Which of the following items would least likely be classified as part of direct materials for an automobile manufacturer a Steel b Paint c Tires d Screws Janitorial supplies used in a factorys restrooms is an example of Direct Material Product Cost a b c d No No Direct materials are sometimes referred to as overhead raw materials period costs administrative expenses Period costs are associated with the ordering materials for production producing products the administration of the business general factory overhead Yes Yes No No Yes Yes Which of the following accounts is not reported on the Balance Sheet Cost of Goods Sold Raw Materials Work in Process Finished Goods Raw Materials Inventory increases when materials are purchased materials are used materials are transferred to Work in Process Inventory goods are sold Finished Goods Inventory decreases by cost of goods manufactured overhead applied the cost of selling the product the cost of goods sold Mounces Chocolate Delights bakery had $2,000 of raw materials in inventory at the beginning of the month During the month Mounce used $45,000 of materials and had $1,500 in ending inventory How much inventory did the bakery purchase during the month a $44,500 b $45,000 c $45,500 d $48,500 9 Basil Industries reported the following information for December Beginning balance, Raw Materials Inventory Beginning balance, Work in Process Inventory Beginning balance, Finished Goods Inventory Manufacturing overhead applied Purchases of raw materials Factory electricity Direct labor payroll Depreciation on factory equipment Insurance on factory building Indirect materials used in production Total raw materials used in production Indirect labor payroll Cost of goods manufactured Cost of Goods Sold What was the total manufacturing cost for Basil for December a $1,062,500 b $1,087,500 c $1,131,250 d $1,250,000 $ 187,500 300,000 106,250 525,000 337,500 62,500 200,000 218,750 50,000 43,750 406,250 150,000 1,250,000 1,312,500 10 a b c d At the beginning of the year, managers at King Industries estimated $420,000 in manufacturing overhead, 20,000 direct labor hours and 50,000 machine hours Actual manufacturing costs at the end of the year were $425,000 in manufacturing overhead During the year 22,000 direct labor hours and 47,000 machine hours were incurred If overhead is applied based on direct labor hours, what is the predetermined overhead rate for the coming year $19 09 per direct labor hour $20 00 per direct labor hour $21 00 per direct labor hour $21 25 per direct labor hour

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Which of the following items would least likely be classified as part of direct materials for an automobile manufacturer? a. Steel b. Paint c. Tires

Which of the following items would least likely be classified as part of direct materials for an automobile manufacturer? a. Steel b. Paint

c. Tires d. Screws
Janitorial supplies used in a factorys restrooms is an example of

Direct Material

Product Cost

a. b. c. d. No No

Direct materials are sometimes referred to as
1. overhead.
2. raw materials.
3. period costs.
4. administrative expenses.
Period costs are associated with
1. the ordering materials for production.
2. producing products.
3. the administration of the business.
4. general factory overhead.

Yes Yes No

No Yes Yes

Which of the following accounts is not reported on the Balance Sheet?
1. Cost of Goods Sold
2. Raw Materials
3. Work in Process
4. Finished Goods
Raw Materials Inventory increases when
1. materials are purchased.
2. materials are used.
3. materials are transferred to Work in Process Inventory.
4. goods are sold.
Finished Goods Inventory decreases by
1. cost of goods manufactured.
2. overhead applied.
3. the cost of selling the product.
4. the cost of goods sold.
Mounces Chocolate Delights bakery had $2,000 of raw materials in inventory at the beginning of the month. During the month Mounce used $45,000 of materials and had $1,500 in ending inventory. How much inventory did the bakery purchase during the month? a. $44,500

b. $45,000 c. $45,500 d. $48,500

9. Basil Industries reported the following information for December:

Beginning balance, Raw Materials Inventory Beginning balance, Work in Process Inventory Beginning balance, Finished Goods Inventory Manufacturing overhead applied

Purchases of raw materials Factory electricity Direct labor payroll Depreciation on factory equipment Insurance on factory building Indirect materials used in production Total raw materials used in production Indirect labor payroll

Cost of goods manufactured Cost of Goods Sold

What was the total manufacturing cost for Basil for December? a. $1,062,500 b. $1,087,500 c. $1,131,250

d. $1,250,000

$ 187,500 300,000 106,250 525,000 337,500 62,500 200,000 218,750 50,000 43,750 406,250 150,000 1,250,000 1,312,500

10.

a. b. c. d.

At the beginning of the year, managers at King Industries estimated $420,000 in manufacturing overhead, 20,000 direct labor hours and 50,000 machine hours. Actual manufacturing costs at the end of the year were $425,000 in manufacturing overhead. During the year 22,000 direct labor hours and 47,000 machine hours were incurred. If overhead is applied based on direct labor hours, what is the predetermined overhead rate for the coming year?

$19.09 per direct labor hour $20.00 per direct labor hour $21.00 per direct labor hour $21.25 per direct labor hour