ACCT 212 Final Exam Fall 201 Name Date 1. Marshall C orporation incurred costs f

Question

ACCT 212 Final Exam Fall 201 Name Date 1. Marshall C orporation incurred costs for materials and labor needed to manufacture its products. These costs are an example of a) Period costs. b) Product costs. c) General costs. d) Balance sheet costs. e) Capitalized costs. 2. Another title for work in process inventory is: a) Indirect materials inventory b) Goods in process inventory c) Conversion costs. d) Direct materials inventory. e) Raw materials inventory 3. Which of the following costs is not included in factory overhead? a) Payroll taxes on the wages of factory supervisors. b) Indirect labor. c) Depreciation of manufacturing equipment. d) Manufacturing supplies used. e) Direct materials. 4. Which of the following should not be included in direct materials costs? a) Invoice costs of direct materials. b) Delivery charges on shipments to customers. c) Materials storage costs. d) Materials handling costs. e) Incoming freight charges.

Explanation / Answer

1. Direct material and direct labour are product costs.

2. Work in progress inventory is also known as Goods in process inventory.

3. Indirect labor is not part of manufacturing cost.

4. Delivery charges on shipment to customers is related to sales and are not part of direct materials cost.

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.