8/7/2016

ReviewTestSubmission:Quiz1:Chapter1(20points)...

Question1
Whatisworkinprocessinventorygenerallydescribedas?
Selected
Answer:
Correct
Answer:

Costsapplicabletounitsthathavebeenstartedinproductionbutareonlypartially
completed
Costsapplicabletounitsthathavebeenstartedinproductionbutareonlypartially
completed

Question2
Amanufacturingcompanycalculatescostofgoodssoldasfollows:

BeginningFGinventory+costofgoodsmanufacturedendingFGinventory.

CorrectAnswer:

BeginningFGinventory+costofgoodsmanufacturedendingFGinventory.

Managerialaccountingappliestoeachofthefollowingtypesofbusinessesexcept
SelectedAnswer:

Managerialaccountingappliestoalltypesoffirms.

CorrectAnswer:

Managerialaccountingappliestoalltypesoffirms.

Question4
Ascurrenttechnologychangesmanufacturingprocesses,itislikelythatdirect

Question6

2outof2points

SelectedAnswer:

Question3

Question5

2outof2points

SelectedAnswer:

laborwilldecrease.

CorrectAnswer:

laborwilldecrease.

2outof2points

2outof2points

2outof2points
Theinventoryaccountsthatshowthecostofcompletedgoodsonhandandthecostsapplicableto
productionthatisonlypartiallycompletedare,respectively
SelectedAnswer:

FinishedGoodsInventoryandWorkinProcessInventory.

CorrectAnswer:

FinishedGoodsInventoryandWorkinProcessInventory.

0outof2points
BensonInc.'saccountingrecordsreflectthefollowinginventories:
Dec.31,2016Dec.31,2017
Rawmaterialsinventory$80,000$64,000
Workinprocessinventory104,000116,000
Finishedgoodsinventory100,00092,000

During2017,Bensonpurchased$1,450,000ofrawmaterials,incurreddirectlaborcostsof$250,000,
andincurredmanufacturingoverheadtotaling$160,000.
AssumeBensonscostofgoodsmanufacturedfor2017amountedto$1,660,000.Howmuchwouldit
reportascostofgoodssoldfortheyear?
SelectedAnswer:

$1,652,000

CorrectAnswer:

$1,668,000

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8/7/2016

ReviewTestSubmission:Quiz1:Chapter1(20points)...

Question7

2outof2points

Productcostsconsistof
SelectedAnswer:

directmaterials,directlabor,andmanufacturingoverhead.

CorrectAnswer:

directmaterials,directlabor,andmanufacturingoverhead.

Question8
Salescommissionsareclassifiedas

Question9

SelectedAnswer:

periodcosts.

CorrectAnswer:

periodcosts.

2outof2points

2outof2points
Manufacturingcoststhatcannotbeclassifiedaseitherdirectmaterialsordirectlaborareknownas
SelectedAnswer:

manufacturingoverhead.

CorrectAnswer:

manufacturingoverhead.

Question10
Whichoneofthefollowingisnotacostelementinmanufacturingaproduct?
SelectedAnswer:

Officesalaries

CorrectAnswer:

Officesalaries

2outof2points

Sunday,August7,

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