Ch 15 Quiz

A company used $35,000 of direct materials, incurred $73,000 in direct labor cost, and had $114,000 in factory overhead costs during the period. If beginning and ending work in process inventories were $28,000 and $32,000, respectively, the cost of goods manufactured was

$218,000

The cost of goods manufactured is $245,000. The finished goods inventory increased from the beginning to the end of the period by $8,000, while the work in process inventory increased from the beginning to the end of the period by $3,000. What is the cost of goods sold?

$237,000

Which of the following is part of factory overhead cost?

depreciation of factory equipment and machines

All of the following would be reported on the balance sheet as current assets except

factory overhead

If the cost of a direct material is a small portion of total production cost, it may be classified as part of

factory overhead cost

Which of the following is the principal reason for preparing managerial accounting reports?

usefulness to management

Compute conversion costs given the following data: Direct Materials, $352,700; Direct Labor, $196,300; Factory Overhead, $177,600.

$373,900

Jensen Company reports the following: ​ Direct materials used$345,000Direct labor incurred 250,000Factory overhead incurred 400,000Operating expenses 175,000 What is product cost

$995,000

Which of the following is false in regards to direct materials for an auto manufacturer?

Small plastic clips to hold on door panels, because they become part of the auto, must be accounted for as direct materials.

At the beginning of the current year, Grant Company's work in process inventory account had a balance of $30,000. During the year, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred. Factory overhead for the year amounted to $90,000. Cost of goods manufactured is $230,000. The balance in work in process inventory on December 31 is

$24,000