Test bank chapter 03

20. Cost of goods sold is calculated to be:

A. $890,000.

B. $896,000.

C. $883,000.

D. $877,000.

E. $870,000.

The following information was taken from the accounting records of Elliott Manufacturing Corp. Unfortunately, some of the data were destroyed by a computer malfunction.

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22. Cost of goods sold is calculated to be:

A. $32,000.

B. $30,000.

C. $33,000.

D. $38,000.

E. $27,000.

23. Cost of goods manufactured is calculated to be:

A. $32,000.

B. $30,000.

C. $33,000.

D. $38,000.

E. $27,000.

24. Selling and administrative expenses are calculated to be:

A. $4,000.

B. $9,000.

C. $11,000.

D. $12,000.

E. $16,000.

25. Work in process inventory, beginning, is calculated to be:

A. $4,000.

B. $9,000.

C. $11,000.

D. $12,000.

E. $16,000.

The following data pertains to Lam Co.’s manufacturing operations:

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Additional information for the month of April:

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Overhead is applied at $12 per direct labor hour.

26. For the month of April, prime cost incurred was:

A. $75,000.

B. $66,000.

C. $65,000.

D. $62,000.

27. For the month of April, conversion cost incurred was:

A. $75,000.

B. $66,000.

C. $70,000.

D. $39,000.

28. The three attributes of cost information include accuracy, timeliness, and

A. reliability.

B. relevance.

C. cost-benefit.

D. understandability.

29. When cost relationships are linear, total variable costs will vary in proportion to changes in:

A. Direct labor hours.

B. Total material cost.

C. Total overhead cost.

D. Volume of production.

E. Machine hours.

30. The term relevant range as used in cost accounting means the range over which:

A. Costs may fluctuate.

B. Cost relationships are approximately linear.

C. Production may vary.

D. Relevant costs are incurred.

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