Reference no: EM132541750

Question 1. Cost of Goods Sold can be calculated in the following manner:

Select one:

A. Ending Materials Inventory + Ending Work in Process + Ending Finished Goods

B. Beginning Work in Process + Cost of Goods Manufactured - Ending Work in Process

C. Beginning Finished Goods + Cost of Goods Manufactured - Ending Finished Goods

D. Ending Finished Goods - Beginning Finished Goods - Manufacturing Overhead

Question 2. An example of indirect labor would be:

Select one:

A. Salesperson

B. Factory Supervisor of many product lines

C. Factory line worker

D. Advertising manager

Question 3. The entry to record goods sold would include:

Select one:

A. debit Cost of Goods Sold

B. debit Work in Process

C. debit Raw Materials Inventory

D. debit Finished Goods

Question 4. The entry to record putting direct materials into production would include:

Select one:

A. debit Raw Materials Inventory

B. debit Cost of Goods Sold

C. debit Finished Goods

D. debit Work in Process

Question 5. The entry to record the completion of goods in process to Finished Goods Inventory would include:

Select one:

A. debit Work in Process

B. debit Finished Goods

C. debit Raw Materials Inventory

D. debit Cost of Goods Sold

Question 6. Total Manufacturing Cost (TMC) includes:

Select one:

A. WIP, FG, and COGS

B. FOH, WIP, and FG

C. DM, DL, and FOH

D. DL, DM, and WIP

Question 7. When a business uses robots to aid in the manufacturing process and to reduce material and labor costs, we call this:

Select one:

A. Just-in-Time (JIT)

B. Outsourcing

C. Stand Alone Automation

Question 8. When businesses hire or contract with other businesses to provide a product or service that had previously been provided within the business, we call this:

Select one:

A. Just-in-Time (JIT)

B. Just-in-Case Inventories

C. Stand Alone Automation

D. Outsourcing

Question 9. Which of the following is not a period cost:

Select one:

A. Depreciation of the office building

B. Indirect Labor

C. Sales Salaries

D. Advertising

Question 10. Which of the following is not a product cost:

Select one:

A. Indirect Labor

B. Factory Maintenance

C. Depreciation of the office building

D. Direct Materials