Professional Documents
Culture Documents
Score: 70
Section Break
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Multiple Choice
Learning Objective: 02-09 Distinguish among direct, indirect, controllable, and uncontrollable costs.
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aw ard:
Multiple Choice
Learning Objective: 02-09 Distinguish among direct, indirect, controllable, and uncontrollable costs.
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Direct material Advertising expense Depreciation on factory building Direct labor: wages Cost of finished goods inventory at year-end Indirect labor: wages Production supervisors salary Service department costs * Direct labor: fringe benefits Indirect labor: fringe benefits Fringe benefits for production supervisor Total overtime premiums paid Cost of idle time: production employees Administrative costs Rental of office space for sales personnel Sales commissions Product promotion costs
$2,200,000 98,000 115,000 485,000 115,000 140,000 46,000 100,000 95,000 31,000 10,000 55,000 40,000 150,000 15,000 4,000 $ 10,000
*All services are provided to manufacturing departments. Cost of idle time is an overhead item; it is not included in the direct-labor wages given above. The rental of sales space was made necessary when the sales offices were converted to storage space for raw
material.
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3.
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a. Total prime costs b. Total manufacturing overhead c. Total conversion costs d. Total product costs e. Total period costs
2,780,000
$ 277,000
Worksheet
Learning Objective: 02-10 Define and give examples of an Learning Objective: 02-02 opportunity cost, an out-of-pocket Distinguish among product costs, cost, a sunk cost, a differential period costs, and expenses. cost, a marginal cost, and an average cost. Learning Objective: 02-05 Give examples of three types of manufacturing costs.
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Multiple Choice
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Problem 2-43 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 1, 3, 5, 6)
[The following information applies to the questions displayed b elow.]
Problem 2-43 The following data refer to San Fernando Fashions Company for the year 20x2:
Sales revenue Work-in-process inventory, December 31 Work-in-process inventory, January 1 Selling and administrative expenses Income tax expense Purchases of raw material Raw-material inventory, December 31 Raw-material inventory, January 1 Direct labor Utilities: plant Depreciation: plant and equipment Finished-goods inventory, December 31 Finished-goods inventory, January 1 Indirect material Indirect labor Other manufacturing overhead
$1,050,000 30,000 36,000 150,000 80,000 170,000 25,000 40,000 190,000 40,000 50,000 50,000 15,000 6,000 15,000 60,000
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Prob lem 2-43 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 1, 3, 5, 6)
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SAN FERNANDO FASHIONS COMPANY Schedule of Cost Goods Manufactured For the Year Ended December 31, 20X2 Direct material:
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Raw material used Direct labor Manufacturing overhead: Indirect material Indirect labor Utilities: plant Depreciation: plant and equipment Other manufacturing overhead Total manufacturing overhead Total manufacturing costs Add : Work-in-process inventory, January 1 $ 6,000 15,000 40,000 50,000 60,000
Worksheet
Learning Objective: 02-05 Give examples of three types of manufacturing costs. Learning Objective: 02-06 Prepare a schedule of cost of goods manufactured, a schedule of cost of goods sold, and an income statement for a manufacturer.
Learning Objective: 02-03 Describe the role of costs in published financial statements.
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6.
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SAN FERNANDO FASHIONS COMPANY Schedule of Cost Goods Manufactured For the Year Ended December 31, 20X2 Finished goods inventory, January 1 Add : Cost of goods manufactured $ 15,000 552,000 $ 567,000 50,000 $ 517,000
Worksheet
Learning Objective: 02-05 Give examples of three types of manufacturing costs. Learning Objective: 02-06 Prepare a schedule of cost of goods manufactured, a schedule of cost of goods sold, and an income statement for a manufacturer.
Learning Objective: 02-03 Describe the role of costs in published financial statements.
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7.
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SAN FERNANDO FASHIONS COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 20x2 Sales revenue Deduct : Cost of goods sold $ 1,050,000 $ 517,000 533,000 150,000 $ 383,000 80,000 $ 303,000
Net income
Worksheet
Learning Objective: 02-05 Give examples of three types of manufacturing costs. Learning Objective: 02-06 Prepare a schedule of cost of goods manufactured, a schedule of cost of goods sold, and an income statement for a manufacturer.
Learning Objective: 02-03 Describe the role of costs in published financial statements.
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