121.What is the ending balance of Cost of Goods Sold for Adams Company at the end of the first quarter?
a. $456
b. $2,685
c. $1,685
d. $685
122.What is the ending balance of Finished Goods for Adams Company at the end of the first quarter?
a. $456
b. $1,067
c. $1,685
d. $2,752
123.What is the balance of Sales for Adams Company at the end of the first quarter?
a. $1,685
b. $2,685
c. $1,000
d. $685
124.What is the gross profit for Adams Company at the end of the first quarter?
a. $1,685
b. $2,685
c. $1,000
d. $685
125.Bar code scanners are now being used to track incoming materials and to electronically transmit this data. Scannershave replaced which of the following?
a.receiving report
b.materials requisition
c.materials ledger
d.job cost sheet
126.A separate account for each material is found in a
a.general ledger
b.materials ledger
c.receiving report
d.job cost sheet
127.The materials requisition is used to
a.release materials from the storeroom to the factory
b.release finished goods to the shipping department
c.record the acquisition of materials from a vendor
d.record and electronically transmit materials data in place of a receiving report
128.Period costs are
a.found on the balance sheet
b.not involved in the production process
c.classified as direct labor, direct material, or factory overhead
d.found on the job order cost sheets
129.The Cavy Company estimates that the factory overhead for the following year will be $1,250,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 40,000hours. The machine hours for the month of April for all of the jobs was 4,780. If the actual factory overhead totaled$141,800, determine the over- or underapplied amount for the month.
a.$7,575 underappliedb. $35,220 underapplied
c. $7,575 overappliedd. $35,220 overapplied
130.Period costs are classified as either
a.selling expenses or production expenses
b.administrative expense or production expenses
c.selling expenses or administrative expenses
d.general expenses or selling expenses