204-003 Quiz 1

204 003 QUIZ 1
Student: ___________________________________________________________________________
1. The salary paid to the assembly line supervisor would normally be classified as:
A. Direct labor.
B. Indirect labor.
C. A period cost.
D. A general cost.
E. An assembly cost.
2. Which of the following should not be included in direct materials costs?

A. Invoice costs of direct materials.
B. Delivery charges on shipments to customers.
C. Materials storage costs.
D. Materials handling costs.
E. Incoming freight charges.
3. A manufacturing company has a beginning finished goods inventory of $14,600, raw material purchases of
$18,000, cost of goods manufactured of $32,500, and an ending finished goods inventory of $17,800. The cost
of goods sold for this company is:
A. $21,200.
B. $29,300.
C. $32,500.
D. $47,100.
E. $27,600.
4. Mustang Corporation has accumulated the following accounting data for the month of April:
Finished goods inventory, April 1 $30,200

Finished goods inventory, April 30 24,600
Total cost of goods manufactured 114,500
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The cost of goods sold for the year is:
A. $169,300.
B. $108,900.
C. $59,700.
D. $120,100.
E. $144,700.
5. Another title for work in process inventory is:

A. Indirect materials inventory.
B. Goods in process inventory.
C. Conversion costs.
D. Direct materials inventory.
E. Raw materials inventory.
204 003 QUIZ 1 Key
1. The salary paid to the assembly line supervisor would normally be classified as:
A. Direct labor.
B. Indirect labor.
C. A period cost.
D. A general cost.
E. An assembly cost.
AACSB: Analytical Thinking

AICPA: BB Resource Management
AICPA: FN Measurement
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 18-C3 Define product and period costs and explain how they impact financial statements.
Topic: Comparing Product and Period Costs
Wild - Chapter 18 #93
2. Which of the following should not be included in direct materials costs?

A. Invoice costs of direct materials.
B. Delivery charges on shipments to customers.
C. Materials storage costs.
D. Materials handling costs.
E. Incoming freight charges.

Blooms: Understand
Difficulty: 2 Medium
Learning Objective: 18-C3 Define product and period costs and explain how they impact financial statements.
Topic: Comparing Product and Period Costs
3. A manufacturing company has a beginning finished goods inventory of $14,600, raw material purchases of
$18,000, cost of goods manufactured of $32,500, and an ending finished goods inventory of $17,800. The cost
of goods sold for this company is:
A. $21,200.
B. $29,300.
C. $32,500.
D. $47,100.
E. $27,600.
Beginning Finished Goods + Cost of Goods Manufactured - Ending Finished Goods = Cost of Goods Sold;
$14,600 + $32,500 - $17,800 = $29,300.

AICPA: BB Industry
Blooms: Apply
Difficulty: 3 Hard
Learning Objective: 18-P2 Prepare a schedule of cost of goods manufactured and explain its purpose and links to financial statements.
Topic: Schedule of Cost of Goods Manufactured
4. Mustang Corporation has accumulated the following accounting data for the month of April:
Finished goods inventory, April 1 $30,200

Finished goods inventory, April 30 24,600
Total cost of goods manufactured 114,500
The cost of goods sold for the year is:

A. $169,300.
B. $108,900.
C. $59,700.
D. $120,100.
E. $144,700.
Beginning Finished Goods + Cost of Goods Manufactured - Ending Finished Goods = Cost of Goods Sold;
$30,200 + $114,500 - $24,600 = $120,100.

AICPA: BB Industry
Blooms: Apply
Difficulty: 2 Medium
Learning Objective: 18-P2 Prepare a schedule of cost of goods manufactured and explain its purpose and links to financial statements.
Topic: Schedule of Cost of Goods Manufactured
5. Another title for work in process inventory is:
A. Indirect materials inventory.
B. Goods in process inventory.
C. Conversion costs.
D. Direct materials inventory.
E. Raw materials inventory.

Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 18-C4 Explain how balance sheets and income statements for manufacturing; merchandising; and service companies differ.
Topic: Balance Sheet
204 003 QUIZ 1 Summary
Category # of Questio
ns
AACSB: Analytical Thinking 5
Accessibility: Keyboard Navigation 4
AICPA: BB Industry 2
AICPA: BB Resource Management 3
AICPA: FN Measurement 5
Blooms: Apply 2
Blooms: Remember 2
Blooms: Understand 1
Difficulty: 1 Easy 2
Difficulty: 2 Medium 2
Difficulty: 3 Hard 1
Learning Objective: 18-C3 Define product and period costs and explain how they impact financial statements. 2
Learning Objective: 18-C4 Explain how balance sheets and income statements for manufacturing; merchandising; and service com 1
panies differ.
Learning Objective: 18-P2 Prepare a schedule of cost of goods manufactured and explain its purpose and links to financial stateme 2
nts.
Topic: Balance Sheet 1
Topic: Comparing Product and Period Costs 2
Topic: Schedule of Cost of Goods Manufactured 2
Wild - Chapter 18 5
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204 003 QUIZ 1

2. Which of the following should not be included in direct materials costs?

Finished goods inventory, April 1 $30,200

5. Another title for work in process inventory is:

AACSB: Analytical Thinking

2. Which of the following should not be included in direct materials costs?

AACSB: Analytical Thinking

AACSB: Analytical Thinking

Finished goods inventory, April 1 $30,200

The cost of goods sold for the year is:

AACSB: Analytical Thinking

AACSB: Analytical Thinking

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