Costs and Correct Answer
Inventoriable costs are expensed when incurred.
Answer
Selected Answer: False
Correct Answer: False
Question 2
1 out of 1 points
Correct
Finished goods inventory is ordinarily held for sale by a manufacturing company.
Answer
Selected Answer: True
Correct Answer: True
Question 3
1 out of 1 points
Correct
Indirect labor is not a component of manufacturing overhead.
Answer
Selected Answer: False
Correct Answer: False
Question 4
1 out of 1 points
Correct
The following equation -- Beginning finished goods + cost of goods manufactured - ending finished goods -- is used to calculate cost of goods sold during the period.
Answer
Selected Answer: True
Correct Answer: True
Question 5
1 out of 1 points
Correct
A suitable cost driver for the amount of direct materials used is the number of direct labor hours worked.
Answer
Selected Answer: False
Correct Answer: False
Question 6
1 out of 1 points
Correct
Which of the following statements is true?
Answer
Selected Answer:
Different cost concepts and classifications are used for different purposes.
Correct Answer:
Different cost concepts and classifications are used for different purposes.
Question 7
1 out of 1 points
Correct
Product costs are:
Answer
Selected Answer: inventoried. Correct Answer: inventoried. Question 8
1 out of 1 points
Correct
Which of the following is a product cost?
Answer
Selected Answer:
Both "A" and "D."
Correct Answer:
Both "A" and "D."
Question 9
1 out of 1 points
Correct
Which of the following would not be classified as a product cost?
Answer
Selected Answer:
Sales commissions.
Correct Answer:
Sales commissions.
Question 10
1 out of 1 points
Correct
The accounting records of Georgia Company revealed the following costs: direct materials used, $250,000; direct labor, $425,000; manufacturing overhead, $375,000; and selling and administrative expenses, $220,000. Georgia's product costs total:
Answer
Selected Answer: False
Correct Answer: False
Question 2
1 out of 1 points
Correct
Finished goods inventory is ordinarily held for sale by a manufacturing company.
Answer
Selected Answer: True
Correct Answer: True
Question 3
1 out of 1 points
Correct
Indirect labor is not a component of manufacturing overhead.
Answer
Selected Answer: False
Correct Answer: False
Question 4
1 out of 1 points
Correct
The following equation -- Beginning finished goods + cost of goods manufactured - ending finished goods -- is used to calculate cost of goods sold during the period.
Answer
Selected Answer: True
Correct Answer: True
Question 5
1 out of 1 points
Correct
A suitable cost driver for the amount of direct materials used is the number of direct labor hours worked.
Answer
Selected Answer: False
Correct Answer: False
Question 6
1 out of 1 points
Correct
Which of the following statements is true?
Answer
Selected Answer:
Different cost concepts and classifications are used for different purposes.
Correct Answer:
Different cost concepts and classifications are used for different purposes.
Question 7
1 out of 1 points
Correct
Product costs are:
Answer
Selected Answer: inventoried. Correct Answer: inventoried. Question 8
1 out of 1 points
Correct
Which of the following is a product cost?
Answer
Selected Answer:
Both "A" and "D."
Correct Answer:
Both "A" and "D."
Question 9
1 out of 1 points
Correct
Which of the following would not be classified as a product cost?
Answer
Selected Answer:
Sales commissions.
Correct Answer:
Sales commissions.
Question 10
1 out of 1 points
Correct
The accounting records of Georgia Company revealed the following costs: direct materials used, $250,000; direct labor, $425,000; manufacturing overhead, $375,000; and selling and administrative expenses, $220,000. Georgia's product costs total: