(1pts) 33) In most business organizations, the chief accountant is called the controller True False 34) Which of the following is an example of direct labor cost for an airplane manufacturer? (1pts) @ Cost of oil lubricants for factory machinery Cost of wages of assembly worker Salary of plant supervisor Cost of jet engines (Ipts) 35) A company manufactured 50,000 units of a product at a cost of $250,000. They sold 40,000 units for $10 each. What is Gross Margin? B B @ $150,000 $200.000 $400,000 $250,000 30) The costs of materials and labor that do not enter directly into the finished product are (Ipts) 42) The recording of the jobs completed would include a credit (1pts) to: B Factory Overhead Finished Goods @ Work in Process Cost of Goods Sold 43) Factory overhead is an example of a product cost. (Ipts) True False 44) A manufacturing business reports just two types of inventory on its balance sheet: work in process inventory and finished goods inventory. (Ipts) True False (Ipts) 45) Ajob order cost accounting system provides for a separate record of the cost of each particular quantity of product that passes through the factory. True False Type here to search pts) 36) The costs of materials and labor that do not enter directly into the finished product are classified as factory overhead. True False 37) The recording of the jobs shipped and customers billed would include a debit (1 pts). to: Accounts Payable e Cash Finished Goods Cost of Goods Sold pts) 38) A summary of the materials requisitions completed during a period serves as the basis for transferring the cost of the materials from the controlling account in the general ledger to the controlling accounts for: work in process and cost of goods sold work in process and factory overhead finished goods and cost of goods sold work in process and finished goods 31) The correct entry for each sale of a finished good on account is: (1pts) debit Cost of Goods Sold, credit Finished Goods debit Cost of Goods Sold, credit Finished Goods, debit Accounts Receivable, credit Sales debit Sales Expense, credit Finished Goods, credit Cash, credit Accounts Receivable debit Work in Process, credit Finished Goods, debit Accounts Receivable, credit Sales 32) Which of the following would most likely use a job order costing system? (1pts) TATI A paper mill A paper mill e A swimming pool installer A company that manufactures chlorine for swimming pools An oil refinery (1pts) 33) In most business organizations, the chief accountant is called the controller. True False 28) Cost of Materials Used Direct Labor costs Factory Overhead Work in Process, beg. Work in Process, end. Finished Goods beg. Finished Goods, end. $40,000 (1pts) $55,000 $32,000 $28,000 $18,000 $28,000 $18,000 What is Cost of Goods Sold? $147,000 3 $137,000 $10,000 $128,000 29) A process cost accounting system accumulates costs for each of the departments or processes (Ipts) within the factory True False (1pts) 30) A job order cost system would be appropriate for a crude oil refining business. True False 27) Materials purchased on account during the month amounted to $195,000. Materials requisitioned and placed in production totaled $168,000. From the following select the entry to record the transaction on the day the materials were bought. (1pts) 168,000 Materials Accounts Payable 168,000 195,000 Materials Accounts Payable 195,000 195,000 Materials Cash @ Accounts Payable Materials 195,000 195,000 195,000 28) Cost of Materials Used Direct Labor costs Factory Overhead Work in Process, beg. Work in Process, end. Finished Goods beg. Finished Goods, end. $40,000 (1pts) $55,000 $32,000 $28,000 $18,000 $28,000 $18,000 What is Cost of Goods Sold