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8. Cost of goods sold A) is calculated exactly the same for merchandising and manufacturing companies. B) only appears on manufacturing companies' income statements. C) appears on both manufacturing and merchandising companies' income statements. D) only appears on merchandising companies' income statements. 14. Edmiston Company reported the 1 Company reported the following year-end information: beginning work in process inventory, S80,000: cost of goods manufactured, $750,000, beginning finished goods inventory Inventory, $50,000; ending work in process inventory, $70,000; and ending Tinished goods inventory, S40,000. How much is Edmiston's cost of goods sold for the year? A) $770,000 B) $740,000 C) $750,000 D) $760,000 15. Minor Company had the following department data: Physical Units Work in process, July 1 30,000 Completed and transferred out 165,000 Work in process, July 31 45,000 Materials are added at the beginning of the process. What is the total number of equivalent units for materials in July? A) 240,000. B) 210,000 C) 180,000. D) 165,000 16. Which one of the following would not be classified as manufacturing overhead? A) Indirect labor B) Insurance on factory building C) Direct materials D) Indirect materials 17. The flow of costs in a job order cost system A) cannot be measured until all jobs are complete. B) generally follows a LIFO cost flow assumption. C) involves accumulating manufacturing costs incurred and assigning the accumulated costs to work done. D) measures product costs for a set time period. 18. Barton Company has beginning work in process inventory of $144,000 and total manufacturing costs of $686,000. If cost of goods manufactured is S660,000, what is the cost of the ending work in process inventory? A) $118,000. B) $170,000. C) $150,000 D) $190,000 23. Holton Company has the following equivalent units for July: materials 20,000 and conversion 18,000. Production cost data are: Materials Conversion Work in process, July 1 $ 8,000 $3,750 Costs added in July 63,000 52,500 The unit production costs for July are: Materials Conversion Costs A) 3.55 3.13 $3.13 B) $3.15 c) 3.55 D) 3.15 2.92 2.92 38. Estimated costs for activity cost pools and other item(s) are as follows: Machining $500,000 Assembling 200,000 Advertising 450,000 Inspecting and testing 175,000 Total estimated overhead is A) $1,150,000. B) $1,325,000. C) $875,000. D) $700,000. 47. Assuming the cost of direct materials used is $1,800,000, compute the total manufacturing costs using the information below. Raw materials inventory, January 1 $ 30,000 Raw materials inventory, December 31 60,000 Work in process, January 1 27,000 Work in process, December 31 18,000 Finished goods, January 1 60,000 Finished goods, December 31 1 0 48,000 Raw materials purchases 1,800,000 Direct labor 890,000 Factory utilities 225,000 Indirect labor 75,000 Factory depreciation 500,000 Operating expenses 630,000 A) $4,120,000 B) $3,190,000. C) $3,490,000. D) $3,499,000 51. The Assembly Department shows the following information: Units Beginning Work in Process 20,000 Ending Work in Process 65,000 Units Transferred Out 31,000 How many total units are to be accounted for by the Assembly Department? A) 65,000. B) 85,000. C) 76,000. D) 96,000. w ne following head for the 12. Kimble Company applies overhead on the basis of mat compute overhead applied and the under-or overapplication of overhead period: Estimated annual overhead cost $1,600,000 Actual annual overhead cost $1,575,000 400,000 Estimated machine hours Actual machine hours 390,000 A) S1,560,000 applied and $15.000 underapplied B) $1,560,000 applied and $15.000 overapplied c) $1,575,000 applied and neither under-nor overapplied D) $1,600,000 applied and $15,000 overapplied 33. Using the following information, compute the cost of direct materials used. $ 30,000 Raw materials inventory, January Raw materials inventory, December 31 60,000 Work in process, January 1 27,000 Work in process, December 31 18,000 Finished goods, January 1 60,000 Finished goods, December 31 48,000 Raw materials purchases 1,800,000 Direct labor 890,000 Factory utilities 225.000 Indirect labor 75,000 Factory depreciation 500,000 Operating expenses 630,000 A) S1,830,000 B) $1,800,000 C) $1,770,000 D) S1,740,000 54. If annual overhead costs are expected to be $750,000 and direct labor costs are expected to be $1,000,000, then if the activity base is direct labor costs: A) a predetermined overhead rate cannot be determined B) S1.33 is the predetermined overhead rate. C) for every dollar of manufacturing overhead, 75 cents of direct labor will be assigned D) for every dollar of direct labor, 75 cents of manufacturing overhead will be assigned Version 3 Page 12 64. Gloria Company had no beginning work in process. During the period, 16,000 units were completed, and there were 1,200 units of ending work in process. How many units were started into production? A) 1,200. B) 14,800 C) 17,200. D) 16,000. 