8. Job order costing and process costing are a. pricing systems. b. cost accounting systems. c. cost flow systems.

d. inventory tracking systems.

9.The entry to record the acquisition of raw materials on account is

1. Work in Process Inventory

   Accounts Payable

2. Manufacturing Overhead Raw Materials Inventory

   Accounts Payable

3. Accounts Payable Raw Materials Inventory

4. Raw Materials Inventory Accounts Payable

10.The most common budget period is

1. one month.

2. three months.

3. six months.

4. one year.

11.The total direct labor hours required in preparing a direct labor budget are calculated using the

1. sales forecast.

2. production budget.

3. direct materials budget.

4. sales budget.

12.A budget

1. is a substitute for management.

2. is an aid to management.

3. can operate or enforce itself.

4. is the responsibility of the accounting department.

The following data pertain to Gamal Company's operations in May: May 31 Work in process inventory.. Raw materials inventory.. Finished goods inventory. May 1 $7,000 $15,000 $12,000 ? $20,000 ? Other data: Raw materials used. Sales... Cost of goods manufactured.. Manufacturing overhead cost.. Raw materials purchases. Gross Margin. . $40,000 $200,000 $135,000 $60,000 $30,000 $60,000 5. The ending materials inventory was a) $5,000 b) $10,000 c) $15,000 d) $20,000 6. The beginning finished goods inventory was: a) $5,000 b) $15,000 c) $25,000 d) $30,000 7. The direct labor cost for May was: a) $35,000 b) $40,000 c) $30,000 d) $25,000