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# Acc 350 Exam 1 Practice Essay

651 words - 3 pages

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 |
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 | ...view middle of the document...

Refer to Figure 2-11. The variable product costs are
a. | \$ 969,000 |
b. | \$ 769,000 |
c. | \$ 764,000 |
d. | \$1,179,000 |

5. Refer to Figure 2-11. The total product cost is
a. | \$1,179,000 |
b. | \$ 969,000 |
c. | \$ 615,000 |
d. | \$ 764,000 |

Inventory balances for Spiritlight Ventures for November 2014 are as follows:

| November 1, 2014 | November 30, 2014 |
Materials | \$ 9,000 | \$ 7,000 |
Work in process | 16,000 | 12,400 |
Finished goods | 36,000 | 30,000 |

During November, purchases of direct materials were \$18,000. Direct labor and factory overhead costs were \$20,000 and \$28,000, respectively.

6. The cost of goods manufactured in November was

a. | \$68,000. |
b. | \$77,600. |
c. | \$74,000. |
d. | \$71,600. |

7. The records for the previous year for Sarasota Boat Builders, Inc., shows the following data:

Direct materials used 530,000
Direct labor (100,000 hours) 600,000
Factory overhead application rate \$5 per DLH

Inventories
...

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