Quiz 1 study guide

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1. Which of the following persons would occupy a line position in a department store? I. Sales manager II. Manager, furniture department III. Manager, advertising department IV. Manager, personnel department A) Only I B) Only I and II C) Only I, II, III D) I, II, III, IV

2. The benefits of a successful Just-In-Time system include all of the following except: A) funds tied up in inventories are released for use elsewhere. B) inventory buffers are increased. C) throughput time is reduced. D) defect rates are decreased.

3. A successful JIT system is based upon which of the following concepts? A) The company must rely upon a large number of suppliers to ensure frequent
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The company 's beginning merchandise inventory was $20,000 and its ending merchandise inventory was $18,000. What was the total amount of the company 's merchandise purchases for the month? A) $86,000 B) $82,000 C) $84,000 D) $122,000

14. During January, the cost of goods manufactured was $93,000. The beginning finished goods inventory was $16,000 and the ending finished goods inventory was $20,000. What was the cost of goods sold for the month? A) $129,000 B) $89,000 C) $93,000 D) $97,000

15. The Samuelson Company uses a job-order cost system. The following data were recorded for June: June 1 Added During June Work in Process Direct Direct Job Number Inventory Materials Labor 475 $1,000 $ 400 $ 200 476 $ 900 $ 600 $ 800 477 $ 800 $ 900 $1,400 478 $ 600 $ 1,100 $1,900 Overhead is charged to production at 70% of the direct materials cost. Jobs 475, 477, and 478 have been delivered to the customer. Samuelson 's Work in Process inventory balance on June 30 was: A) $6,450. B) $2,860. C) $2,300. D) $2,720.

Use the following to answer question 16:

Wayne company uses a job costing system and applies overhead to jobs using a predetermined overhead rate based on direct labor-hours. The company had the following inventories at the beginning and end of March:

March 1 March 31
Direct Materials $36,000 $30,000
Work in Process 18,000

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