Question 1 10 Points The following information is available for the first month of operation of Makin' It., a manufacturer of arts and craft items: Sales - $375,000 Gross Profit - $120,000 Indirect labor - $30,000 Indirect materials - $15,000 Other factory overhead - $5,000 Materials purchased - $200,000 Total manufacturing costs for the period - $300,000 Materials inventory, end of period $25,000 Prompt Cost of goods sold Answer Choose a match Question 1 10 Points The following information is available for the first month of operation of Makin' It., a manufacturer of arts and craft items: Galec 276.000 $90,000 $175,000 $160,000 $255,000 $30,000 Prompt Direct materials cost Answer Choose a match $90,000 $175,000 $160,000 $255,000 $30,000 Prompt Direct labor cost Answer Choose a match $90,000 $175,000 $160,000 $255,000 $30,000 Question 2 10 Points A summary of the time tickets for September is as follows: Job No. 4467 $5,000 Job No. 4470 $11,150 Job No. 4471 $9,440 Indirect Labor $14,000 Job No 4478 $18,060 Job No 4480 $20,200 Job No 4497 $13,250 Job No 4501 $3,600 Determine the amount of factory labor costs transferred to Work in Process for September. (A) 94,700 B 80,700 14,000 DO Question 3 10 Points Prostheses Industries operates a factory. The manufacturing operations are machine intensive. The company applies factory overhead to jobs on the basis of machine hours. Estimated factory overhead costs and machine hours are: Estimated factory overhead cost for fiscal year beginning August 1 $375,000 Estimated machine hours for year 22,400 Actual factory overhead costs for August $28,700 Actual machine hours for August 1,800 Factory overhead rate is $Blank 1 Factory overhead applied to production for August $Blank 2 Was factory overhead overapplied or underapplied Blank 3 Blank 1 Add your answer Blank 2 Add your answer Blank 3 Add your answer Question 4 10 Points Which of the following is not considered a cost of manufacturing a produce? (A) Direct materials cost B Factory overhead cost C Sales salaries D Direct labor cost Question 5 10 Points Which of the following costs would be included as part of the factory overhead costs of a computer manufacturer? A The cost of memory chips B Depreciation of testing equipment Wages of computer assemblers D) The cost of disk drives Question 6 10 Points A company estimated $420,000 of factory overhead cost and an activity base of 16,000 direct labor hours for the period. During the period, a job was completed with $4,500 of direct materials and $3,000 of direct labor. The direct labor rate was $15 per hour. What is the factory overhead applied to this job? A $2,100 B) $5,250 C) $78,750 D $420,000 Question 7 10 Points If the factory overhead account has a negative balance, factory overhead is said to be: (A) underapplied B in error C underabsorbed overapplied Question 8 10 Points When using job order costing for a professional service business, the primary product (service) costs are: A Direct Materials and Overhead B Direct Materials and Direct Labor Direct Labor and Overhead D) Direct Materials, Direct Labor, and Overhead Question 9 10 Points Managerial accounting differs from financial accounting in that managerial accounting Is used primarily by external decision makers (B Is required by Generally Accepted Accounting Principles (GAAP) C Tends to report on the company as a whole rather than segments of the company D) is focused on the future Below are the costs for a dairy processing company for the month of July. What is the company's total period costs? Cost of milk purchased from local dairy farmers $500,000 Depreciation on the computer of the salesperson $300 Property tax on the dairy processing plant $10,000 Gasoline used to operate refrigerated trucks delivering finished dairy products to grocery stores $20,000 The CEO's salary $90,000 Depreciation on refrigerated trucks used to collect raw milk from local dairy farmers $25,000 Plastic gallon containers in which milk is packaged $50,000 Research and development on improving milk pasteurization process $40,000 Radio advertising for the Company's products $4,000 Wages paid to the machine operators the at dairy processing plant $35,000 A $154,300 B$164,300 $144,300 D$150,300 E $134,300