1. Finished products shipped to customers had a production cost of $350,000 and the cost of production of completed and finished goods during the period amounted to $500,000. From the following, select the entry to record the transfer of costs from work in process to finished goods.
| a. | Work in Process 500,000 Finished Goods 500,000 |
| b. | Finished Goods 500,000 Work in Process 500,000 |
| c. | Finished Goods 350,000 Work in Process 350,000 |
| d. | Work in Process 350,000 Finished Goods 350,000 |
2.
Which of the following would be a part of the cost of the product in a manufacturing company?
| | a.depreciaton on administrative building |
| | b.salary of senior accountant |
| | c.depreciation on factory machinery |
| | d., cost to attend a sales convention |
3. Topco Products made the following data available: Whole Units % Conversion Added this month Beginning WIP Inventory 900 70% Units Started and Completed 1,600 100% Ending WIP Inventory 600 20% What is the Equivalent Units of Production for Conversion?
4.Changes in cost as the related activity changes relates to
| d. | setting selling prices |
5. In cost-volume-profit analysis, all costs are classified into the following two categories:
| b. | variable cost and mixed cost |
| c. | fixed cost and variable cost |
