Acct 515 Mideterm

1918 words 8 pages
Grading Summary
These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. Date Taken: 11/25/2012
Time Spent: 2 h , 18 min , 12 secs
Points Received: 143 / 150 (95.3%)

Question Type: # Of Questions: # Correct:
Multiple Choice 10 9
Short 1 N/A
Essay 3 N/A

Grade Details - All Questions
Page: 1 2

1. Question : (TCO A) Wages paid to an assembly line worker in a factory are a

Student Answer: Prime Cost YES.....Conversion Cost NO.

Prime Cost YES.....Conversion Cost YES.

Prime Cost NO....Conversion Cost NO.

Prime Cost NO.....Conversion Cost YES.

Instructor Explanation: Chapter
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$910 Purchases of raw materials................................................ $225 Direct labor....................................................................... $245 Manufacturing overhead.................................................... $265 Administrative expenses.................................................... $150 Selling expenses................................................................ $140 Raw materials inventory, beginning..................................... $15 Raw materials inventory, ending......................................... $45 Work-in-process inventory, beginning................................. $20 Work-in-process inventory, ending..................................... $55 Finished goods inventory, beginning................................... $100 Finished goods inventory, ending....................................... $135
Required: Prepare a Schedule of Cost of Goods Manufactured in the text box below.

Student Answer: Schedule of Cost of Goods Manufactured for the Larop Corporation Beginning raw materials inventory .............$15 Add the Raw material Purchases ................$225 Raw materials available.............................$240 Subtract the ending raw materials...............$45 Raw materials used in production................$195 Direct labor...............................................$245 Manufacturing

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