1. In the Work-In-Process account, direct material costs represent: 1. The amount of total production costs charged to Work in Process during the period b. The amount of raw materials purchased during the period. c. The amount of material costs received in from the raw materials warehouse d. The amount of Cost of Goods Completed and moved to Finished Goods. 2. PFL. Corporation has the following estimated costs: Direct Materials Costs S Utility costs for Factory S HR Manager's Bonus S Rent on Factory Buildings Depreciation on Equipment S 9,000 22.000 22,000 21,000 10,000 Shop Foreman's Bonus $13,000 Direct Labor Hourly Rate 5 10.00 Direct Labor Hours 2,200 Machine Hours 13,000 The company uses machine hours as their activity base. Given this information, what is their predetermined overhead rate for the upcoming year. 3. An increase in long-term notes payable would be shown on the company's statement of cash flows as: 2. A source of cash from operating activities b. A use of cash from operating activities c. A source of cash from financing activities d. A source of cash from financing activities 4. Which statement is false? a Managerial Accounting is primarily for internal managers b. Managerial Accounting focuses on the past versus the future c. Financial accounting statements are required for publicly traded companies d. Managerial accounting need not follow general accepted accounting principal guidelines 3. Total Variable Costs increased, therefore: a Variable costs per unit increased b. The number of units produced increased c. Fixed Costs per unit also increased d. Fixed Costs per unit remained the same Problem on back page