Question 16

If sales total $280,000 and the cost of goods sold is $182,000, the gross profit percentage is:

35%

49%

65%

151%

Question 17

Job cost sheets are the subsidiary records for which of the following general ledger accounts?

Raw Materials

Work in Process

Finished Goods

Cost of Goods Sold

Question 18

Wood shavings produced in a sawmill operation are known as:

Defective goods

Scrap

Seconds

Question 19

Windsor Products sells at a discount those products that are found to have slight imperfections. These products are known as:

Spoiled goods

Scrap

Seconds

Which of the following products would not be well suited to the use of a process cost system?

		Flour
		Specialty equipment
		Cement
		Shampoo

Defective good

Reworked goods