ACCT 344 Week 1 Quiz

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ACCT 344 Week 1 Quiz

1. (TCO 2) Which cost assignment method would likely assign the cost of heating in a plant that makes beds and dressers when the bed product line is the cost object?

2. (TCO 2) Which cost is an example of product costs?

3. (TCO 2) Period costs do not include

4. (TCO 2) Based on the following information, which are the conversion costs?
Beginning work-in-process inventory                  $160,000
Ending work-in-process inventory                      $180,000
Cost of goods manufactured                              $500,000
Direct materials used                                         $130,000

5. (TCO  2) Based on the following information, which are the prime costs for the year?
Cost of goods manufactured                            $380,000
Beginning work-in-process inventory                $140,000
Ending work-in-process inventory                    $120,000
Manufacturing overhead                                  $70,000

6. (TCO 2) The absolute maximum production activity of a manufacturing firm is called

7. (TCO 2) Which item is a basic costing system record in a job-order costing system?

8. (TCO 2) Which firm would make extensive use of job-order costing?

9. (TCO 2) ABC Manufacturing Company has the following total job cards.
Job A   $6,500 
Job B   $5,630 
Job C   $3,825 
Job D   $3,800 
Job E   $6,300 
Job F   $4,200 
Jobs A and B were in Finished Goods Inv. at the beginning of the month.
Jobs C and D were in Work-in-Process at the beginning of the month.
Jobs E and F were started during the month.
At the end of the month, Jobs A and E were sent to customers.
At the end of the month, Jobs C, E, and F were completed and sent to finished goods.
Which is the cost of goods sold for the month?

10. (TCO 2) Action Corporation uses activity-based costing to apply overhead to jobs within a job-order costing system. The following overhead activities were budgeted for the year. Which is the cost of Job 2?

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