1. Sydney's Barbecue reported the following information:

Sydney's Barbecue Period Ending December 31, 20XX

Manufacturing costs	$5,400,000
Units manufactured	$54,000
Beginning inventory in Units	$ 0

Note: 45,600 units sold during year at $300 per unit

What is the amount of ending finished goods inventory for the period ending December 31, 20XX?

	$860,000
	$830,000
	$840,000
	$850,000
	$820,000

2.Net income reported under absorption costing will exceed net income reported under variable costing for a given period if

production equals sales for that period.

variable overhead exceeds fixed overhead for that period.

production exceeds sales for that period.

sales exceed production for that period.

3.

A company manufactures wallets. Last month's costs were as listed below:

Direct materials	$246,000
Direct labor	$175,000
Manufacturing Overhead	$73,000

What were the conversion costs for the month?

$248,000

$494,000

$421,000

$246,000

4. Which of the following are classified as manufacturing overhead?

Indirect labor and indirect materials

Direct materials and direct labor

Factory rent and direct labor

All materials

5.Baxter Company produces Frisbees using a three-step sequential process that includes molding, coloring, and finishing. At what stage would the sets be allocated Manufacturing Overhead?

When the Frisbees are in WIP Inventory-Coloring

When the Frisbees are in WIP Inventory-Finishing

When the Frisbees are in WIP Inventory-Molding

All of the above

6.Which method are managers using when they use their judgment to classify costs as variable, fixed, or mixed?

Low-high method

Regression analysis

Account analysis

High-low method

7.Which of the following is not a way in which management can use job cost information?

Determining the balance in raw materials inventory

Preparing the financial statements

Assessing and comparing the profitability of each product type

Using the cost information in determining the bid price for custom orders

8.A factory janitor's wages would be classified as _________ when determining the cost of a manufactured product.

an indirect cost

a period cost

a direct cost

none of the above

9.

Tall Timbers reports the following data for its first year of operation:

Work in process inventory, beginning	$ 0
Work in process inventory, ending	$50,200
Manufacturing overhead	$25,400
Direct materials used	$7,700
Direct Labor	$60,000
Finished goods inventory, beginning	$ 0
Finished goods inventory, ending	$20,000
Cost of goods manufactured	$42,900

What is the cost of goods sold?

$22,900

$76,000

$73,100

$42,900

10.

A deodorant manufacturer offers the following information:

WIP Inventory, January 1	0 units
Units started	33,600 units
Units completed and transferred out	11,200 units
WIP Inventory, December 31	22,400 units
Direct materials	$276,480
Direct labor	$585,000
Manufacturing Overhead	$328,920

The units in ending WIP Inventory were 60% complete for materials and 40% complete for conversion costs.

On December 31, what are the total equivalent units for direct materials?

47,040

33,600

20,160

24,640

11. How is the cost of indirect materials used in the factory recorded?

Credit to Raw Materials Inventory account

Credit to Manufacturing Overhead account

Credit to Direct Materials Expense account

Credit to Work-in-Process Inventory account

12. XYZ uses job costing. Actual manufacturing overhead for the period is $20,300 while allocated manufacturing overhead is $18,200. What entry will close the manufacturing overhead balance?

	Debit the Cost of Goods Sold account and credit the Finished Goods Inventory account for $2,100.
	Debit the Manufacturing Overhead account and credit the Work-in-Process account for $2,100.
	Debit the Cost of Goods Sold account and credit the Manufacturing Overhead account for $2,100.
	Debit the Manufacturing Overhead account and credit the Cost of Goods Sold account for $2,100.