ACC 560 Week 2 Quiz 1 (Chapter 1) Question 1 A manufacturing company calculates cost of goods sold as follows: Question 2 Dolan Company’s accounting records reflect the following inventories: Dec. 31, 2017 Dec. 31, 2016 Raw materials inventory $310,000 $260,000 Work in process inventory 300,000 160,000 Finished goods inventory 190,000 150,000 During 2017, $800,000 of raw materials were purchased, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000. The total raw materials available for use during 2017 for Dolan Company is Question 3 Product costs are also called Question 4 As current technology changes manufacturing processes, it is likely that direct Question 5 Sales commissions are classified as Question 6 Dolan Company’s accounting records reflect the following inventories: Dec. 31, 2017 Dec. 31, 2016 Raw materials inventory $310,000 $260,000 Work in process inventory 300,000 160,000 Finished goods inventory 190,000 150,000 During 2017, $800,000 of raw materials were purchased, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000. If Dolan Company’s cost of goods manufactured for 2017 amounted to $1,890,000, its cost of goods sold for the year is Question 7 Property taxes on a manufacturing plant are an element of a Product Cost Period Cost Question 8 Benson Inc.’s accounting records reflect the following inventories: Dec. 31, 2016Dec. 31, 2017 Raw materials inventory $ 80,000 $ 64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000. Assume Benson’s cost of goods manufactured for 2017 amounted to $1,660,000. How much would it report as cost of goods sold for the year? Question 9 On the costs of goods manufactured schedule, the item raw materials inventory (ending) appears as a(n) Question 10 For a manufacturing firm, cost of goods available for sale is computed by adding the beginning finished goods inventory to
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