20. Cost of goods sold is calculated to be: A. $890,000. B. $896,000. C. $883,000. D. $877,000. E…

 
   

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20.
Cost of goods sold is calculated to be:
A.
$890,000.

B.
$896,000.
C.
$883,000.
D.
$877,000.
E.
$870,000.

The following information was taken from
the accounting records of Elliott Manufacturing Corp. Unfortunately, some of
the data were destroyed by a computer malfunction.
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22.
Cost of goods sold is calculated to be:
A.
$32,000.

B.
$30,000.
C.
$33,000.
D.
$38,000.
E.
$27,000.

23.
Cost of goods manufactured is calculated
to be:
A.
$32,000.

B.
$30,000.
C.
$33,000.
D.
$38,000.
E.
$27,000.

24.
Selling and administrative expenses are
calculated to be:
A.
$4,000.

B.
$9,000.
C.
$11,000.
D.
$12,000.
E.
$16,000.

25.
Work in process inventory, beginning, is
calculated to be:
A.
$4,000.
B.
$9,000.
C.
$11,000.
D.
$12,000.
E.
$16,000.

The
following data pertains to Lam Co.’s manufacturing operations:
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Additional
information for the month of April:
.0/msohtmlclip1/01/clip_image003.jpg”>

Overhead is
applied at $12 per direct labor hour.

26.
For the month of April, prime cost
incurred was:
A.
$75,000.

B.
$66,000.
C.
$65,000.
D.
$62,000.

27.
For the month of April, conversion cost
incurred was:
A.
$75,000.

B.
$66,000.
C.
$70,000.
D.
$39,000.

28.
The three attributes of cost information
include accuracy, timeliness, and
A.
reliability.

B.
relevance.
C.
cost-benefit.
D.
understandability.

29.
When cost relationships are linear,
total variable costs will vary in proportion to changes in:
A.
Direct labor hours.

B.
Total material cost.
C.
Total overhead cost.
D.
Volume of production.
E.
Machine hours.

30.
The term relevant range as used in cost
accounting means the range over which:
A.
Costs may fluctuate.

B.
Cost relationships are
approximately linear.
C.
Production may vary.
D.
Relevant costs are
incurred.