46 gate grocery s most popular candy barscost 0 50 each and sell for 0 75 management 4313412

46 gate grocery s most popular candy barscost 0 50 each and sell for 0 75 management 4313412

46.Gate Grocery’s most popular candy barscost $0.50 each and sell for $0.75. Management determined that it had purchased 3,000 candy bars in February. It began February with 200 bars and had 150 remaining at the end of February. How much is cost of goods sold for February?

A.$1,475

B.$2,287.50

C.$3,050

D.$1,525

47.Prime costs are:

A.The sum of materials and labor costs.

B.The sum of labor and manufacturing overhead.

C.The sum of fixed and variable overhead costs.

D.The sum of material, labor, and overhead costs.

48.The cost of direct labor in a manufacturing plant is an example of:

A.NoYes

B.NoNo

C.YesNo

D.YesYes

49.The following costs were incurred in November:

Direct materials$16,000

Direct labor8,000

Manufacturing overhead10,000

Selling expenses4,000

Administrative expenses5,000

Prime costs during the month totaled:

A.$34,000

B.$24,000

C.$43,000

D.$9,000

50.Product costs are also known as:

A.Prime costs.

B.Conversion costs.

C.Period costs.

D.Inventoriable costs

51.The Peterson Company incurred the following costs in  the month of May:

Direct materials purchased$12,000

Commissions paid to salespeople$5,000

Direct labor paid$9,000

Manufacturing plant utility costs$19,000

Advertising costs$2,000

The company’s product costs total:

A.$45,000

B.$47,000

C.$40,000

D.$42,000

52.Product costs are also referred as:

A.Mixed cost.

B.Selling and administrative costs.

C.Inventoriable costs.

D.Volume cost.

E.Break-even cost.

53.Product costs include which of the following costs?

A.Manufacturing overhead costs and selling and administrative costs.

B.Variable manufacturing costs and manufacturing overhead costs.

C.Common costs and special costs.

D.Period costs and common costs.

E.Variable costs only.

54.Manufacturing overhead includes which of the following costs?

A.Fixed costs only.

B.Variable costs only.

C.Conversion costs and direct labor.

D.Variable overhead and fixed overhead.

E.Common costs and special costs.

55.Which of the following are the inputs manufacturers use to make their product?

A.Direct material, direct labor, and manufacturing overhead.

B.Period costs and product costs.

C.Conversion costs and direct labor.

D.Common costs and special costs.

E.Direct material, direct labor, and period costs.

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