Question 1

Classify the following costs incurred in the manufacturing of cookie bars
-Cookie Dough

Accepted Answer

A)  Product Cost-Direct Materials 
B)  Product Cost-Conversion 
C)  Period Cost 
A)  Product Cost-Direct Materials 
B)  Product Cost-Conversion 
C)  Period Cost

Question 2

The number of fully completed units that equates with a given number of partially completed units is referred to as the:

Accepted Answer

A)  Number of units in ending finished goods inventory 
B)  Equivalent completed units 
C)  The number of units sold this period 
D)  The number of units in ending Work-in-Process inventory 
A)  Number of units in ending finished goods inventory 
B)  Equivalent completed units 
C)  The number of units sold this period 
D)  The number of units in ending Work-in-Process inventory

Question 3

For each of the following independent manufacturing situation, select the best choice and why ?
-A building contractor for $800,000 homes

Accepted Answer

A)  Job Order 
B)  Process 
A)  Job Order 
B)  Process

Question 4

Indicate whether each of the following costs, incurred by a manufacturer
-Corporate jet operating expense

Accepted Answer

A)  Product cost 
B)  Period cost 
A)  Product cost 
B)  Period cost

Question 5

Indicate whether each of the following costs, incurred by a manufacturer
-Vice president of manufacturing salary

Accepted Answer

A)  Product cost 
B)  Period cost 
A)  Product cost 
B)  Period cost

Question 6

Indicate whether each of the following costs, incurred by a manufacturer
-Entertainment costs of vice president of manufacturing

Accepted Answer

A)  Product cost 
B)  Period cost 
A)  Product cost 
B)  Period cost

Question 7

For each of the following independent manufacturing situation, select the best choice and why ?
-A one-time order of 60,000 identical clips

Accepted Answer

A)  Job Order 
B)  Process 
A)  Job Order 
B)  Process

Question 8

Classify the following costs incurred in the manufacturing of cookie bars
-Plant Manager's Salary of $85,000

Accepted Answer

A)  Product Cost-Direct Materials 
B)  Product Cost-Conversion 
C)  Period Cost 
A)  Product Cost-Direct Materials 
B)  Product Cost-Conversion 
C)  Period Cost

Classify the following costs incurred in the manufacturing of cookie bars -Cookie Dough

The number of fully completed units that equates with a given number of partially completed units is referred to as the:

For each of the following independent manufacturing situation, select the best choice and why ? -A building contractor for $800,000 homes

Indicate whether each of the following costs, incurred by a manufacturer -Corporate jet operating expense

Indicate whether each of the following costs, incurred by a manufacturer -Vice president of manufacturing salary

Indicate whether each of the following costs, incurred by a manufacturer -Entertainment costs of vice president of manufacturing

For each of the following independent manufacturing situation, select the best choice and why ? -A one-time order of 60,000 identical clips

Classify the following costs incurred in the manufacturing of cookie bars -Plant Manager's Salary of $85,000

Introducing Financial Accounting

Categorizing Inventory on the Balance Sheet

Reporting and Analyzing Liabilities,inventory Long-Term Operating Assets, Revenues and Receivables

Understanding the Importance of Management Accounting Reports and Off-Balance-Sheet Financing

Cost Estimation and Manufacturing Cost Classification

Analyzing Total Payroll Department Costs

Filters

Exam 6: Product Costing: Job and Process Operations

Classify the following costs incurred in the manufacturing of cookie bars -Cookie Dough

The number of fully completed units that equates with a given number of partially completed units is referred to as the:

For each of the following independent manufacturing situation, select the best choice and why ? -A building contractor for $800,000 homes

Indicate whether each of the following costs, incurred by a manufacturer -Corporate jet operating expense

Indicate whether each of the following costs, incurred by a manufacturer -Vice president of manufacturing salary

Indicate whether each of the following costs, incurred by a manufacturer -Entertainment costs of vice president of manufacturing

For each of the following independent manufacturing situation, select the best choice and why ? -A one-time order of 60,000 identical clips

Classify the following costs incurred in the manufacturing of cookie bars -Plant Manager's Salary of $85,000

Introducing Financial Accounting

Categorizing Inventory on the Balance Sheet

Reporting and Analyzing Liabilities,inventory Long-Term Operating Assets, Revenues and Receivables

Understanding the Importance of Management Accounting Reports and Off-Balance-Sheet Financing

Cost Estimation and Manufacturing Cost Classification

Analyzing Total Payroll Department Costs

Filters