Question

The wages paid to an assembly line worker in a manufacturing plant are: a product cost, but not part of factory overhead b. a product cost that is also part of factory overhead c. neither a product cost nor part of factory overhead 2. Manufacturing overhead does not include: the cost of thread used in making upholstered furniture of b. depreciation on factory equipment wages paid to a factory security guard a) the cost of shipping finished products to customers 3. The salary paid to the a salesperson would be classified on the income statement as a(n): a. administrative expense b. direct labor cost c. manufacturing overhead cost selling expense 4. Fuchsia (fuchsia is a color) thread was ordered specifically for the manufacture of Job #202 and will not be used on any other job. The company does not ordinarily keep fuchsia thread on hand. The cost would be classified as: a. indirect materials b) direct materials c. other indirect cost 5. Which of the following should be included as part of manufacturing overhead in the production of wooden tables? The amount paid to the individuals who stain the tables b. The cost of electricity used in the factory The cost of wood used in the table d.) The cost of depreciation on computers used in the corporate offices 6. Which account would be credited when manufacturing overhead is applied to a job? a. the Cost of Goods Sold account b. the Finished Goods Inventory account the Work in Process Inventory account d. the Manufacturing Overhead account 7. The "Cost of Goods Manufactured' represents: the amount of product cost charged to Work in Process Inventory during the period the cost of goods completed and transferred from Work in Process Inventory to Finished Goods Inventory during the period c. the amount of product costs added to jobs during the period d. the cost of goods transferred from Finished Goods Inventory to Cost of Goods Sold during the period 8. Which account would be credited when gaterials are issued for use in production? a. Work in Process Inventory b. Finished Goods Inventory c) Raw Materials Inventory d. Manufacturing Overhead 9. During the month of July at Jones Co., goods costing $140,000 were sold on account at 50% more than cost. Which of the following entries or sets of entries would be recorded? debit Cost of Goods Sold for $140,000, debit Net Income for $70,000, and credit Sales for $210,000 debit Cost of Goods Sold for $140,000 and credit Finished Goods Inventory for $140,000 AND debit Accounts Receivable for $210,000 and credit Sales for $210,000 c. debit Accounts Receivable for $210,000 and credit Sales for $210,000 d. debit Cost of Goods Sold for $140,000 and credit Work in Process Inventory for $140,000 AND debit Accounts Receivable for $210,000 and credit Sales for $210,000 10. An over-applied balance in the Manufacturing Overhead account at the end of a period would usually be transferred (credited) to: a. Finished Goods Inventory b. Cost of Goods Manufactured O Cost of Goods Sold d. Work in Process Inventory

Answer 1

1	Option a.
2	Option d.
3	Option d.
4	Option b.
5	Option b.
6	Option d.
7	Option b.
8	Option c.
9	Option b.
10	Option c.