Question 1

Delta Merchandising,Inc.has provided the following information for the year just ended:  The ending inventory for the company at year end was:

Accepted Answer

The company’s cost of goods sold can be calculated by subtracting the beginning inventory ($15,000) from the cost of goods available for sale ($76,100) and adding the purchases made during the year ($72,500). Therefore, the cost of goods sold was $133,600. Using the formula for calculating ending inventory, which is cost of goods available for sale minus cost of goods sold, we get $14,050 as the ending inventory value.

Question 2

The following account balances has been extracted from Jimbob Co.'s general ledger:  What was the total of nonmanufacturing costs?

Accepted Answer

The answer of The following account balances has been extracted...

Question 3

The cost of goods manufactured for the year (in thousands of dollars)was:

Accepted Answer

Without further information or context, it is impossible to calculate the exact cost of goods manufactured. However, the closest option is $520, which may be the correct answer based on other given information or assumptions.

Question 4

The following account balances has been extracted from Jimbob Co.'s general ledger:  What was the total of manufacturing costs?

Accepted Answer

The answer of The following account balances has been extracted...

Question 5

The following inventory valuation errors were discovered by Knox Corporation's new controller just after the annual financial statements were published at the end of Year 3. > The Year 3 ending inventory was understated by $17,000.
> The Year 2 ending inventory was understated by $61,000.
> The Year 1 ending inventory was overstated by $23,000.
The net income for Knox in each of these years was:  Assuming there were no income taxes and no corrections were made prior to the discovery of the errors after the end of year 3,the net income in each year should be adjusted to:

Accepted Answer

The answer of The following inventory valuation errors were discovered...

Question 6

The cost of the raw materials used in production during the year (in thousands of dollars)was:

Accepted Answer

The question states that the cost of raw materials used in production during the year is given in thousands of dollars. Therefore, the answer choices A, B, and D cannot be correct as they are not in dollars. Option C is the only answer choice that is provided in thousands of dollars and is, therefore, the correct answer.

Question 7

Gabel Inc.is a merchandising company.Last month the company's merchandise purchases totalled $63,000.The company's beginning merchandise inventory was $13,000 and its ending merchandise inventory was $15,000.What was the company's cost of goods sold for the month?

Accepted Answer

The cost of goods sold (COGS) is calculated as: Beginning Inventory + Purchases - Ending Inventory. So, $13,000 + $63,000 - $15,000 = $61,000.

Question 8

The net income for the year (in thousands of dollars)was:

Accepted Answer

The answer of The net income for the year (in...

Question 9

The following account balances has been extracted from Jimbob Co.'s general ledger:  What was the total of manufacturing overhead?

Accepted Answer

To find the total manufacturing overhead, we need to add up all the manufacturing overhead related account balances.

Manufacturing overhead related account balances:

- Depreciation on factory equipment: $50,000 
- Property taxes on factory building: $30,000 
- Rent on factory building: $80,000

Total manufacturing overhead = $50,000 + $30,000 + $80,000 = $160,000

Question 10

The cost of the raw materials used in production during the year (in thousands of dollars)was:

Accepted Answer

The answer of The cost of the raw materials used...

Question 11

The cost of goods sold for the year (in thousands of dollars)was:

Accepted Answer

The answer of The cost of goods sold for the...

Question 12

The cost of goods sold for the year (in thousands of dollars)was:

Accepted Answer

The cost of goods sold for the year was $500,000.

Question 13

An accounting course is taught in two classes per week for one hour and fifty minutes each.The classes are held in a building with 36 classrooms that are used for a variety of courses.There are 15 other courses taught in the Accounting Department at this university.If the cost object is the accounting course,which of the following is a direct cost?

Accepted Answer

The course instructor's salary for teaching the accounting course is a direct cost because it directly relates to the cost object, which is the accounting course.

Question 14

The following information was provided by Grand Company for the year just ended:  The cost of goods manufactured for the year was:

Accepted Answer

The answer of The following information was provided by Grand...

