ACC 560 Week 2 Quiz 1 (Chapter 1)\tQuestion 1\t\u00a0\tA manufacturing company calculates cost of goods sold as follows:\tQuestion 2\t\u00a0\tDolan Company’s accounting records reflect the following inventories:\tDec. 31, 2017 Dec. 31, 2016\tRaw materials inventory $310,000 $260,000\tWork in process inventory 300,000 160,000\tFinished goods inventory 190,000 150,000\t\u00a0\tDuring 2017, $800,000 of raw materials were purchased, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000.\tThe total raw materials available for use during 2017 for Dolan Company is\tQuestion 3\t\u00a0\tProduct costs are also called\tQuestion 4\t\u00a0\tAs current technology changes manufacturing processes, it is likely that direct\tQuestion 5\t\u00a0\tSales commissions are classified as\tQuestion 6\t\u00a0\tDolan Company’s accounting records reflect the following inventories:\t\u00a0\tDec. 31, 2017 Dec. 31, 2016\tRaw materials inventory $310,000 $260,000\tWork in process inventory 300,000 160,000\tFinished goods inventory 190,000 150,000\tDuring 2017, $800,000 of raw materials were purchased, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000.\tIf Dolan Company’s cost of goods manufactured for 2017 amounted to $1,890,000, its cost of goods sold for the year is\t\u00a0\tQuestion 7\t\u00a0\tProperty taxes on a manufacturing plant are an element of a\tProduct Cost Period Cost\tQuestion 8\t\u00a0\tBenson Inc.’s accounting records reflect the following inventories:\tDec. 31, 2016Dec. 31, 2017\tRaw materials inventory $ 80,000 $ 64,000\tWork in process inventory 104,000 116,000\tFinished goods inventory 100,000 92,000\t\u00a0\tDuring 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000.\tAssume 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?\tQuestion 9\t\u00a0\tOn the costs of goods manufactured schedule, the item raw materials inventory (ending) appears as a(n)\tQuestion 10\t\u00a0\tFor a manufacturing firm, cost of goods available for sale is computed by adding the beginning finished goods inventory to<\/p>\n","protected":false},"excerpt":{"rendered":"
ACC 560 Week 2 Quiz 1 (Chapter 1) Question 1 \u00a0 A manufacturing company calculates cost of goods sold as follows: Question 2 \u00a0 Dolan Company’s accounting records reflect the following inventories: Dec. 31, 2017 Dec. 31, 2016 Raw materials Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-200366","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200366","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=200366"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200366\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=200366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=200366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=200366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}