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ACCT 344 Week 1 Quiz

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ACCT 344 Week 1 Quiz

1. (TCO 2) Which cost assignment method would likely assign the cost of heating in a plant that makes beds and dressers when the bed product line is the cost object?

2. (TCO 2) Which cost is an example of product costs?

3. (TCO 2) Period costs do not include

4. (TCO 2) Based on the following information, which are the conversion costs? Beginning work-in-process inventory $160,000 Ending work-in-process inventory $180,000 Cost of goods manufactured $500,000 Direct materials used $130,000

5. (TCO 2) Based on the following information, which are the prime costs for the year? Cost of goods manufactured $380,000 Beginning work-in-process inventory $140,000 Ending work-in-process inventory $120,000 Manufacturing overhead $70,000

6. (TCO 2) The absolute maximum production activity of a manufacturing firm is called

7. (TCO 2) Which item is a basic costing system record in a job-order costing system?

8. (TCO 2) Which firm would make extensive use of job-order costing?

9. (TCO 2) ABC Manufacturing Company has the following total job cards.

Job A $6,500

Job B $5,630

Job C $3,825

Job D $3,800

Job E $6,300

Job F $4,200

Jobs A and B were in Finished Goods Inv. at the beginning of the month.

Jobs C and D were in Work-in-Process at the beginning of the month.

Jobs E and F were started during the month.

At the end of the month, Jobs A and E were sent to customers.

At the end of the month, Jobs C, E, and F were completed and sent to finished goods. Which is the cost of goods sold for the month?

10. (TCO 2) Action Corporation uses activity-based costing to apply overhead to jobs within a job-order costing system. The following overhead activities were budgeted for the year. Which is the cost of Job 2?

ACCT 344 Week 1 Quiz 1. (TCO 2) Which cost assignment method would likely assign the cost of heating in a plant that makes beds and dressers when the bed product line is the cost object? 2. (TCO 2) Which cost is an example of product costs? 3. (TC
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