1. Village Companys selected cost data for 2012 are shown below:

1. Village Companys selected cost data for 2012 are shown below:

1. Village Companys selected cost data for 2012 are shown below:Cost of goods manufactured $145,200 Work in process inventory, Jan. 1, 2012 18,500 Work in process inventory, Dec. 31, 2012 22,500Direct materials used 15,800 What are total manufacturing costs incurred by Village Company in 2012? $149,200 $158,300 $139,800 $117,100 None of these is correct2. The following information pertains to Bright Toy Companys operating activities for 2012. The company sells light box toys and sold 10,000 units in 2012. Purchases $ 126,000 Selling and Administrative Expenses 90,000 Merchandise inventory, 1/1/2012 14,000 Merchandise inventory, 12/31/2012 10,000 Sales Revenue 250,000 .What is the cost per unit sold? $13.00 $12.40 $14.00$10.40None of these is correct3. A service companys income statement does NOT include cost of goods sold. TrueFalse4. Accounting firms, building contractors, and healthcare providers are companies that use job order costing.True False5. Management accounting is influenced significantly by rules of GAAP and guidelines of the Securities Exchange Commission.True False explanation: financial accounting uses GAAP and SEC not management accounting6. Indirect materials and indirect labor are tracked to individual job costing records and recorded in the Work in process account.True False explanation: its direct materials and direct labor that is charged to work in process7. Arabica Manufacturing Company uses a predetermined manufacturing overhead rate based on a percentage of direct labor cost. At the beginning of 2012, they estimated total manufacturing overhead costs at $1,050,000, and they estimated total direct labor costs at $840,000. In June, 2012, Arabica completed job number 511. Job stats are as follows: Direct materials cost $27,500 Direct labor cost $13,000 Direct labor hours 400 hours Units of product produced: 200 crates How much manufacturing overhead was allocated to the job? $16,250 $10,400 $ 5,000 $34,375 None of these is correct8. Archangel Manufacturing has just finished the year 2012. They created a predetermined manufacturing overhead allocation rate at the beginning of the year based on a percentage of direct labor costs. Below are various data: Total manufacturing overhead estimated at the beginning of the year: $140,000 Total direct labor costs estimated at the beginning of the year: $350,000 Total direct labor hours estimated at the beginning of the year: 12,000 direct labor hours Actual manufacturing overhead costs for the year: $159,000 Actual direct labor costs for the year: $362,000 Actual direct labor hours for the year: 12,400 direct labor hours Based on the data above, how much manufacturing overhead was allocated to production?$825,360 $905,000 $144,800 $159,280 None of these is correct9. The journal entry to record the incurrence of $1,500 of direct labor and $200 of indirect labor includes which of the following?Debit to Manufacturing overhead for $1,700 Debit to Work in process inventory for $1,500 and debit to Finished goods for $200 Debit to Work in process inventory for $1,700 Debit to Work in process for $1,500, debit to Manufacturing overhead for $20010. Which of the following describes the cost of goods manufactured? The cost of the goods that were sold during the period The total cost of all goods that were completed, or partially completed during the period The cost of those goods which were completed during the period The total costs in inventory at the end of the period


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