)

Company Z reported Sales totaling $58,965 and a Gross Profit of $10,596. The Cost of Goods Sold for the company is ____________________.

Question 11 options:

$69,561

$48,369

$117,930

None of the above

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Question 12 (3 points)

Maintenance and repairs to equipment are considered service activities during the manufacturing process.

Question 12 options:

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Question 13 (3 points)

A manufacturing business reports  three types of inventory on its balance sheet: raw materials inventory, work in process inventory, and finished goods inventory

Question 13 options:

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Question 14 (3 points)

The company controller for a manufacturing company is an example of ___________________.

Question 14 options:

a staff position

a line position

management by exception

none of the above

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Question 15 (3 points)

In the process costing system, accumulated depreciation is credited and charged to one particular department.

Question 15 options:

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Question 16 (5 points)

The fiscal year for Company T begins in January and ends in December. The Financial Statements for Company T for 2011 reported the totals below:

     $7,000

The Cost of Merchandise Sold for Company T for 2011 is _________________________.

Question 16 options:

$15,000

$7,000

$8,000

None of the above

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Question 17 (3 points)

Property taxes on land is an example of __________________.

Question 17 options:

direct cost

factory overhead

prime cost

none of the above

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Question 18 (3 points)

A ______________________________ is prepared when materials that have been ordered are received and inspected.

Question 18 options:

Purchase requisition

Materials Requisition

Receiving Report

None of the Above

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Question 19 (4 points)

Based on the predetermined factory overhead rate for Company Z, the company applied Factory Overhead totaling $4,569. Upon the completion of Job 569, it was determined that total factory overhead was $5,126. Factory overhead was ___________________.

Question 19 options:

Underapplied by $527

Overapplied by $557

Underapplied by $569

None of the above

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Question 20 (3 points)

Company Z reported Sales totaling $58,965 and a Gross Profit of $10,596. The Cost of Goods Sold for the company was $69,561.

Question 20 options:

A)

$69,561

B)

$48,369

C)

$117,930

D)

None of the above

Explanation / Answer

Question 11 - B $48,369

  cost of goods sold = 58965 - 10596

= 48369

Question 13 - True , Direct raw material , Work in progress and finished goods are considered as the inventory fir the manufacturing business

Question 16 - C) 8000

cost of goods sold = 12000 + 3000 - 7000

= 8000

Question 17- B) factory overhead

it is a part of manufacturing overhead cost

Property tax will be charged in factory overhead

Question 18- B) Materials Requisition

it is a requistion of material from the storage in work in progress account

Question 19- B) Overapplied by $557

when applied overhead is less than than actual overhead applies , there is over applies

= 4569 - 5126

= (557)

Question 20 - B) False

cost of goods sold = 58965 - 10596

= 48369

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