1. How much Raw materials were transferred to production for the year ending December 31, 20XX for ACE Company?2. How much Direct labor was used in the production for the year ending December 31, 20XX for ACE Company?3. How much Factory Overhead was applied to production for the year ending December 31, 20XX for ACE Company?4. How much Total Manufacturing Cost was calculated for the production for the year endingDecember 31, 20XX for ACE Company?5. How much Cost of Goods Manufactured were completed and transferred to Finished Goods Inventory account for the year ending December 31, 20XX for ACE Company?6. Prime Costs = Direct Labor + Direct Materiala) Trueb)False7. Conversion Costs = Direct Material + Manufacturing Overheada) Trueb)False8. Period costs are any costs that are not product costs like Commission Expense, Office rent Expense, Advertisement Expense, Office Salary Expense.a) True b) False9. Manufacturers have three unique inventory categories: Raw Materials, Work in Process, and Finished Goods. But retailers have only an Inventory account.a) Trueb)False10. In a manufacturing company:Beginning Inventory + Purchases = Cost of Goods Available for Salea) Trueb) False

ACE COMPANY Schedule of Cost of Goods Manufactured For the Year Ending December 31, 20XX Direct materials: I I I Beginning raw materials inventory, Jan. 1 5 50,000 I Plus: Net purchases of raw materials 125,000 I Raw materials available $ 175,000 | Less: Ending raw materials inventory, Dec. 31 40,000 5 Raw materials transferred to production $ 135,000 [Direct labor 200,000 Factory overhead 7 " 7 k 7 ' Indirect materials 7 A\"! $ 15,000 Indirect labor 4,000 Factory utilities 7,000 Factory maintenance 21,000 Factory depreciation 1| 11,000 58,000 Total manufacturing costs k\"? 393,000 $ 465,000 y W A ' 1 85.000 Less: Ending work In process inventory, Dec. 31 , ,v 0 -77,7,,, #. i~