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Ashford Acc206 week 3 quiz

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ACC206 Week 3 Quiz

1. At the beginning of 2011, the Taylor Company's work in process inventory account had a balance of $30,000. During 2011, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred. Manufacturing overhead in 2011 amounted to $90,000. The cost of goods manufactured was $220,000 in 2011. What is the balance in work in process inventory on December 31, 2011? (Points : 1)
$24,000
$66,000
$ 6,000
$34,000
None of these is correct
2. All manufacturing overhead costs incurred are accumulated as debits to a general ledger account titled Manufacturing overhead. (Points : 1)
True
False
3. The following information pertains to Bright Toy Company's operating activities for 2012. The company sells light box toys and sold 10,000 units in 2012.
Purchases
$ 126,000
Selling and Administrative Expenses
90,000
Merchandise inventory, 1/1/2012
14,000
Merchandise inventory, 12/31/2012
10,000
Sales Revenue
250,000

What is the cost of goods available for sale for 2012? (Points : 1)
$140,000
$126,000
$104,000
$130,000
None of these is correct
4. The journal entry to issue $500 of direct materials and $30 of indirect materials to production includes which of the following? (Points : 1)
Debit to Work in process for $500 and debit to Finished goods for $30
Debit to Manufacturing overhead for $530
Debit to Work in process for $500 and debit to Manufacturing overhead for $30
Debit to Work in process inventory for $530
5. The following information pertains to Bright Toy Company's operating activities for 2012. The company sells light box toys and sold 10,000 units in 2012.


Purchases
$ 126,000
Selling and Administrative Expenses
90,000
Merchandise inventory, 1/1/2012
14,000
Merchandise inventory, 12/31/2012
10,000
Sales Revenue
250,000

What is the gross profit for 2012? (Points : 1)
$120,000
$130,000
$140,000
$136,000
None of these is correct
6. In a manufacturing operation, depreciation of the plant and plant equipment should be debited to Depreciation expense. (Points : 1)
True
False
7. The following information pertains to Bright Toy Company's operating activities for 2012. The company sells light box toys and sold 10,000 units in 2012.
Purchases
$ 126,000
Selling and Administrative Expenses
90,000
Merchandise inventory, 1/1/2012
14,000
Merchandise inventory, 12/31/2012
10,000
Sales Revenue
250,000

What is the cost of goods sold for 2012? (Points : 1)
$104,000
$124,000
$130,000
$140,000
None of these is correct
8. Archangel Manufacturing has just finished the year 2012. They created a predetermined manufacturing overhead allocation rate at the beginning of the year based on a percentage of direct labor costs. Below are various data:

Total manufacturing overhead estimated at the beginning of the year: $140,000
Total direct labor costs estimated at the beginning of the year: $350,000
Total direct labor hours estimated at the beginning of the year: 12,000 direct labor hours
Actual manufacturing overhead costs for the year: $159,000
Actual direct labor costs for the year: $362,000
Actual direct labor hours for the year: 12,400 direct labor hours

Based on the data above, how much manufacturing overhead was allocated to production? (Please round to nearest whole dollar.) (Points : 1)
$825,360
$905,000
$144,800
$159,280
None of these is correct
9. Selected data for Young Company for 2012 is presented below:
Direct labor incurred
$30,000
Indirect labor incurred
21,000
Factory depreciation
5,000
Factory utilities
7,000
Indirect materials used
2,000
Direct materials used
12,000
Property taxes on factory building
3,000
Sales commissions
8,000

What is the manufacturing overhead? (Points : 1)
$47,000
$50,000
$38,000
$46,000
None of these is correct
10. Indirect materials and indirect labor are tracked to individual job costing records and recorded in the Work in process account. (Points : 1)
True
False

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