WGU D101 COST AND MANAGERIAL ACCOUNTING QUESTIONS WITH
VERIFIED ANSWERS
100% Correct 56
Incorrect 0
1 of 56
Term
What is true about debits in the work-in-process T-account during the
period?
They are costs put into production during the period.
They are costs of goods manufactured during the period.
They are direct labor costs incurred only during the period.
They are direct material costs incurred only during the period.
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When a movie producer receives a
contract to produce movies Credit to cash for $3,000.
following the specifications of the
customer.
, The units produced in the process They are costs put into
centers must be the same. production during the period.
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2 of 56
Term
A company recorded depreciation of $16,000 on factory equipment.
What should be included in the journal entry necessary to record this
depreciation on factory equipment?
Credit to work-in-process inventory for $16,000.
Debit to work-in-process inventory for $16,000.
Credit to manufacturing overhead for $16,000.
Debit to manufacturing overhead for $16,000.
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All the manufacturing costs except Debit to manufacturing
for direct materials and direct labor overhead for $16,000.
Debit to work-in-process inventory
It will increase by $8,500. for $12,500.
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3 of 56
Term
,A company reported the following data:
Sales $240,000 (20,000 units)
Variable operating costs $80,000
Contribution margin $160,000
Fixed operating costs $72,000
What is this company's margin of safety in sales dollars using these
data?
$132,000
$142,000
$152,000
$160,000
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33,000 $415,000
$132,000 $3,000 U
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4 of 56
Term
It is November 1 of Year 1. Sales for a decorative supplies company
for November, December, and January (of Year 2) are forecasted to
be as follows:
November: $200,000
, December: $800,000
January: $200,000
On average, the cost of goods sold is 70% of sales. During this period,
the company expects inventory levels to remain constant. This
means that inventory purchases are expected to equal the amount
of cost of goods sold.
100% of purchases are on credit. Of the credit purchases, 5% are paid
during the month of the purchase, 65% in the month following the
purchase, and 30% in the second month following the purchase.
Sales for September and October of Year 1 were $100,000 and
$150,000, respectively.
What is the forecasted amount of total cash payments for purchases
in January?
$371,000
$397,000
$406,000
$413,000
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$354,000 $415,000
$775,000 $413,000
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5 of 56
VERIFIED ANSWERS
100% Correct 56
Incorrect 0
1 of 56
Term
What is true about debits in the work-in-process T-account during the
period?
They are costs put into production during the period.
They are costs of goods manufactured during the period.
They are direct labor costs incurred only during the period.
They are direct material costs incurred only during the period.
Give this one a go later!
When a movie producer receives a
contract to produce movies Credit to cash for $3,000.
following the specifications of the
customer.
, The units produced in the process They are costs put into
centers must be the same. production during the period.
Don't know?
2 of 56
Term
A company recorded depreciation of $16,000 on factory equipment.
What should be included in the journal entry necessary to record this
depreciation on factory equipment?
Credit to work-in-process inventory for $16,000.
Debit to work-in-process inventory for $16,000.
Credit to manufacturing overhead for $16,000.
Debit to manufacturing overhead for $16,000.
Give this one a go later!
All the manufacturing costs except Debit to manufacturing
for direct materials and direct labor overhead for $16,000.
Debit to work-in-process inventory
It will increase by $8,500. for $12,500.
Don't know?
3 of 56
Term
,A company reported the following data:
Sales $240,000 (20,000 units)
Variable operating costs $80,000
Contribution margin $160,000
Fixed operating costs $72,000
What is this company's margin of safety in sales dollars using these
data?
$132,000
$142,000
$152,000
$160,000
Give this one a go later!
33,000 $415,000
$132,000 $3,000 U
Don't know?
4 of 56
Term
It is November 1 of Year 1. Sales for a decorative supplies company
for November, December, and January (of Year 2) are forecasted to
be as follows:
November: $200,000
, December: $800,000
January: $200,000
On average, the cost of goods sold is 70% of sales. During this period,
the company expects inventory levels to remain constant. This
means that inventory purchases are expected to equal the amount
of cost of goods sold.
100% of purchases are on credit. Of the credit purchases, 5% are paid
during the month of the purchase, 65% in the month following the
purchase, and 30% in the second month following the purchase.
Sales for September and October of Year 1 were $100,000 and
$150,000, respectively.
What is the forecasted amount of total cash payments for purchases
in January?
$371,000
$397,000
$406,000
$413,000
Give this one a go later!
$354,000 $415,000
$775,000 $413,000
Don't know?
5 of 56
