1. For items a-g give an example of a cost to make a shirt.

For items h-j name the three types of inventory.

(10 Points)

Type of Cost	Item
Direct Material
Direct Labor
Factory Overhead
Administrative Cost
Selling Cost
Product Cost
Period Cost
Inventory type
Inventory type
Inventory type

2. (6 Points)

Give an example of a product where you would use job order costing.

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Give an example of a product where you would use process costing.

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3. (20 Points)

Complete the table blow assigning the total cost into categories.

Beginning inventory 0

Started 200,000 units

Completed 150,000 units

Sold 80,000 units

Work in Process 30% Complete

Total Cost $825,000

Cost of Goods Sold
Finished Goods
Work in Process
Total

4. (25 Points)

	1	2	3	4	5
Selling Price	250	X	50	40	800
Variable Cost Per Unit	100	80	X	21	500
Units	X	1,000	500	200	1,000
Fixed Cost	180,000	12,000	10,000	X	225,000
Profit	0	15,000	3,000	240	X
Final Answer

5.

The XYZ Company sells a product that comes in two sizes, information follows: (9 Points)

	Medium size	Large Size
Selling Price	48	68
Variable Cost per Unit	35	45
Contribution Margin

The mix: For every 1 large bear we sell 4 medium bears,

Fixed Cost are $32,000

The Profit is $10,000

Find the number of each item that must be sold.

6. (30 Points)

Determine the cash collections for the last quarter of the year.

Sales are collected as follows:

10% in the month of sale.

30% one month after sale.

20% two months after sale.

30% three months after sale.

10% four months after sale.

Sales;

July $600,000

August $700,000

September $400,000

October $300,000

November $800,000

December $900,000

Answer rating: 100% (QA)

Type of Cost Item Direct Material Variable and Product Cost Direct Labor Variable and Product Cost F... View the full answer