Name:

Principles $of$ Managerial Accounting$-$Test # $2-$Chapters $15$&$16$

Jensen Company's product costs are

$a.$ $$995,000$

$b.$ $$920,000$

$c.$ $$825,000$

$d.$ $$770,000$

Which $of$ the following $is$ not a factory overhead cost?

$a.$ materials used directly $in$ the manufacturing process $of$ the product

$b.$ insurance $on$ factory equipment

$c.$ salaries $of$ production supervisors

$d.$ property tax $on$ factory building

Given the following data:

What $is$ the amount $of$ raw materials used?

$a.$ $$5,000$

$b.$ $$55,000$

$c.$ $$75,000$

$d.$ $$30,000$

$On$ the income statement $of$ a manufacturing company, what replaces purchases $in$ the cost $of$ goods sold section

$of$ a retail company?

$a.$ finished goods

$b.costof$ merchandise available

$c.costof$ goods manufactured

$d.$ work $in$ process

Which $of$ the following are the two main types $ofcost$ accounting systems for manufacturing operations?

$a.$ process cost and general accounting systems

$b.$ job order cost and process cost systems

$c.$ job order and general accounting systems

$d.$ process cost and replacement cost systems

Which $of$ the following costs are not included $in$ finished goods inventory?

$a.$ direct labor

$b.$ factory overhead

$c.$ chief financial officer's salary

$d.$ direct materials