Question 1 amoeba manufacturing inc. provided the following

Question 1  Amoeba Manufacturing Inc. provided the following information for the year 2015: Purchases Raw Materials $90,000Plant Utilities & Insurance 67,500Indirect Materials 11,750Indirect Labor 4,750Direct Materials Used in Production 96,000Direct Labor 117,500Depreciation on Factory Plant & Equipment 6,000Cost of Goods Manufactured 290,850 The inventory account balances as of January 1st 2015 are given below.Raw Materials Inventory $42,000Work-in-Process Inventory 12,000Finished Goods Inventory 49,500 What is the ending balance in the Work-in-Process Inventory account? $65,350 $49,500 $24,650 $12,000 Question 2  Barricades Corporation provided the following information for the year 2015: Beginning Balance Work-in-Process Inventory $24,000Ending Balance Work-in-Process Inventory 56,000Beginning Balance Raw Materials Inventory 84,000Ending Balance Raw Materials Inventory 60,000Purchases Raw Materials 360,000Direct Labor 470,000Indirect Materials 47,000Indirect Labor 19,000Depreciation on Factory Plant & Equipment 24,000Plant Utilities & Insurance 270,000 What was the amount of direct materials used in production during 2015? $504,000 $360,000 $328,000 $384,000       Question 3  Which of the following is an objective of management accounting? to provide information to business managers to assist them in controlling their business to ensure that the reports produced for internal and external business purposes are GAAP compliant to provide information to shareholders to assist them with their investment decisions to generate financial statements of a company for tax reporting Question 4  Jasper Corporation reports the following cost information for March: Cost of Goods Manufactured $75,000Direct Materials Used 16,850Finished Goods Inventory, March 1 4,500Finished Goods Inventory, March 31 2,650Work-in-Process Inventory, March 1 9,670Work-in-Process Inventory, March 31 1,250Direct Labor 36,300 What is the amount of manufacturing overhead incurred by the company in March? $30,270 $20,000 $13,430   $136,570 Question 5  Which of the following is an example of direct labor cost in a factory? wages of factory security guard salary of production manager wages of assembly line personnel salary of vice president of production Question 6  Damsel Inc. is a large manufacturer of auto tires. Damsel has provided the following information: Sales Revenue $45,500Beginning Finished Goods Inventory 1,500Cost of Goods Sold 32,500Cost of Goods Manufactured 35,000 Calculate the amount of ending finished goods inventory reported in Damsel’s balance sheet. $4,000      $10,500 $3,500 $36,500 Question 7  The balance sheet of a ________ company will show Work-in-Process Inventory as a line item. trading service manufacturing merchandising Question 8  Crystal Inc. is a merchandiser of stone ornaments. The company sold 15,000 units in 2015. The company has provided the following information:Sales Revenue $557,000Purchases (excluding freight in) 300,000Selling and Administrative Expenses 69,000Freight In 15,000Beginning Merchandise Inventory 45,000Ending Merchandise Inventory 55,700 What is the cost of goods sold for 2015? $360,000 $330,000 $304,300       $358,300 Question 9  Given the following information, determine the cost of goods sold. Direct Labor Incurred $63,000Manufacturing Overhead Incurred 179,500Direct Materials Used 150,000Finished Goods Inventory, 1/1/2015 197,500Finished Goods Inventory, 12/31/2015 221,000Work-in-Process Inventory, 1/1/2015 96,500Work-in-Process Inventory, 12/31/2015 109,000 $1,016,500 $414,000 $356,500     $380,000 Question 10  Barricades Corporation provided the following information for the year 2015: Beginning Balance Work-in-Process Inventory $24,000Ending Balance Work-in-Process Inventory 56,000Beginning Balance Raw Materials Inventory 84,000Ending Balance Raw Materials Inventory 60,000Purchases Raw Materials 360,000Direct Labor 470,000Indirect Materials 47,000Indirect Labor 19,000Depreciation on Factory Plant & Equipment 24,000Plant Utilities & Insurance 270,000 What was the amount of the cost of goods manufactured for the year 2015? $1,182,000  $1,246,000 $1,414,000 $1,214,000 Question 11 Which of the following would be included as manufacturing overhead for a manufacturing business? direct labor advertising indirect materials cost direct materials cost Question 12  For a manufacturing company, which of the following is a period cost? wages expense of factory workers office rent indirect materials direct materials Question 13  Which of the following correctly describes the accounting for indirect labor costs? Indirect labor costs are period costs and are expensed when the manufactured product is sold. Indirect labor costs are period costs and are expensed as incurred. Indirect labor costs are product costs and are expensed when the manufactured product is sold. Indirect labor costs are product costs and are expensed as incurred. Question 14  Which of the following is the primary objective of managerial accounting? providing summarized results of operations providing information that managers need to make operational decisions providing information to comply with laws and regulations of government bodies providing historical data to investors and creditors Question 15  Selected data for Lemon Grass Inc. for 2015 is provided below: Factory Utilities $1,500Indirect Materials Used 37,500Direct Materials Used 300,000Property Taxes on Factory Building 6,900Sales Commissions 85,000Indirect Labor Incurred 25,000Direct Labor Incurred 150,000Depreciation on Factory Equipment 6,500 What is the total factory overhead? $450,000 $62,400 $612,000 $77,400     Question 16 Samson Inc. reported the following information for the year 2015: Service Revenue $40,000Operating Expenses $23,625Net Income $16,375Number of Services Provided for the Year 10,500How much was the unit cost per service? $2.25      $3.81 $1.56 $3.20 Question 17 Crystal Inc. is a merchandiser of stone ornaments. The company sold 15,000 units in 2015. The company has provided the following information: Sales Revenue $557,000Purchases (excluding freight in) 300,000Selling and Administrative Expenses 69,000Freight In 15,000Beginning Merchandise Inventory 45,000Ending Merchandise Inventory 55,700 What is the cost of goods available for sale for 2015? $304,300 $360,000       $330,000 $345,000 Question 18  Which of the following is an example of a period cost for a manufacturing company? advertising expense property taxes for the factory indirect materials depreciation on factory equipment Question 19  Which of the following is the primary focus of financial accounting? providing information that managers need to make operational decisions providing highly detailed information on product lines, regions, and divisions providing budgets for future periods providing summarized information on operational results to investors and creditors Question 20  Evanston Manufacturing Inc. reported the following information for the year 2015: Number of Units Produced 4,800Number of Units Sold 5,250Cost of Goods Manufactured $460,800Cost of Goods Sold $488,250Sales Revenue $1,260,000Gross Profit $771,750Operating Expense $724,900 What was the unit product cost? $87.77 $93.00 $262.50 $96.00       
 
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