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21.The three components of product costs are: 
 

A. direct material, supervisor salaries, selling expenses.

B. direct labor, manufacturing overhead, indirect material.

C. direct material, direct labor, manufacturing overhead.

D. manufacturing overhead, indirect material, indirect labor.

22.Which of the following is NOT an inventory account for a manufacturing company? 
 

A. Cost of goods sold.

B. Work-in-process.

C. Raw materials.

D. Finished goods.

23.Which of the following is NOT an account that over/under applied overhead is transferred to at the end of an accounting period? 
 

A. Cost of goods sold.

B. Work-in-process.

C. Raw materials.

D. Finished goods.

24.Which of the following is a true statement regarding absorption and/or direct costing? 
 

A. A firm can choose to use either absorption or direct costing for income tax purposes.

B. A firm can choose to use either absorption or direct costing for financial reporting purposes.

C. Direct costing assigns only direct materials and direct labor to products.

D. Absorption costing includes fixed overhead in product costs whereas direct costing does not.

25.A predetermined overhead rate is used to: 
 

A. keep track of actual overhead costs as they are incurred.

B. assign indirect costs to cost objects.

C. establish prices for manufactured products.

D. allocate selling and administrative expenses to manufactured products.

26.The predetermined overhead application rate based on direct labor hours is computed as: 
 

A. actual total overhead costs divided by actual direct labor hours.

B. estimated total overhead costs divided by estimated direct labor hours.

C. actual total overhead costs divided by estimated direct labor hours.

D. estimated total overhead costs divided by actual direct labor hours.

27.A debit balance in the manufacturing overhead account at the end of the period indicates that: 
 

A. manufacturing overhead is overapplied.

B. manufacturing overhead is underapplied.

C. manufacturing overhead has been accurately applied.

D. None of these.

28.Which of the following costs are included in the "for cost accounting purposes" classification? 
 

A. Variable cost and fixed cost.

B. Direct cost and indirect cost.

C. Product cost and period cost.

D. Committed cost and discretionary cost.

29.Which of the following describes the correct sequence of flow of costs for a manufacturing firm? 
 

A. Raw materials, finished goods, work-in-process, cost of goods sold.

B. Work-in-process, raw materials, finished goods, cost of goods sold.

C. Raw materials, work-in-process, finished goods, cost of goods sold.

D. Raw materials, work-in-process, cost of goods sold, finished goods.

30.An excess of cost of goods manufactured over cost of goods sold for the period represents: 
 

A. an increase in gross profit.

B. a decrease in work in process inventory.

C. overapplied manufacturing overhead.

D. an increase in finished goods inventory.

13-1

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