| none of the above. 2. Chicago Steel's operating activities for the year are listedbelow: | Beginning inventory | $1,000,800 | | Ending inventory | $350,500 | | Purchases | $750,300 | | Sales revenue | $1,500,400 | | Operating expenses | $700,200 | What is the cost of goods sold for the year? | $1,751,100 | | $1,400,600 | | $750,100 | | $50,100 3. The following is selected financial data from Turtle BayManufacturing for the most recent year: | Ending raw materials inventory | $21,200 | | Ending work in process inventory | $44,900 | | Ending finished goods inventory | $53,200 | | Amount of underallocated manufacturing overhead | $5,100 | | Cost of goods sold for year | $85,500 | | Cost of raw materials purchased during year | $45,700 | | Cost of direct materials requisitioned during year | $44,300 | | Cost of indirect materials requisitioned during year | $7,200 | | Cost of goods completed during year | $120,200 | | Manufacturing overhead allocated | $60,400 | | Manufacturing overhead % of direct labor cost | 135% | What is the beginning raw materials inventory? | $27,000 | | $51,500 | | $19,800 | | $5,800 4. Which of the following is not an activity inan ABC system that determines the cost of a manufacturedproduct? | Materials handling | | Inspecting | | Machining | | Accounting 5. Which type of company utilizes managerialaccounting? | Manufacturers | | Service | | Retailers | | All of the above 6. On a traditional income statement, all manufacturing-relatedcosts, whether fixed or variable, are listed | above the gross profit line. | | below the operating incomeline. | | above the sales line. | | above the contribution margin line. 7. In a process costing system, direct labor and manufacturingoverhead are normally | incurred evenly throughout theprocess. | | incurred at the end of theprocess. | | incurred in full at the beginningof the process. | | not recorded. 8. Manufacturing overhead costs for a productinclude | operating expenses. | | indirect manufacturing costs. | | direct material. | | prime costs. 9. Here are selected basic data for Wilson Company: | Estimated manufacturing overhead | $243,750 | | Factory utilities | $30,900 | | Estimated labor hours | 35,000 | | Indirect labor | $22,600 | | Actual direct labor hours | 36,000 | | Sales commissions | $54,600 | | Estimated direct labor cost | $325,000 | | Factory rent | $47,800 | | Actual direct labor cost | $320,000 | | Factory property taxes | $28,700 | | Factory depreciation | $65,600 | | Indirect materials | $33,300 | If the company allocates overhead based on direct labor cost,what are the total actual manufacturing overhead costs? | $173,000 | | $283,500 | | $228,900 | | $260,900 10. ERP stands for | Enterprise Resource Planning. | | Enclosed Resource Placement. | | Edwin R. Perry, the man thatcreated the first system. | | Entity Replacement Product. | | | | | | | | | |
