Note: Please put your name & ID# on the exam & answer sheet. Provide all your answers on the answer sheet and return it along with the exam after completion. 15. A cost system determines the cost of a cost object by A) Accumulating and then assigning costs B) Accumulating costs C) Assigning and then accumulating costs D) Assigning costs 16. Wayland Manufacturing uses a normal cost system and had the following data available for 2014 Direct materials purchased on account 148,000 Direct materials requisitioned Direct labor cost incurred 82,000 130,000 Actual factory overhead incurred 146,000 Cost of goods manufactured (completed) 292,000 Cost of goods sold (expense) . 256,000 Beginning direct materials inventory Beginning work-in-process inventory Beginning finished goods inventory 26,000 64,000 58,000 . Overhead application rate (as a percent of direct-labor costs) 125 percent The correct journal entry to record the direct materials placed into (usage in) production is? A) Work-In-Process Inventory 148,000 Direct Materials Inventory Direct Materials Inventory Work-In-Process Inventory Work-In-Process Inventory 148,000 B) Work-In-Process Inventory 82,000 82,000 C) Direct Materials Inventory 66,000 66,000 D) Direct Materials Inventory 82,000 82,000 17. Value chain is the sequence of business functions in which customer usefulness is added to products. There are six primary business functions, place the four business functions in the order they appear along the value chain: Marketing Design Customer Service Production A) Marketing, Design, Customer Service, Production B) Design, Customer Service, Production, Marketing C) Customer Service, Marketing, Production, Design D) Design, Production, Marketing, Customer Service Note: Please put your name & ID# on the exam & answer sheet. Provide all your answers on the answer sheet and return it along with the exam after completion. 15. A cost system determines the cost of a cost object by A) Accumulating and then assigning costs B) Accumulating costs C) Assigning and then accumulating costs D) Assigning costs 16. Wayland Manufacturing uses a normal cost system and had the following data available for 2014 Direct materials purchased on account 148,000 Direct materials requisitioned Direct labor cost incurred 82,000 130,000 Actual factory overhead incurred 146,000 Cost of goods manufactured (completed) 292,000 Cost of goods sold (expense) . 256,000 Beginning direct materials inventory Beginning work-in-process inventory Beginning finished goods inventory 26,000 64,000 58,000 . Overhead application rate (as a percent of direct-labor costs) 125 percent The correct journal entry to record the direct materials placed into (usage in) production is? A) Work-In-Process Inventory 148,000 Direct Materials Inventory Direct Materials Inventory Work-In-Process Inventory Work-In-Process Inventory 148,000 B) Work-In-Process Inventory 82,000 82,000 C) Direct Materials Inventory 66,000 66,000 D) Direct Materials Inventory 82,000 82,000 17. Value chain is the sequence of business functions in which customer usefulness is added to products. There are six primary business functions, place the four business functions in the order they appear along the value chain: Marketing Design Customer Service Production A) Marketing, Design, Customer Service, Production B) Design, Customer Service, Production, Marketing C) Customer Service, Marketing, Production, Design D) Design, Production, Marketing, Customer Service