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2, Office rent is an example or a (al Administrative cost. B. Product cost. C. Conversion Cost. D. Costs of providing product or service. E.

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2, Office rent is an example or a (al Administrative cost. B. Product cost. C. Conversion Cost. D. Costs of providing product or service. E. Direct cost. LO3-A 43. The cost of purchasing goods from suppliers includes all of the following costs except A. Cost of transportation. ers B. Amounts paid to suppliers. C.) Sales commissions. Penodl cost Costs of preparing goods for sale. E. All of the above are included in the cost of purchasing goods from suppliers LO3-C 44,Xhich of the following inventory equations produces the Cost of Goods Sold? A) Cost of beginning inventory+cost of goods purchased during period -cost of ending inventory. Cost of ending inventory+ cost of goods purchased during period -cost of beginning inventory C. Cost of beginning inventory-cost of goods purchased during the period. D. Cost of ending inventory-cost of goods purchased during the period. E. Cost of ending inventory+ cost of goods purchased during the period. LO3-A 45. Which of the following items is reported on the balance sheet prior to being expensed on the income statement as a product cost? Inventory B. Insurance C. Sales commissions. D. Utility charges. LO3-Post-test A 46. (Gate Grocery's most popular candy bars cost $0.50 each and sell for $0.75. Management determined that it had purchased 3,000 candy bars in February. It began February with 200 bars and had 150 remaining at the end of February. How much is cost of goods sold for February? A. $1,475 B. $2,287.50 C. $3,050 D. $1,525 COGS. .sa. LO3-Pre-test-D 3000 - 47. Prime costs are A. The sum of materials and labor costs. The sum of labor and manfacturing overhead. C. The sum of fixed and variable overhead costs. D. The sum of material, labor, and overhead costs. LO3-Self-test-A 3-6 cots lbos costs

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