Week 1 Part 2 Quiz Copy
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Question 1 of 5
1. Question
The following information is known regarding a production company for the year 2018:Labor costs € 63,000Manufacturing overhead costs € 179,500Direct materials used € 150,000Finished goods inventory 1 January 2018 € 197,500Finished goods inventory 31 December 2018 € 221,000Work-in-progress inventory 1 January 2018 € 96,500Work-in-progress inventory 31 December 2018 € 109,000What is the cost of goods sold in 2018?CorrectIncorrect -
Question 2 of 5
2. Question
Alpha Manufacturing Co (AMC) produces complex machinery. It uses a normal costing system with a single overhead cost pool, using machine hours as the cost allocation base. The following data is available:Expected overhead costs in 2018: € 50,000 Expected machine hours in 2018: 800Job Nr 14 is started and completed in April 2018. It requires € 2,000 in direct materials costs, € 1,500 in direct labor costs, and 40 machine hours. What is the total manufacturing cost of this job?CorrectIncorrect -
Question 3 of 5
3. Question
At the end of 2018, the actual overhead costs of (AMC) are € 50,000, and the actual number of machine hours are 720 hours. What is the amount of under- or overallocated overhead in 2018?
CorrectIncorrect -
Question 4 of 5
4. Question
Assume (irrespective of your answer to the previous question) that the amount of underallocated overhead over 2018 is € 3,000. The following data is know regarding cost of goods sold and inventory at the end of 2019 for AMC:Cost of goods sold: € 125,000, for which 600 machine hours have been used Finished goods: € 16,000, for which 70 machine hours have been used Work-in-progress: € 11,000, for which 50 machine hours have been usedUsing proration based on the allocated overhead amount in the end-of-year balances, the value of the finished goods inventory after proration of the € 3,000 in underallocated overhead isCorrectIncorrect -
Question 5 of 5
5. Question
Assume (irrespective of your answer to the previous question) that the amount of underallocated overhead over 2018 is € 3,000. The following data is know regarding cost of goods sold and inventory at the end of 2019 for AMC:Cost of goods sold: € 125,000, for which 600 machine hours have been used Finished goods: € 16,000, for which 70 machine hours have been used Work-in-progress: € 11,000, for which 50 machine hours have been usedUsing proration based on immediate write-off to cost of goods sold, the value of the work- in-progress inventory after proration of the € 3,000 in underallocated overhead is
CorrectIncorrect