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53. Barnes Co. incurred the following costs during July:
Conversion costs $133,000
Prime costs $125,000
Manufacturing overhead $75,000
What was the amount of direct materials used and direct labor for July?
Direct materials Direct labor
A. $43,000 $47,000
B. $47,000 $43,000
C. $58,000 $45,000
D. $67,000 $58,000
54. Woodcarving Co. incurred the following costs during May:
Conversion costs $460,000
Prime costs $390,000
Manufacturing overhead $315,000
What was the amount of direct materials and direct labor used in May?
Direct materials Direct labor
A. $100,000 $295,000
B. $105,000 $215,000
C. $245.000 $145,000
D. $70,000 $75,000
55. Jeffrey's Bottling Co. incurred the following costs during November:
Conversion costs $
Prime costs $220,000
Manufacturing overhead $175,000
If direct materials cost was $140,000 in November, what was the conversion cost for November?
56. Furniture Co. incurred the following costs during 2016:
Conversion costs $240,000
Prime costs $210,000
Manufacturing overhead $115,000
What was the amount of direct materials and direct labor used for the year?
Direct materials Direct labor
A. $95,000 $100,000
B. $105,000 $80,000
C. $125,000 $90,000
D. $85,000 $125,000
57. Factory overhead costs for a given period were 3 times as much as the direct material
costs. Prime costs totaled $2,000. Conversion costs totaled $3,280. What are the direct labor
costs for the period?
58. Factory overhead costs for a given period were 2 times as much as the direct material
costs. Prime costs totaled $8,000. Conversion costs totaled $11,350. What are the direct labor
costs for the period?
59. Factory overhead costs for a given period were 1.5 times as much as the direct material
costs. Prime costs totaled $15,500. Conversion costs totaled $22,725. What are the direct labor
costs for the period?
60. Consider the following for Columbia Street Manufacturing:
Change in finished goods inventory $985 increase
Change in work-in-process inventory $350 decrease
Total manufacturing costs $900
What are the cost of goods manufactured and cost of goods sold?
Cost of goods
manufactured Cost of goods
sold
A. $885 $1,050
B. $1,250 $265
C. $1,525 $925
D. $1,250 $565
61. Consider the following for Guardian Manufacturing Company:
Change in finished goods inventory $315 increase
Change in work-in-process inventory $145 increase
Total manufacturing costs $630
What are the cost of goods manufactured and cost of goods sold?
Cost of goods
manufactured Cost of goods
sold
A. $470 $320
B. $485 $170
C. $505 $280
D. $485 $370
62. In order to assure that accounting information is accurate and to avoid potentially costly
mistakes in the decision making process, firms should:
63. Which of the following best describes a fixed cost?
64. The income statement for a manufacturing company includes:
65. The income statement for a merchandising company includes:
66. Which of the following should be considered a structural cost driver?
67. A manager of a small manufacturing firm is interested in knowing what the company's
product costs are. Which of the following would be considered a product cost for the manager's
company?
68. A manager of a large retail firm is interested in knowing what the company's product
costs are.
Which of the following would be considered a product cost for the manager's company?
69. The main objective(s) of internal accounting controls is/are:
70. Direct materials and direct labor costs total $70,000 and factory overhead costs total
$100 per machine hour. If 200 machine hours were used for Job #333, what is the total
manufacturing cost for Job #333?
71. Direct materials and direct labor costs total $40,000 and factory overhead costs total
$100 per machine hour. If 200 machine hours were used for Job #202, what is the total
manufacturing cost for Job #202?
72. Which of the following would not be considered a cost pool?
73. A group of related products may be referenced as:
74. There is no convenient or economical way to trace a(n) _______ from the cost to the cost
pool or from the cost pool to the cost object.
75. Which of the following is not a correct pairing of the activity and the potential cost
driver?
76. Which of the following is an example of an indirect cost?
77. Which of the following is not a product cost?
78. Complete the inventory formula:
Beginning Inventory + ______ = ________ + Ending Inventory
79. Which of the following is not an example of a product cost?
80. The total manufacturing cost consists of the costs for materials used, labor, and
________.
81. The emphasis on effective _________ has ________ significantly in recent years in
response to SEC requirements imposed by the Sarbanes-Oxley Act of 2002.
