21. One element which is both a prime cost and a conversion a. direct labor b. direct materials. c. indirect manufacturing costs d. selling and administrative costs 22. Manufacturing costs are typically a product costs or period costs as direct materials or direct labor e. direct materials, direct labor, or manufacturing overhead d. direct materials, direct labor, or selling and administrative interim month means that a. the credit balance in the Manufacturing Overhead account at the end of an balance should be reported as a prepaid expense in the monthly balance sheet b corrective action by management is necessary overhead has been overapplied d cost of goods sold should be debited on the monthly income statement 24 In a job order cost system, which of the following accounts is not a c. Finished Goods Inventory d. Manufacturing Over head control account? a. Raw Materials Inventory b. Factory Labor 25. In the current asset section of the balance sheet, manufacturing inventories are listed in the following order a. raw materials, work in process, finished goods b. finished goods, work in process, raw materials c. work in process, finished goods, raw materials d finished goods, raw materials, work in process The following data should be used for questions 26-29 Raw materials inventory, January 1 Raw materials inventory, December 31 s 10.000 20,000 9,000 6,000 20,000 16.000 400,000 180,000 75,000 25,000 Work in process, January 1 Work in process, December 31 Finished goods, January 1 Finished goods, December 31 Raw materials purchases Direct labor Factory utilities Indirect labor 200,000 Factory depreciation 210,000 Selling and administrative expenses Direct materials used is a. $430,000. C $400,000 b. $410,000 d. $390,000 26. 27. Assume your answer to question 26 above is $400,000 Total