Ch2 Quiz1

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School

University of North Texas *

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Course

5130

Subject

Accounting

Date

Jan 9, 2024

Type

pdf

Pages

7

Uploaded by vnguyen3

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10/25/23, 4:29 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlud… 1/7 1. Award: 1 out of 1.00 point Score: 9/10 Points 90 % Amaz-a-nation reported the following data for the year just ended: sales revenue, $1,810,000; cost of goods sold, $920,000; cost of goods manufactured, $562,000; and selling and administrative expenses, $169,000. Amaz-a-nation's gross margin would be: $1,059,000. $1,248,000. $1,079,000. $497,000. $890,000. Gross margin = Sales cost of goods sold = $1,810,000 $920,000 = $890,000.
10/25/23, 4:29 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlud… 2/7 2. Award: 1 out of 1.00 point Play Time is a nursery school for pre-kindergarten children. The school has determined that the following biweekly revenues and costs occur at different levels of enrollment: Number of Students Enrolled Total Revenue Total Costs 10 $4,300 $2,400 15 6,450 3,100 16 6,880 3,200 20 8,600 3,850 21 9,030 3,935 The average cost per student when 16 students enroll in the school is: $100. $207. $200. $430. $650. Cost for 16 students ÷ 16 students = $3,200 ÷ 16 = $200 average cost.
10/25/23, 4:29 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlud… 3/7 3. Award: 1 out of 1.00 point Peyton Manufacturing has the following data: Work-in-process inventory, January 1, 20x8 $ 67,000 Work-in-process inventory, December 31, 20x8 72,500 Conversion costs during the year 439,000 If the cost of goods manufactured for the year was $575,000, what was the amount of direct materials used during the year? $141,500. $20,500. $136,000. $217,500. None of the answers is correct. Direct materials used during the Year = Cost of Goods Manufactured Conversion costs + (Change in WIP balances) = $575,000 $439,000 + ($72,500 $67,000) = $141,500
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