Cost Terms and Classifications MCQs

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The cost of lubricants used to grease a machine used in the production process of a manufacturing company is an example of a






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The cost of direct materials is






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The amount paid by a manufacturing company for a factory building is considered






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The nursing station on the fourth floor of General Hospital is responsible for the care of patients who have undergone orthopedic surgery. The costs o...






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The controller of ABC Manufacturing would consider the cost of salaries paid to personnel in his/her department to be






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Fixed costs expressed on a per unit basis






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Product costs appear on the balance sheet






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Straight-line amortization on a computer used in the marketing department of a manufacturing firm would be classified as






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Which of the following classifications is correct? Prime Cost/ Conversion Cost






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The following information is taken from the records of Dana Manufacturing for the year ending December 31, 2000: Direct materials, $5,000; Manufacturi...






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The manufacturing operations of Barton, Inc. had the following inventory balances for the month of March, 2000: Inventories 3/1/00 3/31/00 Raw Mater...






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The manufacturing operations of Barton, Inc. had the following inventory balances for the month of March, 2000: Inventories 3/1/00 3/31/00 Raw Mater...






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The schedule of cost of goods manufactured of Cartoon Company shows the following balances for the year ended December 31, 2000: Raw materials used in...






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The following information is taken from the records of Datum Company for the year ended May 31, 2000: Direct materials, $ 8,000; Direct labour, $3,000...






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The following information appears on the income statement of Teddy, Inc. for the year ended June 30, 2000: Beginning finished goods inventory, $150,47...






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The following information is taken from the balance sheet of El Felix Manufacturing at September 30, 2000: Total assets, $900,000; Cash, $20,000; Acco...






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A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $3,000 and is paid at the beginning...






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Warren Company’s direct labour cost is 30% of its conversion cost. If the manufacturing overhead cost for the last period was $49,000 and the direct...






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At a sales volume of 30,000 units, Judi, Inc.’s total fixed costs are $30,000 and total variable costs are $45,000. The relevant range for this prod...






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At a sales volume of 30,000 units, Judi, Inc.’s total fixed costs are $30,000 and total variable costs are $45,000. The relevant range for this prod...