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WorksheetsModule 1 Quiz
Total questions: 15
Worksheet time: 15mins
Manufacturing costs are also called
i non- inventoriable
ii product cost
iii inventoriable
i
ii
i and ii
ii and iii
A manufacturing statement
reports operating income made for the period
computes cost of goods manufactured for the period
computes cost of goods sold for the period
reports operating expenses made for the period
Frank earns $18 per hour weekly. He normally works 40 hours per week. For one week, he was idle for 3 hours due to material shortage.
The direct labour is
$666
$720
$774
$828
Frank earns $18 per hour weekly. He normally works 40 hours per week. For one week, he was idle for 3 hours due to material shortage.
Frank's total wages is
$666
$720
$774
$828
Cost of goods manufactured : $800,000
Beginning finished goods inventory : $100,000
Ending finished goods inventory : $300,000
The total cost of goods sold is:
$400,000
$600,000
$800,000
$900,000
Which of the following computations for cost of goods sold is correct?
Beginning work in progress + cost of goods manufactured - ending work in progress
Beginning raw materials inventory + cost of goods manufactured - ending raw materials inventory
Beginning finished goods inventory - cost of goods manufactured + ending finished goods inventory
Beginning finished goods inventory + cost of goods manufactured - ending finished goods inventory
Which of these labour costs are treated in MOST instances as manufacturing overheads?
i idle time
ii direct labour
iii labour fringe benefits
i
i and ii
i and iii
ii and iii
The elements of prime costs are
i overhead costs
ii direct labour
iii direct materials
i
ii
i and ii
ii and iii
What cost is represented by A?
Fixed cost
Mixed cost
Variable cost
semi - variable cost
What cost is represented by B in the cost diagram?
Fixed cost
Mixed cost
Variable cost
semi-variable cost
Joyce earns $50 per hour in an assembly plant. She is paid time and a half overtime in excess of 40 hours working time. During the week Joyce works 80 hours and has no idle time.
The total direct labour is
$1000
$2000
$4000
$4500
Joyce earns $50 per hour in an assembly plant. She is paid time and a half overtime in excess of 40 hours working time. During the week Joyce works 80 hours and has no idle time.
The total manufacturing overhead cost is
$1000
$2000
$3000
$4500
When a customer makes a direct request for workers to complete a job in a timely manner, the overtime is charged as
overhead costs
direct costs
idle time
commission
A payment system where employees are paid a fixed amount for each unit of production is known as
piece work
commission
bonus
basic pay
Kirk Company pays its production employees $0.50 for every completed unit produced from 0 to 500 units and $0.75 for every completed unit produced in excess of 500 units. This method of remuneration is best described as
straight piece rate
guaranteed day rate
differential piece rate
premium bonus
