product are: 13. The three major cost components of manufacturing a A Markoting,

Question

product are: 13. The three major cost components of manufacturing a A Markoting, selling, and administrative costs. B. Indirect labor, indirect materials, and fixed expenses C. Direct materials, direct labor, and factory D. Product costs, period costs, and variable costs E. General, selling, and administrative costs. 14. A company's prime costs total $3,000,000 and its conversion costs total $7.000,000. If direct are $1,000,000 and factory overhead is $5,000,000, then direct labor is A. $4,000,000. B. $14,000,000. C. $2,000,000. D. $1,000,000. E. $3,000,000. 15. The following information relates to the manufacturing operations of the JNR Printing for the year Beginning Ending Raw materials inventory $57,000 $60,000 68,000 60,000 Finished goods The raw materials used in manufacturing during the year totaled $118,000. Raw materials purchased during the year amount to: A. $107,000. B. $115,000. C. $118,000. D. $121,000. E. $126,000. Which of the following represents the correct formula for calculating cost of goods manufactured? A. Direct materials used+ direct labor + factory overhead+ beginning work in process + ending WIP B. Direct materials used + direct labor+ factory overhead + beginning work in process-ending WIP C. Direct materials used + direct labor + factory overhead-beginning work in process + ending WIP. D. Direct materials used + direct labor + factory overhead-beginning work in process E. Direct materials used+ direct labor-factory overhead+ beginning work in process- ending WIP. 16. - ending WIP. p8. 4

Explanation / Answer

13) Manufacturing of product cost = direct material, direct labour factory overhead

so answer is c) Direct material, direct labour, factory overhead

14) Direct labour = Prime cost-direct material = 3000000-1000000 = 2000000

so answer is c) $20,00,000

15) Raw material purchase = 118000+60000-57000 = 121000

so answer is d) $121,000

16) Cost of goods manufactured = Direct material used+direct labour+factory overhead+beginning wip-ending wip

so answer is b) Direct material used+direct labour+factory overhead+beginning wip-ending wip

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