10 MCQ In manufacturing a product, prime costs are

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In manufacturing a product, prime costs are
direct materials and manufacturing overhead.
direct labor and manufacturing overhead.
raw materials and manufacturing overhead.
direct materials and direct labor.
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Question 2 (10 points)
Which one of the following is NOT a cost element in manufacturing a product?
Manufacturing overhead
Direct labor
Direct materials
Office salaries
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Question 3 (10 points)
Which of the following is NOT classified as direct labor?
Copy machine operators at a copy shop
Bakers in a bakery
Bottlers of beer in a brewery
Wages of supervisors
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Question 4 (10 points)
In which classification would the wages of a factory payroll clerk be classified?
Period costs
Raw materials
Indirect labor
Direct labor
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Question 5 (10 points)
What criteria must be met in order to consider the work of factory employees to be direct labor?
It must be periodically associated with counting inventory of products.
It must be physically associated with converting materials into products.
It must be promptly associated with getting material from the warehouse.
It must be materially associated with selling products.
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Question 6 (10 points)
Prime costs of a company are $6,000,000. If manufacturing overhead is $3,000,000, what is direct labor cost?
$0
Cannot be determined from the information provided.
$3,000,000
$6,000,000
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Question 7 (10 points)
Product costs are also called
prime costs.
direct costs.
inventoriable costs.
capitalizable costs.
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Question 8 (10 points)
How does a manufacturing company report cost of goods manufactured?
As an administrative expense on the income statement
As a component in the calculation of cost of goods sold on the income statement
As a current asset on the balance sheet
As a component of the raw materials inventory on the balance sheet
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Question 9 (10 points)
Craft Manufacturing Company’s accounting records reflect the following inventories:

Raw materials: ending $310,000, beginning $260,000;
Work in process: ending $300,000, beginning $160,000;
Finished goods: ending $190,000, beginning $150,000.

During 2002, $500,000 of raw materials were purchased, direct labor costs amounted to $600,000, and manufacturing overhead incurred was $480,000.

The total raw materials available for use during 2002 for Craft Manufacturing Company is
$450,000
$810,000
$260,000
$760,000
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Question 10 (10 points)
Craft Manufacturing Company’s accounting records reflect the following inventories:

Raw materials: ending $310,000, beginning $260,000;
Work in process: ending $300,000, beginning $160,000;
Finished goods: ending $190,000, beginning $150,000.

During 2002, $500,000 of raw materials were purchased, direct labor costs amounted to $600,000, and manufacturing overhead incurred was $480,000.

Craft Manufacturing Company’s total manufacturing costs incurred in 2002 amounted to
$1,530,000.
$1,580,000.
$1,490,000.
$1,390,000.

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