Question 15

The following information was provided by Jimbob Co.for the year just ended:  What was beginning finished goods inventory?

Accepted Answer

The answer of The following information was provided by Jimbob...

Question 16

The cost of goods manufactured for the year (in thousands of dollars)was:

Accepted Answer

The answer of The cost of goods manufactured for the...

Question 17

The beginning balance of the Raw Materials inventory account for May was $27,500.The ending balance for May was $28,750 and $128,900 of raw materials were used during the month.The materials purchased during the month cost:

Accepted Answer

To find the cost of materials purchased during the month, we need to use the following formula:

Cost of materials purchased = Beginning raw materials inventory + Purchases – Ending raw materials inventory

Plugging in the given values, we get:

Cost of materials purchased = $27,500 + Purchases – $28,750
$128,900 = Purchases – $1,250
Purchases = $130,150

Therefore, the cost of materials purchased during the month was $130,150. The correct answer is B.

Question 18

An accounting course is taught in two classes per week for one hour and fifty minutes each.The classes are held in a building with 36 classrooms that are used for a variety of courses.The building has an advanced monitoring system which allows electricity costs to be determined for each classroom and for each course.If the cost object is the accounting course,which of the following is an indirect cost?

Accepted Answer

The salary of the building's custodian is an indirect cost because it is not directly traceable to the accounting course alone; it is a shared cost for maintaining the entire building.

Question 19

During January,the cost of goods manufactured was $93,000.The beginning finished goods inventory was $16,000 and the ending finished goods inventory was $20,000.What was the cost of goods sold for the month?

Accepted Answer

The cost of goods sold is calculated as: Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory = $16,000 + $93,000 - $20,000 = $89,000.

Question 20

Haack Inc.is a merchandising company.Last month the company's cost of goods sold was $84,000.The company's beginning merchandise inventory was $20,000 and its ending merchandise inventory was $18,000.What was the total amount of the company's merchandise purchases for the month?

Accepted Answer

Cost of goods sold = Beginning merchandise inventory + Purchases - Ending merchandise inventory$84,000 = $20,000 + Purchases - $18,000Purchases = $84,000 - $20,000 + $18,000Purchases = $82,000

Quiz 2: Systems Design: Job-Order Costing

Delta Merchandising,Inc.has provided the following information for the year just ended: The ending inventory for the company at year end was:

The following account balances has been extracted from Jimbob Co.'s general ledger: What was the total of nonmanufacturing costs?

The cost of goods manufactured for the year (in thousands of dollars) was:

The following account balances has been extracted from Jimbob Co.'s general ledger: What was the total of manufacturing costs?

The cost of the raw materials used in production during the year (in thousands of dollars) was:

Gabel Inc.is a merchandising company.Last month the company's merchandise purchases totalled $63,000.The company's beginning merchandise inventory was $13,000 and its ending merchandise inventory was $15,000.What was the company's cost of goods sold for the month?

The net income for the year (in thousands of dollars) was:

The following account balances has been extracted from Jimbob Co.'s general ledger: What was the total of manufacturing overhead?

The cost of the raw materials used in production during the year (in thousands of dollars) was:

The cost of goods sold for the year (in thousands of dollars) was:

The cost of goods sold for the year (in thousands of dollars) was:

The following information was provided by Grand Company for the year just ended: The cost of goods manufactured for the year was:

The following information was provided by Jimbob Co.for the year just ended: What was beginning finished goods inventory?

The cost of goods manufactured for the year (in thousands of dollars) was:

The beginning balance of the Raw Materials inventory account for May was $27,500.The ending balance for May was $28,750 and $128,900 of raw materials were used during the month.The materials purchased during the month cost:

During January,the cost of goods manufactured was $93,000.The beginning finished goods inventory was $16,000 and the ending finished goods inventory was $20,000.What was the cost of goods sold for the month?

Haack Inc.is a merchandising company.Last month the company's cost of goods sold was $84,000.The company's beginning merchandise inventory was $20,000 and its ending merchandise inventory was $18,000.What was the total amount of the company's merchandise purchases for the month?