Question 1

The following inventory data relate to the Reta Company:  Revenues and costs for the period:  Compute the following for the year: 
a.Direct materials purchased
b.Direct labor costs incurred
c.Cost of goods sold
d.Gross profit

Accepted Answer

The answer of The following inventory data relate to the...

Question 2

The following inventory data relate to the Reta Company:  Revenues and costs for the period:  Prepare journal entries for the following, making any necessary computations: 
a.Purchase of materials on account
b.Issuance of materials into production
c.Transfer the cost of completed work to Finished Goods
d.Record the sale of the goods on account and the related cost of goods sold.

Accepted Answer

The answer of The following inventory data relate to the...

Question 3

The following data was taken from the general ledger and other records of Martinez Manufacturing Co. at July 31, the end of the first month of operations in the current fiscal year:  
a.Prepare a statement of cost of goods manufactured.
b.Determine the cost of goods sold for the month.

Accepted Answer

The answer of The following data was taken from the...

Question 4

The following data were taken from Middletown Merchandisers on July 31, for the first month of its fiscal year:  Compute the inventory at July 1.

Accepted Answer

The answer of The following data were taken from Middletown...

Question 5

The Shawshank Manufacturing Co. uses a job order cost system of accounting. The following information was taken from the books of the company after all posting had been completed at the end of January:  
a.Prepare the journal entries to allocate the costs of materials, labor, and factory overhead to each job and to transfer the costs of jobs completed to Finished Goods.
b.Compute the total production cost of each job.
c.Compute the unit cost of each job.
d.Compute the selling price per unit for each job, assuming a mark-on percentage of 40 percent.

Accepted Answer

The answer of The Shawshank Manufacturing Co. uses a job...

Question 6

The following data was taken from the general ledger and other records of Marwick Manufacturing Co. at January31, the end of the first month of operations in the current fiscal year:  
a.Prepare a statement of cost of goods manufactured.
b.Determine the cost of goods sold for the month.

Accepted Answer

The answer of The following data was taken from the...

Question 7

Tom Jones, a management accountant, was faced with an ethical conflict at the office. According to the Institute of Management Accountants' Statement of Professional Practice, the first action Tom should pursue is to:
A)follow his organization's established policies on the resolution of such conflict.
B)contact the local newspaper.
C)contact the company's audit committee.
D)consult an attorney.

Accepted Answer

When faced with ethical issues, one should follow the organization's established policies on the resolution of such conflict. If these policies do not resolve the ethical conflict, one should consider discussing the matter with one's supervisor or, if it appears he or she is involved, other internal sources. It is not appropriate to contact parties outside the organization unless it is the authorities if one believes there is a violation of the law.

Question 8

Custom Cabinets Inc. manufactures goods on a job order basis. During the month of November, three jobs were started. (There was no work in process at the beginning of the month.) Jobs 401 and 402 were completed and sold for $14,500 and $19,000, respectively, during the month; Job 403 was still in process at the end of November.
The following data are taken from the job cost sheets for each job. Factory overhead charges include a total of $900 of indirect materials and $600 of indirect labor. One work in process control account is used.  Prepare a journal entry to record each of the following: 
a.Materials used
b.Factory wages and salaries earned
c.Factory Overhead transferred to Work in Process
d.Jobs completed
e.
Jobs sold

Accepted Answer

The answer of Custom Cabinets Inc. manufactures goods on a...

Question 9

The following data were taken from the general ledger and other data of Spargus Manufacturing on May 31:  Compute the cost of goods sold for Spargus Manufacturing, selecting the appropriate items from the list provided.

Accepted Answer

The answer of The following data were taken from the...

Question 10

The following data were taken from the general ledger of Data Corp., a retailer of computers and accessories:  Compute the cost of goods sold for the month of August.

Accepted Answer

The answer of The following data were taken from the...

Question 11

Prepare a performance report showing both month and year-to-date data for Post Manufacturing's Machining Department for February, 2011 using the following data:

Accepted Answer

The answer of Prepare a performance report showing both month...

Question 12

Following is a list of costs incurred by the Sitka Products Co. during the month of June:  Prepare the journal entries necessary to record the issuance of materials, the distribution of labor cost, the recording of factory overhead, and the entry transferring Factory Overhead to Work in Process.

Accepted Answer

The answer of Following is a list of costs incurred...

Quiz 1: Introduction to Cost Accounting

The following inventory data relate to the Reta Company: Revenues and costs for the period: Compute the following for the year: a.Direct materials purchased b.Direct labor costs incurred c.Cost of goods sold d.Gross profit

The following data was taken from the general ledger and other records of Martinez Manufacturing Co. at July 31, the end of the first month of operations in the current fiscal year: a.Prepare a statement of cost of goods manufactured. b.Determine the cost of goods sold for the month.

The following data were taken from Middletown Merchandisers on July 31, for the first month of its fiscal year: Compute the inventory at July 1.

The following data was taken from the general ledger and other records of Marwick Manufacturing Co. at January31, the end of the first month of operations in the current fiscal year: a.Prepare a statement of cost of goods manufactured. b.Determine the cost of goods sold for the month.

Tom Jones, a management accountant, was faced with an ethical conflict at the office. According to the Institute of Management Accountants' Statement of Professional Practice, the first action Tom should pursue is to:

The following data were taken from the general ledger and other data of Spargus Manufacturing on May 31: Compute the cost of goods sold for Spargus Manufacturing, selecting the appropriate items from the list provided.

The following data were taken from the general ledger of Data Corp., a retailer of computers and accessories: Compute the cost of goods sold for the month of August.

Prepare a performance report showing both month and year-to-date data for Post Manufacturing's Machining Department for February, 2011 using the following data:

Following is a list of costs incurred by the Sitka Products Co. during the month of June: Prepare the journal entries necessary to record the issuance of materials, the distribution of labor cost, the recording of factory overhead, and the entry transferring Factory Overhead to Work in Process.