Fakljalkjakl Essay

1040 words - 5 pages

(Points : 4)

  |
4. (TCO 2)The following information is available for Sappy’s Surgical Shears for the fiscal year ending December 31, 20XX.
 
Beginning balance in Finished Goods                                          $  17,000
Ending balance in Finished Goods                                                  15,200
Beginning balance in Work in Process                                             2,500
Ending balance in Work in Process                                                 1,836
Selling expenses                                                                        123,000
General and administrative expenses                                             89,000
Direct material cost                                                                      54,500
Direct labor cost                                                                           66,000
Manufacturing overhead                                                                 21,400
Sales                                                                                        385,000
 
Prepare a schedule of cost of goods manufactured. (Points : 4)

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5. (TCO 2) Match each of the following six terms with the phrase that most closely describes it. Each answer below may be used only once.
 
______    1.     activity-based costing                          
______    2.     cost of goods available for sale
______    3.     period costs
______    4.     process costing system
______    5.     just-in-time system
______    6.     work in process
 
(A) Costs assigned to the goods produced; also known as manufacturing costs
(B) Materials costs that are not traced directly to products produced
(C) System that seeks to minimize Raw Materials Inventory and Work in Process Inventory
(D) Cost of items that are completed and transferred from Work in Process Inventory to Finished Goods Inventory
(E) Costs that are identified with accounting periods rather than with goods produced
(F) Actual overhead is greater than overhead that has been applied to products
(G) Method of assigning overhead costs that uses multiple allocation bases
(H) System that uses job-order sheets to collect costs for each individual job
(I) Cost of all materials and parts that are directly traced to the items produced
(J) Beginning balance in the Finished Goods Inventory plus cost of goods manufactured
(K) Overhead applied to products is greater than the actual overhead costs incurred
(L) Used by companies that produce large quantities of identical items
(M) Cost of all manufacturing activities other than direct material and direct labor
(N) Inventory account that contains the cost of goods that are only partially completed

(Points : 6)

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6. (TCO 2) Far Out Ceramics makes custom macaroni tile and applies job-order costing. The following information relates to the fiscal year ending December 31, 20XX.
 
Beginning balance in Raw Materials Inventory...

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