QUESTION 1 Find the unknown amounts: Item Amount End. DM inventory 10000 Gross profit 36000 DM used 35000 Beg. WIP inventory 6000 TMC to account for 78000 Beg. FG inventory 15000 DM available for use 45000 Beg. DM inventory 5000 Cost of goods manufactured 66000 Direct labor costs 28000 Cost of goods available for sale 81000 Total manufacturing costs incurred 72000 Revenues (net sales) 100000 Required: Calculate the following: (6 marks) PLEASE FILL IN THE ANSWER USING THE NUMBER YOUR ANSWER IS $7000, WRITE "7000" IN TH Question 1 Indirect costs Not yet answered Answer: Marked out of 1.5 P Flag question Question 2 End. WIP inventory Not yet answered Answer: Marked out of 1.5 Flanesti Question 2 End. WIP inventory Not yet answered Answer: Marked out of 1.5 P Flag question Question 3 End. FG inventory Not yet answered Answer: Marked out of 1.5 P Flag question Question 4 Purchases of DM during the period Not yet answered Answer: Marked out of 1.5 P Flag question QUESTION 2 A direct worker worked 300 hours during the month of June 2020, including 74 hours as overtime and 12 hours as idle time. Knowing that the wage rate per straight time hour is $8 and per overtime hour is one and a half. Knowing also that the idle time hours occurred during the straight time. Required: Calculate each of the following: (6 marks) PLEASE FILL IN THE ANSWER USING THE NUMBER ONLY. FOR EXAMPLE, IF YOUR ANSWER IS $7000, WRITE "7000" IN THE ANSWER FIELD. Overtime costs Answer: Question 6 Overtime premium Not yet answered Answer: Marked out of 1.5 P Flag question Question 7 Idle time costs Not yet answered Answer: Marked out of 1.5 P Flag question Question 8 Direct labor costs Not yet answered Answer: Marked out of 1.5 P Flag question Information P Flag question QUESTION 3 Choose the correct answer: (8 marks) Question 9 Number of cars produced is a cost driver for: Not yet answered Marked out of 1.0 Select one: a. rent a plant O b. insurance of plant C. costs of steering wheels O d. salaries of supervisors P Flag question Question 10 Cost accountants and managers usually think first of: Not yet answered Marked out of 1.0 Select one: O a. Unit cost O b. Total cost P Flag question Question 11 Which of the following economic sectors has no type of inventory? Not yet answered Marked out of 1.0 Select one: a. Medicine industry O b. Super markets c. Internet services Flag question Sales returns are classified as: Question 12 Not yet answered Marked out of 1.0 Select one: a. Inventoriable cost b. Period cost P Flag question Question 13 For more than one relevant range of LAV there is no cost driver for fixed co Not yet answered Select one: O True Marked out of 1.0 False P Flag question Question 14 Which of the following costs can be classified as mixed cost? Not yet answered Marked out of 1.0 Select one: o a. Cost of goods sold b. Advertising costs o c. Utilities cost O d. Salaries expense P Flag question The mixed cost line usually starts from the zero point. Question 15 Not yet answered Marked out of 1.0 Select one: O True o False P Flag question Question 16 Both overtime premium and idle time are classified as indirect costs. Not yet answered Select one: True Marked out of False Pa 13 For more than one relevant range of LAV there is no cost driver for fixed costs. ut of Select one: O True False uestion 14 Which of the following costs can be classified as mixed cost? out of Select one: a. Cost of goods sold O b. Advertising costs O c. Utilities cost d. Salaries expense question on 15 The mixed cost line usually starts from the zero point. ed Select one: True out of False QUESTION 2 A direct worker worked 300 hours during the month of June 2020, including 74 hours as overtime and 12 hours as idle time. Knowing that the wage rate per straight time hour is $8 and per overtime hour is one and a half. Knowing also that the idle time hours occurred during the straight time. Required: Calculate each of the following: (6 marks) PLEASE FILL IN THE ANSWER USING THE NUMBER ONLY. FOR EXAMPLE, IF YOUR ANSWER IS $7000, WRITE "7000" IN THE ANSWER FIELD. Overtime costs
