Question 1 1 pts 1. Which of the following would be examples of PERIOD costs? 1) Raw material purchases II) Salaries of office staff III) Salaries of factory supervisors IV) depreciation on office building O I and II none of the four are period costs O II and IV O II and III all of the four are period costs O III and IV Question 3 1 pts 3) Which of the following are examples of PRIME costs? 1) Manufacturing overhead II) Utility costs III) Direct labor IV) Direct Material I and 11 all four are examples of prime costs II and III III and IV none of the four are examples of prime costs II and III O I and III Question 4 1 pts 4) Which of the following are examples of CONVERSION costs? 1) Salaries of janitors who work in office building 11) Direct Labor III) Utility costs in factory IV) Salaries of maintenance workers in factory O II and III none of the four are examples of conversion costs all four are examples of conversion costs O III and IV O I, III and IV O ll only O II, III and IV Question 5 1 pts 5) You have the following information: Beginning Inventory, Raw Material $32,000 Ending Inventory, Raw Material $29,000 Raw Material used in Production $80,000 How much was Raw Material Purchases? Question 6 1 pts 6) You have the following information: Beginning Inventory, Work-in-Process $ 64,000 Cost of Goods Manufactured $216,000 Direct Material Used in Production $ 65,000 Direct Labor $ 97,000 Manufacturing Overhead $ 43,000 Was was Ending Inventory Work-in-Process? Question 7 1 pts $114,000 You have the following information: Ending Inventory, Finished Goods Cost of Goods Manufactured Cost of Goods Sold $306,000 $325,000 Office Expenses $125,000 What was Beginning Inventory, Finished Goods ? Question 8 1 pts 8) You estimate at the beginning of the year that Manufacturing Overhead for the year will be $900,000, direct labor hours for the year will be 100,000 hours and machine hours for the year will be 250,000 hours. You have decided your cost driver will be machine hours. Calculate your predetermined overhead rate ? Question 9 1 pts 9) This question is completely separate from question #8. Let's say that on January 1st you calculated a predetermined overhead rate of $7 per direct labor hour and your estimate for the year for Overhead was $1,400,000. At the end of the year actual Overhead was $1,362,000 and actual direct labor hours worked was 197,000 hours. Calculate Overhead Applied. Question 10 1 pts 10) This question is completely separate from questions 8 and 9. Let's say that on January 1st you estimated Overhead for the upcoming year to be $1,800,000, machine hours are estimated to be 400,000 hours and direct labor hours are estimated to be 100,000 hours. At the end of the year actual overhead is $1,700,000, actual machine hours are 370,000 hours and actual direct labor hours are 96,000 hours. You will use machine hours as your cost driver. Is Manufacturing Overhead over-applied or under-applied and by how much? underapplied by $135,000 underapplied by $100,000 neither under-applied or over-applied overapplied by $28,000 none of the other answers are correct underapplied by $65,000 underapplied by $ 22,400 underapplied by $28,000 underapplied by $35,000 overapplied by $35,000 overapplied by $22,400 overapplied by $100,000
