Acc 350 Exam 1 Practice

In: Business and Management

Submitted By Yukiki
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ACC 350
Review Problems, Chapter 2

Inventory Equation: Beginning Inventory + Additions = Withdrawals + Ending Inventory

1. The records of Custom Choppers, Inc. for September 2014 shows the following information:

Sales | $820,000 | Selling and administrative expenses | 140,000 | Direct materials purchases | 176,000 | Direct labor | 200,000 | Factory overhead | 270,000 | Direct materials, September 1 | 24,000 | Work in process, September 1 | 50,000 | Finished goods, September 1 | 46,000 | Direct materials, September 30 | 28,000 | Work in process, September 30 | 56,000 | Finished goods, September 30 | 38,000 | The net income for the month of September is:$3 | | | | a. $644,000 b. $ 36,000 c. $636,000 d. $180,000 | | | | | | | | | | | | | | 2. The following information for the Sutton Glass Company has been provided:

Cost of goods manufactured | $100,000 | Work in process: | | Beginning | 15,000 | Ending | 20,000 | Direct labor | 30,000 | Direct materials used | ? | Factory overhead | 45,000 |

What is the amount of direct materials used? a. | $25,000 | b. | $30,000 | c. | $35,000 | d. | $100,000 |

Inventory balances for the Jameson Company in October 2014 are as follows:

| October 1, 2014 | October 31, 2014 | Raw materials | $ 27,000 | $21,000 | Work in process | 48,000 | 37,200 | Finished goods | 108,000 | 90,000 |

During October, purchases of direct materials were $36,000. Direct labor and factory overhead costs were $60,000 and $84,000, respectively.

3. Refer to the above. What are the total manufacturing costs ADDED to production in the period?
a. $186,000
b. $180,000
c. $144,000
d. $174,200

Figure 2-11

Information from the records of the Abel Corporation for July 2014 was as follows:

Sales | $1,230,000 | Selling and…...

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