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ACC 206 Week 11 Quiz Chapter 19

ACC 206 Week 11 Quiz Chapter 19

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ACC 206 Week 11 Quiz Chapter 19 -

Multiple Choice Question 103           

Myles Manufacturing Company's accounting records reflect the following inventories:

Dec. 31, 2014  Dec. 31, 2013

Raw materials inventory      $620,000         $520,000

Work in process inventory   600,000           320,000

Finished goods inventory      380,000           300,000

During 2014, $900,000 of raw materials were purchased, direct labor costs amounted to $1,000,000, and manufacturing overhead incurred was $960,000.

Myles Manufacturing Company's total manufacturing costs incurred in 2014 amounted to

  • $2,860,000.
  • $2,680,000.
  • $2,480,000.
  • $2,760,000.

 

Multiple Choice Question 97

Agale Combines, Inc. has $40,000 of ending finished goods inventory as of December 31, 2014. If beginning finished goods inventory was $25,000 and cost of goods sold was $75,000, how much would Agale report for cost of goods manufactured?

  • $90,000
  • $115,000
  • $15,000
  • $65,000

 

Multiple Choice Question 119

Using $2,380,000 as the cost of goods manufactured, compute the cost of goods sold using the following information.

Raw materials inventory, January 1                       $20,000

Raw materials inventory, December 31                  40,000

Work in process, January 1                                     22,000

Work in process, December 31                                28,000

Finished goods, January 1                                        42,000

Finished goods, December 31                                   30,000

Raw materials purchases                                          1,200,000

Direct labor                                                                560,000

Factory utilities                                                          160,000

Indirect labor                                                             90,000

Factory depreciation                                                 400,000

Operating expenses                                                   420,000

 

  • $2,422,000.
  • $2,392,000.
  • $2,350,000.
  • $2,368,000.

 

Multiple Choice Question 115           

Hermiston Manufacturing Company reported the following year-end information: beginning work in process inventory, $80,000; cost of goods manufactured, $780,000; beginning finished goods inventory, $40,000; ending work in process inventory, $70,000; and ending finished goods inventory, $50,000. How much is Hermiston’s cost of goods sold for the year?

  • $770,000
  • $790,000
  • $800,000
  • $780,000

 

Multiple Choice Question 121           

Assuming the cost of direct materials used is $1,170,000, compute the total manufacturing costs using the information below.

Raw materials inventory, January 1                                   $ 35,000

Raw materials inventory, December 31                  50,000

Work in process, January 1                                     18,000

Work in process, December 31                                27,000

Finished goods, January 1                                        48,000

Finished goods, December 31                                               60,000

Raw materials purchases                                          1,100,000

Direct labor                                                                700,000

Factory utilities                                                          225,000

Indirect labor                                                             105,000

Factory depreciation                                                 500,000

Operating expenses                                                   630,000

 

  • $2,300,000.
  • $2,700,000.
  • $3,330,000.
  • $2,500,000.

 

Multiple Choice Question 138           

Which one of the following managerial accounting approaches attempts to allocate manufacturing overhead in a more meaningful fashion?

  • Activity-based costing
  • Balanced scorecard
  • Just-in-time inventory
  • Total-quality management

 

Multiple Choice Question 73             

Which of the following is not a manufacturing cost category?

  • Direct labor
  • Manufacturing overhead
  • Cost of goods sold
  • Direct materials

 

Multiple Choice Question 78             

Which of the following is not another name for the term manufacturing overhead?

  • Factory overhead
  • Indirect manufacturing costs
  • Pervasive costs
  • Burden

 

Multiple Choice Question 140           

Which one of the following characteristics would likely be associated with a just-in-time inventory method?

  • Ending inventory of work in process that would allow several production runs.
  • Minimal finished goods inventory on hand.
  • A backlog of inventory orders not yet shipped.
  • An understanding with customers that they may come to the showroom and select from inventory on hand.

 

Multiple Choice Question 151           

The inventory accounts that show the cost of completed goods on hand and the costs applicable to production that is only partially completed are, respectively

  • Work in Process Inventory and Raw Materials Inventory.
  • Finished Goods Inventory and Raw Materials Inventory.
  • Finished Goods Inventory and Work in Process Inventory.
  • Raw Materials Inventory and Work in Process Inventory.

 

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