Financial Accounting Mod 10 Quiz

The cost of a manufactured product generally consists of which of the following costs?

 

Which of the following is an example of direct labor cost for an airplane manufacturer?

 

Which of the following is an example of a factory overhead cost?

 

Which of the following is expensed as incurred in a manufacturing setting?

 

What is the purpose of the Statement of Cost of Goods Manufactured?

 

Managerial accounting

 

Which of the following is an example of a variable cost?

 

Which costs are not affected by the level of production?

 

Which of the following accounts will not be found on the balance sheet?

 

Given the following information how much raw material was transferred to work in process on January 31? Inventory on January 1 is $100,000, raw materials purchased in January are $500,000, and raw materials inventory on January 31 is $200,000.