University of Louisiana, Lafayette ACCT 526 / ACCT526 Quiz 2

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ACCT526-820_020-201840 Started on Monday, 26 March 2018, 10:03 PM State Finished Completed on Monday, 26 March 2018, 10:16 PM Time taken 13 mins 4 secs Grade 10 out of 10 (100%) Question 1 Corr... ect Mark 1 out of 1 Flag question Question text Super Tread Inc. is a large manufacturer of auto tires. Super Tread has provided the following information: Sales Revenue $55,000 Beginning Finished Goods Inventory 15,500 Cost of Goods Sold 37,500 Cost of Goods Manufactured 44,500 Calculate the amount of ending Finished Goods Inventory reported on Super Tread's balance sheet. Select one: a. $7,000 b. $60,000 c. $22,500 d. $10,500 This study source was downloaded by 100000831988016 from CourseHero.com on 03-21-2022 12:27:00 GMT -05:00 https://www.coursehero.com/file/30550844/ACCT-526-Quiz-2docx/ Feedback Your answer is correct. The correct answer is: $22,500 Question 2 Correct Mark 1 out of 1 Flag question Question text Payton Corporation provided the following information for the year: Beginning Balance - Work-in-Process Inventory $26,000 Ending Balance - Work-in-Process Inventory 55,000 Beginning Balance - Direct Materials 81,000 Ending Balance - Direct Materials 59,000 Purchases - Direct Materials 360,000 Direct Labor 471,000 Indirect Labor 19,000 Depreciation on Factory Plant and Equipment 24,000 Plant Utilities and Insurance 268,000 What was the amount of the cost of goods manufactured for the year? Select one: a. $1,164,000 b. $1,135,000 c. $1,193,000 d. $1,363,000 Feedback Your answer is correct. This study source was downloaded by 100000831988016 from CourseHero.com on 03-21-2022 12:27:00 GMT -05:00 https://www.coursehero.com/file/30550844/ACCT-526-Quiz-2docx/ The correct answer is: $1,135,000 Question 3 Correct Mark 1 out of 1 Flag question Question text The following relates to Harrison, Inc: Advertising Costs $10,600 Sales Salary 10,000 Sales Revenue 500,000 President's Salary 230,000 Office Rent 60,500 Manufacturing Equipment Depreciation 1,200 Indirect Materials Used 8,000 Indirect Labor 13,000 Factory Repair and Maintenance 920 Direct Materials Used 27,500 Direct Labor 36,000 Delivery Vehicle Depreciation 1,550 Administrative Salaries 22,000 How much were Harrison's product costs? Select one: a. $604,650 b. $510,600 c. $86,620 d. $252,000 Feedback Your answer is correct [Show More]

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