10. Matching Question:

1. A method or system of cost accounting that is appropriate for manufacturing

2. operations that produce custom-made or special-order goods.

3. The quantity of materials used or number of labor hours worked.

4. The estimated minimum level of inventory needed to protect against stockouts (running out of stock)

5. A method or system of cost accounting that is appropriate for manufacturing

6. operations that produce continuous output of the same or similar product.

7. The estimated time between the placement of order and the receipt of material.

8. Shows when materials were received and what the shipment contained.

A. Usage

B. Purchase Order

C. Lead time

D. Receiving Report

E. Job order cost system

F. Safety stock

G. Return shipping order

H. Process cost system

11. The costs of direct materials and indirect materials are sometimes combined and described as prime costs.(true or false)

13. The Macke Companys payroll summary showed the following in November:

Sales department salaries $10,000	$10,000
Supervisor salaries $20,000	20,000
Assembly workers wages $25,000	25,000
Machine operators wages $35,000	35,000
Maintenance workers wages $15,000	15,000
Accounting department salaries $5,000	5,000

What is the amount that would be included in direct labor in November?

$25,000

$60,000

$95,000

$120,000

14.

The accounting system used with JIT manufacturing is called:

		Backflush costing.
		The push system.
		Perpetual inventory costing.
		First-in, first-out.

15. Mountain Company produced 20,000 blankets in June to be sold during the holiday season. The manufacturing costs were:

Direct materials	$125,000
Direct labor	55,000
Factory overhead	60,000

Management has decided that the mark-on percentage necessary to cover the products share of selling and administrative expenses and to earn a satisfactory profit is 30%. The selling price per blanket should be:

		$12.00.
		$15.60.
		$23.60.
		$31.20.

17)The inventory method which results in the most recent costs being assigned to inventory on hand at the end of the period is:

		First-in, first-out.
		Last-in, first-out.
		Last-in, last-out.
		Moving average.