66. One of Stine Company's activity cost pools is machine setups, with estimated overhead of $360,000. Stine produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers? A) $144,000 B) $216,000 C) $360,000 D) $180,000 75. A process with 1,600 units of beginning work in process, completed and transferred out 25,000 units during a period. There were 10,000 units in the ending work in process that were 50% complete as to conversion costs. Materials are added 80% at the beginning of the process and 20% when the units are 90% complete. How much is equivalent units of production for the period for material costs? A) 33.000 equivalent units. B) 35,000 equivalent units. C) 27,000 equivalent units. D) 29,000 equivalent units. 35,000 coluivalent units naterial costs? complete. Ho 76. A well-designed activity-based costing system starts with A) computing the activity-based overhead rate. B) identifying the activity-cost pools. C) assigning overhead costs to products. D) analyzing the activities performed to manufacture a product. 77. In the month of June, a department had 20,000 units in beginning work in process that were 70% complete. During June, 90.000 units were transferred into production from another department. At the end of June there were 10,000 units in ending work in process that were 40% complete. Materials are added at the beginning of the process, while conversion costs are incurred uniformly throughout the process. The equivalent units of production for materials for June were A) 114,000 equivalent units. B) 90.000 equivalent units. C) 110,000 equivalent units. D) 100,000 equivalent units. 78. Cinder Company had the following department information for the month: Total materials costs $ 60,000 Equivalent units of materials 10,000 Total conversion costs $90,000 Equivalent units of conversion costs 20,000 How much is the total manufacturing cost per unit? A) $5.00. B) $10.50 C) $4.50. D) $6.00. 84. Wood Company has beginning work in process inventory of $138,000 and total manufacturing costs of $477,000. If cost of goods manufactured is $480,000, what is the cost of the ending work in process inventory? A) $141,000. B) $150,000. C) $135,000 D) $120,000 u Long. 87. Gantner Company had the following department information about physical units and percentage of completion: Physical Units Work in process, May 1 (60%) 60,000 Completed and transferred out 180,000 Work in process, May 31 (40%) 50,000 If materials are added at the beginning of the production process, what is the total number of equivalent units for materials during May? A) 200,000. B) 224,000 C) 240,000. D) 230,000 88. Hanker Company had the following department data on physical units: Work in process, beginning 3,000 Completed and transferred out 18,000 Work in process, ending 2,400 Materials are added at the beginning of the process. What is the total number of equivalent units for materials during the period? A) 20,400 B) 15,000 C) 2,400. D) 18,600 97. A department adds raw materials to a process at the beginning of the process and incurs conversion costs uniformly throughout the process. For the month of January, there were no units in the beginning work in process inventory: 90,000 units were started into production in January, and there were 20.000 units that were 40% complete in the ending work in process inventory at the end of January, What were the equivalent units of production for materials for the month of January? A) 82,000 equivalent units. B) 98.000 equivalent units. C) 70,000 equivalent units. D) 90,000 equivalent units. 100. For its inspecting cost pool, Ellsworth, Inc. expected overhead cost of $400,000 and 4,000 inspections. The actual overhead cost for that cost pool was $480,000 101 inspections. The activity-based overhead rate used to assign the costs of the inspecting cost pool to products is A) $96 per inspection. B) $120 per inspection. C) $80 per inspection. D) $100 per inspection