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Hey tutors, I am in desperate need of some help with my accounting class. Attached is a quiz I need help on. Thank you. ATTACHMENT PREVIEW Download attachment Accounting Quiz 6.docx Question 1 Direct materials cannot usually be clearly traced to the finished product. True False 2 points Question 2 An important cost to measure in a manufacturing company is the cost to manufacture a product. True False 2 points Question 3 Administrative costs are nonmanufacturing costs that include the costs of top administrative functions and various staff departments such as accounting, data processing, and personnel. True False 2 points Question 4 The company president’s salary is a product cost. True False 2 points Question 5 Product costs would include supervisory labor and indirect materials. True False 2 points Question 6 Smith, together with a number of other employees, worked 40 hours last week to make a particular product and earned $400 (40 hours at $10 per hour). All of the $400 should be considered direct labor cost. True False 2 points Question 7 The accounting cost data flow usually: A. precedes the physical product flow. B. has little relationship to the physical product flow. C. is behind the physical product flow. D. parallels the physical product flow. 2 points Question 8 The James Company purchased "direct materials" from UCD Steel. The invoice price was $350,000. The purchaser also incurred storage costs of $5,000 to store the materials after they were purchased. Assuming the James Company subsequently used all these materials in production, the correct direct materials cost is: A. $350,000 B. $345,000 C. $355,000 D. $0 2 points Question 9 Certain manufacturing costs may, for practical reasons, not be traced directly to the product manufactured. True False 2 points Question 10 The sum of direct materials, direct labor, and manufacturing overhead are included in product cost. True False 2 points Question 11 Product cost would include which of the following? A. Financing charges B. Insurance costs on the factory C. Storage costs for finished goods inventory D. Sales personnel’s salaries 2 points Question 12 Which of the following is not a difference between financial and management accounting? A. Financial accounting is typically mandatory, while management accounting is optional. B. Financial accounting information is historical in nature, while management accounting is future oriented. C. Financial accounting is general purpose in nature, while management accounting is for a specific purpose. D. The primary data for each is accumulated in different accounting systems. 2 points Question 13 The following data pertain to the Best Co.: Materials inventory, 1/1/16…………….. $54,000 Materials inventory, 12/31/16…………… 40,500 Materials purchases……………………. 81,500 Work in process inventory, 1/1/16……….. 28,500 Work in process inventory, 12/31/16……… 40,500 Direct labor………………………….. 34,000 Manufacturing overhead…………………. 52,000 Finished goods inventory, 1/1/16………… 39,500 Finished goods inventory, 12/31/16………. 11,000 Cost of goods sold should be: A. $181,000 B. $197,500 C. $184,000 D. $137,500 2 points Question 14 A fixed cost would be: A. sales commissions. B. direct materials. C. shown as a line sloping upward to the right on a graph showing total production costs vertically and units produced horizontally. D. the plant manager’s salary. 2 points Question 15 Given the following data regarding the revenue and costs of the Donden Corporation, what is the breakeven point stated in sales dollars? A. $451,064 B. $ 63,832 C. $552,381 D. $295,238 2 points Question 16 Variable costs and fixed costs can best be described by which of the following when related to changing production levels? A. Fixed costs vary per unit, but variable costs stay constant per unit. B. Fixed costs stay constant per unit, but variable costs vary per unit. C. Fixed co

  

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