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Cost Accounting Quiz 1 - Statement of Cost of Goods Manufactured

This document contains information and questions about cost accounting concepts like cost of goods manufactured, cost of goods sold, direct materials used, manufacturing costs, and inventory amounts. It includes multiple problems providing inventory balances, direct labor hours, direct labor and overhead costs, raw materials purchased, and other relevant financial data for various companies. The accompanying questions calculate values like direct materials used, total manufacturing costs, cost of goods manufactured, cost of goods sold, and cost per unit based on the information provided for each problem.

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MarkJoven Bergantin
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183 views

Cost Accounting Quiz 1 - Statement of Cost of Goods Manufactured

This document contains information and questions about cost accounting concepts like cost of goods manufactured, cost of goods sold, direct materials used, manufacturing costs, and inventory amounts. It includes multiple problems providing inventory balances, direct labor hours, direct labor and overhead costs, raw materials purchased, and other relevant financial data for various companies. The accompanying questions calculate values like direct materials used, total manufacturing costs, cost of goods manufactured, cost of goods sold, and cost per unit based on the information provided for each problem.

Uploaded by

MarkJoven Bergantin
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Cost Accounting

Quiz 1 - Statement of Cost of Goods Manufactured

Problem 2-1

In July, JCBC Company purchased materials costing $21,000 and incurred direct labor cost of $18,000.
Overhead totaled $32,000 for the month. Information on inventories was as follows:

July 1 July 31
Materials $6,200 $7,100
Work in process $ 700 $1,200
Finished goods $3,300 $2,700

36. What was the cost of direct materials used in July?


a. $21,000
b. $20,100
c. $21,900
d. $20,500
37. What were the total manufacturing costs in July?
a. $71,000
b. $50,000
c. $69,600
d. $70,100
38. What was the cost of goods manufactured for July?
a. $70,500
b. $70,700
c. $69,600
d. $69,100

39. What was the cost of goods sold for July?


a. $70,200
b. $69,600
c. $71,300
d. $71,100

40. If JCBC Company sold 10,000 units during July and gross margin totaled $29,800, what was the
sales price per unit?
a. $9.94
b. $10.00
c. $10.09
d. $10.11
Problem 2-2

Amcar Company manufactures wood file cabinets. The following information is available for June
2008:

Beginning Ending
Raw Material Inventory $ 6,000 $ 7,500
Work in Process Inventory 17,300 11,700
Finished Goods Inventory 21,000 16,300

41. Refer to Amcar Company. Direct labor is $9.60 per hour and overhead for the month was $9,600.
Compute total manufacturing costs for June, if there were 1,500 direct labor hours and $21,000 of
raw material was purchased.
a. $58,500
b. $46,500
c. $43,500
d. $43,100
42. Refer to Amcar Company. Direct labor is paid $9.60 per hour and overhead for the month was
$9,600. What are prime costs and conversion costs, respectively if there were 1,500 direct labor hours
and $21,000 of raw material was purchased?
a. $29,100 and $33,900
b. $33,900 and $24,000
c. $33,900 and $29,100
d. $24,000 and $33,900
43. Refer to Amcar Company. Direct labor is paid $9.60 per hour and overhead for the month was
$9,600. If there were 1,500 direct labor hours and $21,000 of raw material purchased, Cost of Goods
Manufactured is:
a. $49,100.
b. $45,000.
c. $51,000.
d. $49,500.
44. Refer to Amcar Company. Direct labor is paid $9.60 per hour and overhead for the month was
$9,600. If there were 1,500 direct labor hours and $21,000 of raw material purchased, how much is
Cost of Goods Sold?
a. $64,500.
b. $59,800.
c. $38,800.
d. $53,800.
Problem 2-3

Langley Enterprises

Inventories: March 1 March 31


Raw material $18,000 $15,000
Work in process 9,000 6,000
Finished goods 27,000 36,000

Additional information for March:


Raw material purchased $42,000
Direct labor payroll 30,000
Direct labor rate per hour 7.50
Overhead rate per direct labor hour 10.00

45. Refer to Langley Enterprises. For March, prime cost incurred was
a. $75,000.
b. $69,000.
c. $45,000.
d. $39,000.

46. Refer to Langley Enterprises. For March, conversion cost incurred was
a. $30,000.
b. $40,000.
c. $70,000.
d. $72,000.
Concord Company

The following information has been taken from the cost records of Concord Company for the past year:

Raw material used in production $326


Total manufacturing costs charged to production during the year (includes direct 686
material, direct labor, and overhead equal to 60% of direct labor cost)
Cost of goods available for sale 826
Selling and Administrative expenses 25

Inventories Beginning Ending


Raw Material $75 $ 85
Work in Process 80 30
Finished Goods 90 110

47. Refer to Concord Company. The cost of raw material purchased during the year was
a. $316.
b. $336.
c. $360.
d. $411.

48. Refer to Concord Company. Direct labor cost charged to production during the year was
a. $135.
b. $216.
c. $225.
d. $360.

49. Refer to Concord Company. Cost of Goods Manufactured was


a. $636.
b. $716.
c. $736.
d. $766.
50. Refer to Concord Company. Cost of Goods Sold was
a. $691.
b. $716.
c. $736.
d. $801.

/herbolcpa

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