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UA ACCT 210 - Clicker Question Preparation Guide Ch. 1

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Clicker Question Preparation Guide: Ch. 1 Clicker questions will be asked in class based on your completion of this preparation guide. Example in class question: What is the answer to Question 3) b.? You will not have time to complete this guide in class! 1. Determine whether each of the following costs should be classified as Period or Product costs. a. Indirect materials ________________ b. Direct materials used ________________ c. Sales salaries ________________ d. Indirect factory labor ________________ e. Office equipment depreciation ________________ f. Factory manager’s salary ________________ g. Direct labor ________________ h. Advertising ________________ 2. Wallace Manufacturing manufactures engines. Determine whether each of the following costs should be classified as direct materials, direct labor, or manufacturing overhead for the company. a. Wages paid to assembly line workers ________________ b. Factory Property Tax ________________ c. Depreciation on factory equipment ________________ d. Factory supervisor’s salary ________________ e. Engine parts used in manufacturing engines ________________ f. Small amounts of oils and lubricants for engines ________________ 3. Tellis Tires has the following data: beginning work in process $240,000, direct materials used $120,000, direct labor $340,000, and total manufacturing overhead $212,000. a. Compute Total Manufacturing Costs. b. Compute Total Cost of Work in Process. 4. Green Mountain Co. reported the following year-end information: beginning work in process inventory, $200,000; cost of goods manufactured, $850,000; beginning finished goods inventory, $415,000; ending work in process inventory, $410,000; and ending finished goods inventory, $225,000. Green Mountain Co.’s Cost of Goods Sold for the year is:5. Flynn Manufacturing reported the following year-end information: Beginning work in process inventory $975,000 Beginning raw materials inventory 120,000 Ending work in process inventory 425,000 Ending raw materials inventory 85,000 Raw materials purchased 245,000 Direct labor 600,000 Manufacturing overhead 530,000 Flynn’s Cost of Goods Manufactured for the year


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UA ACCT 210 - Clicker Question Preparation Guide Ch. 1

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