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[solution]: !!!!!Quiz !!!! 1. Presented is selected information from Till's


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!!!!!Quiz !!!!

1. Presented is selected information from Till's April income statement and statement of cost of goods manufactured. Use T-accounts to determine the beginning balance of finished goods inventory on April 1.

  1.         

    Cost of goods sold        $230,000

            

    Cost of goods manufactured      $210,000

            

    Ending finished goods inventory, April 30       $40,000

                                                                                                                                                                                                                                                                
                                  

    $80,000

                
                                  

    $20,000

                
                                  

    $60,000

                
                                  

    $40,000

                
  2. 2. 

If a company accumulated $45,000 of actual overhead but applied $48,000 of overhead into work in process, we would conclude



That overhead was incorrectly applied to WIP.


That overhead was over-applied by $3,000.


That overhead was under-applied by $3,000.


That overhead should have been expensed instead of included in WIP.



3. 

Which of the following refers to goods that are produced by a manufacturing company and ready to sell?

supplies inventory

materials inventory

work in process inventory

finished goods inventory


4. Period costs are classified as inventory until sold and are then expensed as Cost Of Goods Sold.

  1. True/False

  2. 5. Absorption costing is the idea that all manufacturing overhead should be treated as a period cost and expensed immediately.

  3. True/False

  4. 6. 

Conversion costs are


The combined costs of converting raw materials to finished goods.


The overhead costs associated with processing a product.


The direct labor costs associated with processing a product.


All the costs that go into the manufacturing of a product (DM, DL and OH).



7. 

A company requisitioned $40,000 of materials during the year and incurred direct labor charges of $50,000.  If the company began the year with a work-in-process inventory balance of $15,000 and applied overhead of $60,000, what is the ending balance of work-in-process inventory assuming no goods were moved to finished goods inventory for the year?

$150,000

$165,000

$135,000

$85,000


8. A company that produces products in ?batches? as ordered would most likely use a job order costing system.

  1. True/False

  2. 9. 

Which of the following is NOT a characteristic of product costs?


The costs go into inventory until the product is sold and then the expense flows through Cost of Goods Sold


They include items such as raw materials, direct labor and manufacturing overhead costs


They may include overhead costs allocated using a predetermined rate


These costs get recognized as expenses immediately as incurred


10. 

  1. Estimated machine hours used to set the predetermined overhead rate were 68,000, while actual hours were 64,000 for the period. Estimated (budgeted) overhead was $142,800.  Assuming the company used a predetermined overhead rate, how much overhead was applied for the year?



    $142,800

    $134,400

    $151,725

    $136,500

 


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