ACCT 526 ACTUAL FINALS ANSWERS AND
QUESTIONS SET A+
✔✔Martinez Manufacturing Inc. showed the following costs for last month:
Direct materials $7,000
Direct labor 2,500
Manufacturing overhead 1,500
Selling expense 8,000
Last month, 4,000 units were produced and sold.
Classify each of the costs as product cost or period cost
Direct Materials ______
Direct Labor _______
Manufacturing overhead _________
Selling Expense ______ - ✔✔product cost
product cost
product cost
period cost
✔✔Martinez Manufacturing Inc. showed the following costs for last month:
Direct materials $7,000
Direct labor 2,500
Manufacturing overhead 1,500
Selling expense 8,000
Last month, 4,000 units were produced and sold.
What is the total product cost for last month? - ✔✔11,000
✔✔Martinez Manufacturing Inc. showed the following costs for last month:
Direct materials $7,000
, Direct labor 2,500
Manufacturing overhead 1,500
Selling expense 8,000
Last month, 4,000 units were produced and sold.
What is the unit product cost for last month? if required, round your answer to the
nearest cent. - ✔✔2.75
✔✔Hannah Banana Bakers makes chocolate chip cookies for cafe restaurants. In June,
Hannah Banana purchased $41,000 of materials. On June 1, the materials inventory
was $7,790. On June 30, $3,895 of materials remained in materials inventory.
What is the cost of the direct materials used in production during June? - ✔✔44,895
✔✔Hannah Banana Bakers makes chocolate chip cookies for cafe restaurants. In June,
Hannah Banana purchased $41,000 of materials. On June 1, the materials inventory
was $7,790. On June 30, $3,895 of materials remained in materials inventory.
There is a difference between the cost of direct materials that were purchased during
the month and the cost of direct materials that were used in production during the
month. In this context, which of the following is true. - ✔✔all of the above
✔✔Slapshot Company makes ice hockey sticks. On June 1, Slapshot had $50,000 of
materials in inventory. During the month of June, the company purchased $131,000 of
materials. On June 30, materials inventory equaled $52,000.
Calculate the direct materials used in production for the month of June. - ✔✔129,000
✔✔In September, Lauren Ashley Company purchased materials costing $220,000 and
incurred direct labor cost of $120,000. Overhead totaled $370,000 for the month.
Information on inventories was as follows:
September 1: Materials: 150,000
Work in Process : 70,000
Finished Goods: 60,000
September 30: Materials $150,000 Work in process: $90,000
Finished goods: $60,000
What was the cost of direct materials used in September? - ✔✔220,000
✔✔In September, Lauren Ashley Company purchased materials costing $220,000 and
incurred direct labor cost of $120,000. Overhead totaled $370,000 for the month.
Information on inventories was as follows:
QUESTIONS SET A+
✔✔Martinez Manufacturing Inc. showed the following costs for last month:
Direct materials $7,000
Direct labor 2,500
Manufacturing overhead 1,500
Selling expense 8,000
Last month, 4,000 units were produced and sold.
Classify each of the costs as product cost or period cost
Direct Materials ______
Direct Labor _______
Manufacturing overhead _________
Selling Expense ______ - ✔✔product cost
product cost
product cost
period cost
✔✔Martinez Manufacturing Inc. showed the following costs for last month:
Direct materials $7,000
Direct labor 2,500
Manufacturing overhead 1,500
Selling expense 8,000
Last month, 4,000 units were produced and sold.
What is the total product cost for last month? - ✔✔11,000
✔✔Martinez Manufacturing Inc. showed the following costs for last month:
Direct materials $7,000
, Direct labor 2,500
Manufacturing overhead 1,500
Selling expense 8,000
Last month, 4,000 units were produced and sold.
What is the unit product cost for last month? if required, round your answer to the
nearest cent. - ✔✔2.75
✔✔Hannah Banana Bakers makes chocolate chip cookies for cafe restaurants. In June,
Hannah Banana purchased $41,000 of materials. On June 1, the materials inventory
was $7,790. On June 30, $3,895 of materials remained in materials inventory.
What is the cost of the direct materials used in production during June? - ✔✔44,895
✔✔Hannah Banana Bakers makes chocolate chip cookies for cafe restaurants. In June,
Hannah Banana purchased $41,000 of materials. On June 1, the materials inventory
was $7,790. On June 30, $3,895 of materials remained in materials inventory.
There is a difference between the cost of direct materials that were purchased during
the month and the cost of direct materials that were used in production during the
month. In this context, which of the following is true. - ✔✔all of the above
✔✔Slapshot Company makes ice hockey sticks. On June 1, Slapshot had $50,000 of
materials in inventory. During the month of June, the company purchased $131,000 of
materials. On June 30, materials inventory equaled $52,000.
Calculate the direct materials used in production for the month of June. - ✔✔129,000
✔✔In September, Lauren Ashley Company purchased materials costing $220,000 and
incurred direct labor cost of $120,000. Overhead totaled $370,000 for the month.
Information on inventories was as follows:
September 1: Materials: 150,000
Work in Process : 70,000
Finished Goods: 60,000
September 30: Materials $150,000 Work in process: $90,000
Finished goods: $60,000
What was the cost of direct materials used in September? - ✔✔220,000
✔✔In September, Lauren Ashley Company purchased materials costing $220,000 and
incurred direct labor cost of $120,000. Overhead totaled $370,000 for the month.
Information on inventories was as follows:
