ACC 202 FALL 2017 FINAL EXAM Name MULTIPLE CHOICE. Choose the one alternative th
ID: 2586428 • Letter: A
Question
ACC 202 FALL 2017 FINAL EXAM Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the 1) Mars Supplies Company provided the following information fot the year inning Balance Work-in-Process Inven Ending Balance Work- in-Process Inventor inning Balance Direct Materials Invent nding Balance Direct Materials Invent Purchases- Direct Materials Direct Labor 21,x00 24,000 Plant and Equ Plant Utilities and In rance 268,0 What was the amount of the manufacturing overhead costs? A) $491,000 B) $292,000 C) 545,000 D) 5313,000 2) Anika, a division manager, is purchasing materials to ensure she has enough to meet customers demands. Anika is engaging in the 2) . A) directing function C) planning function B) decision function D)controlling function 3) Which of the following describes the cost of goods manufactured? 3) A) the total cost of all goods that were completed, or partially completed during the period B) the cost of the goods that were sold during the period C) the cost of those goods that were completed during the period D) the total costs in inventory at the end of the period 4) On January 1, Standard Manufacturing had a beginning balance in Work- in- Process Inventory of $82,000 and a beginning balance in Finished Goods Inventory of $21,000. During the year, Standard During the year, the following transactions occurred: Job A- 12 was completed for a total cost of $120,000 and was sold for $126,000 Job A- 13 was completed for a total cost of $203,000 and was sold for $210,000 Job A-15 was completed for a total cost $60,000 but was not sold as of year-end. The Manufacturing Overhead account had an unadjusted credit balance of $12,000 and was adjuste zero at year- end What was the amount of gross profit reported by Standard at the end of the yeari D) $7000 A) $25,000 B) $6000Explanation / Answer
Q1.
Answer is D. $ 313,000
The explanation is as follows:
Manufacturing overhead cost is:
Indirect Labour : 21,000
Depreciation on Factory Plant & Equipment: 24,000
Plant utilities and Insurance : 268,000
Total Manufacturing Overheads : $ 313,000
Q 2. Answer is D. Controlling Function.
The explanation is as follows:
Anika has to ensure the the timely delivery of supplies to customer. She is doing the controlling function of ensuring the operation of processes and procedure of delivery of services.
Q 3.
Answer is C. The Total cost of those that were completed during the period.
The explanation is a sfollows:
The cost of goods manufactured includes the cost of only those material thta is complete and is ready for sale. But not the material that is in process.
Q4.
Answer is C. $ 13,000
The explanation is as follows:
Gross profit earned from sale of jobs:
Job no. 12 = Sales- Total cost = 126,000 -120,000 = $ 6,000
Job No. 13 = Sales - Total cost =210,000 -203,000 = $ 7,000
Total Gross Profit = 6000+7000 = $13,000
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