Accounting 2 – Chapter 14 Multiple Choice

The following information relates to the manufacturing operations of the IMH Publishing Corporation for the year: Raw Materials $57,000 $60,000 Finished Goods 68,000 60,000 The raw materials used in manufacturing during the year totaled $118,000. Raw materials purchased during the year amount to:

Goods a company acquires to use in making products are called:

Factory overhead costs normally include all of the following except:

Which of the following items appears only in a manufacturing company's financial statements?

The following are all examples of product costs:

Period costs for a manufacturing company would flow directly to:

The following costs are included in a recent summary of data for a company: advertising expense, $85,000; depreciation expense - factory building, $133,000; direct labor, $250,000; direct material used, $300,000; factory utilities, $105,000; and sales salaries expense, $150,000. Determine the dollar amount of prime costs.

A direct cost is a cost that is:

The three major cost components of a manufactured product are:

Juliet Corporation has accumulated the following accounting data for the year: Finished Goods Inventory, January 1 $3,200 Finished Goods Inventory, December 31 $4,000 Total Cost of Goods Sold $4,200 The cost of goods manufactured for the year is: