Quiz1 Managerial
1. Buildz manufacturing currently products 1k tables per month. Following per unit data for 1k tables apply for sales to regular customers
a. Direct manuf labor - $10
b. Variable manuf overhead - $15
c. Fixed manuf overhead - $30
i. Total manuf costs - $105
Per unit cost when producing
ANSWER: $85
2. Selected info regarding a company’s most recent quarter follows:
a. Op expenses $700
b. Gross profit $2390
c. Sales rev $4000
d. End finished goods inventory $300
e. Cost of goods manuf $1200
ANSWER: $710
3. selected financial info for Brookeville manuf is presented in the following table
a. sales rev $4k
b. purch of dir materials $400
c. direct labor $450
d. manuf overhead $620
e. op expenses $650
f. beg raw materials inv $200
g. end raw materials inv $180
h. beg WIP inventory $320
i. end WIP inventory $410
j. beg fin goods inventory $250
k. end fin good inventory $200
i. what is cost of goods manuf?
ANSWER: $1400
4. Tony worked 51 hours last week for bread works manufacturing. Of the 51 hours 10 hours were considering overtime, and also tony was idle for 12 of the 51 hours due to an equipment malfunction. Tony makes $40/hour and is paid $60/hour for overtime. Tony’s total compensation for that week would be ____. And assuming bread works changes overtime premium and idle time to indirect labor, the amount of this compensation credited to indirect labor would be _____.
a. ANSWER: $2240:$680
5. Lots of Stuff Company reports the following data for its first year
a. COG manuf $455,000
b. WIP inv beginning $0
c. WIP ending $140,000
d. Direct materials used $110000
e. Manuf Overhead $185,000
f. Fin goods inventory beginning $0
g. Fin goods inventory ending $90,000
i. ANSWER: $595,000 – TOTAL MANUF COST ii. $365K - COGS
6. Zephyr Apparels is a clothing retailer. Unit costs associated with one of its products, Product DCT121 are as follows
a. Dir materials $70
b. Direct manuf labor $20
c. Variable manuf overhead $15
d. Fixed manuf overhead $32
e. Sales
a. Direct manuf labor - $10
b. Variable manuf overhead - $15
c. Fixed manuf overhead - $30
i. Total manuf costs - $105
Per unit cost when producing
ANSWER: $85
2. Selected info regarding a company’s most recent quarter follows:
a. Op expenses $700
b. Gross profit $2390
c. Sales rev $4000
d. End finished goods inventory $300
e. Cost of goods manuf $1200
ANSWER: $710
3. selected financial info for Brookeville manuf is presented in the following table
a. sales rev $4k
b. purch of dir materials $400
c. direct labor $450
d. manuf overhead $620
e. op expenses $650
f. beg raw materials inv $200
g. end raw materials inv $180
h. beg WIP inventory $320
i. end WIP inventory $410
j. beg fin goods inventory $250
k. end fin good inventory $200
i. what is cost of goods manuf?
ANSWER: $1400
4. Tony worked 51 hours last week for bread works manufacturing. Of the 51 hours 10 hours were considering overtime, and also tony was idle for 12 of the 51 hours due to an equipment malfunction. Tony makes $40/hour and is paid $60/hour for overtime. Tony’s total compensation for that week would be ____. And assuming bread works changes overtime premium and idle time to indirect labor, the amount of this compensation credited to indirect labor would be _____.
a. ANSWER: $2240:$680
5. Lots of Stuff Company reports the following data for its first year
a. COG manuf $455,000
b. WIP inv beginning $0
c. WIP ending $140,000
d. Direct materials used $110000
e. Manuf Overhead $185,000
f. Fin goods inventory beginning $0
g. Fin goods inventory ending $90,000
i. ANSWER: $595,000 – TOTAL MANUF COST ii. $365K - COGS
6. Zephyr Apparels is a clothing retailer. Unit costs associated with one of its products, Product DCT121 are as follows
a. Dir materials $70
b. Direct manuf labor $20
c. Variable manuf overhead $15
d. Fixed manuf overhead $32
e. Sales