Question 1 (8 points) During 2007, Bianca\'s Gadget Shoppe reported total sales

Question

Question 1 (8 points)

During 2007, Bianca's Gadget Shoppe reported total sales of $45,126. On January 1, 2007, total merchandise on hand was $30,145. During the year, she made purchases of $10,000. On December 31, 2007, a total of $20,845 of merchandise was still on hand. As of December 1, 2007, gross profit was _______________________.

Question 1 options:

$25,826

$40,145

$19,300

None of the above

Save

Question 2 (6 points)

The cost of wages paid to employees directly involved in the manufacturing process in converting materials into finished product is classified as __________________.

Question 2 options:

factory overhead costs

direct labor costs

period costs

none of the above

Save

Question 3 (6 points)

A manufacturing business reports three types of inventory on its balance sheet: raw materials inventory, work in process inventory, and finished goods inventory.

Question 3 options:

Save

Question 4 (7 points)

During 2009, Susie's Dress Shoppe sold merchandise totaling $18,635. On January 1, 2009, Susie's Dress Shoppe reported merchandise on hand totaling $10,000. During the year, Susie purchased additional inventory totaling $24,000. On December 31, 2009, Susie's Dress Shoppe reported merchandise on hand totaling $30,000. Gross profit for 2009 was $14,635.

Question 4 options:

Save

Question 5 (6 points)

The cost of a manufactured product generally consists of direct materials cost, direct labor cost, and factory overhead cost.

Question 5 options:

Save

Question 6 (7 points)

In 2013, Thomas Manufacturing Company sold merchandise totaling $27,589. The Cost of Goods Sold for Thomas Manufacturing Company was $7,542. The Gross Profit for Thomas Manufacturing Company was $35,131.

Question 6 options:

Save

Question 7 (6 points)

The Accumulated Depreciation Account is an example of a(n) ___________________ account.

Question 7 options:

contract asset

expense

contra liability

none of the above

Save

Question 8 (8 points)

During 2007, Bianca's Gadget Shoppe reported total sales of $45,126. On January 1, 2007, total merchandise on hand was $30,145. During the year, she made purchases of $10,000. On December 31, 2007, a total of $20,845 of merchandise was still on hand. As of December 1, 2007, merchandise available for sale was _______________________.

Question 8 options:

$25,826

$40,145

$19,300

None of the above

Save

Question 9 (6 points)

Job order costing and process costing are _____________________________.

Question 9 options:

pricing systems

cost accounting systems

cost flow systems

none of the above

Save

Question 10 (8 points)

Alice sales widgets to local vendors. During 2011, she reported the account balances below. Alice should how much as her assets for the period?

Question 10 options:

$37,945

$31,047

$32,247

None of the above

Save

Question 11 (6 points)

Don Guitar Shop purchased wood on account for $1,750. Don should _______________.

Question 11 options:

Debit Accounts Receivable, Credit Raw Materials Inventory

Debit Raw Materials Inventory, Credit Accounts Payable

Debit Raw Materials Inventory; Credit Cash

None of the Above

Save

Question 12 (6 points)

Juan's Furniture Company manufactures furniture for local schools. Juan purchased wood totaling $5,124 to manufacture new tables for the cafeteria. The wood for the tables would be classified as a(n) _______________.

Question 12 options:

prime cost

conversion cost

factory overhead

none of the above

Save

Question 13 (6 points)

External users of financial statements include ____________________.

Question 13 options:

Government Agencies

Managers

CEOs

None of the Above

Save

Question 14 (6 points)

Property taxes are an example of a(n)___________.

Question 14 options:

direct cost object

factory overhead cost

direct cost

none of the above

Save

Question 15 (8 points)

During 2007, Bianca's Gadget Shoppe reported total sales of $45,126. On January 1, 2007, total merchandise on hand was $30,145. During the year, she made purchases of $10,000. On December 31, 2007, a total of $20,845 of merchandise was still on hand. As of December 1, 2007, cost of merchandise sold was _______________________.

Question 15 options:

$25,826

$40,145

$19,300

None of the above

A)

$25,826

B)

$40,145

C)

$19,300

D)

None of the above

Explanation / Answer

1) Gross Profit = Sales - Cost of goods sold

= 45126-( 30145+10000-20845) i.e 25826

2) Direct labour cost

3) True

4) True

5) True

6) False

7) Expense

8) 40145

9) Pricing systems

10) 32247

11) Debit raw materials credit accounts payable

12) Prime cost

13) Government agencies

14) Factory overhead cost

15) 19300

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.