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WGU C253 OBJECTIVE ASSESSMENT (OA)
EXAM NEWEST 2024 ACTUAL EXAM TEST
BANK 200 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+
For a manufacturing company, which of the following is an example of a period cost rather than a product cost?
Insurance on factory equipment.
Depreciation on factory equipment.
Wages of salespersons.
Wages of machine operators. - ANSWER- Wages of salespersons
Both direct materials and indirect materials are
merchandise inventory.
manufacturing overhead. 1 / 4
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raw materials.
sold directly to customers by a manufacturing company. - ANSWER- raw materials.
The work of factory employees that can be physically and directly associated with converting raw materials into finished goods is
direct labor.
manufacturing overhead.
indirect materials.
indirect labor. - ANSWER- direct labor.
Which one of the following is not a cost element in manufacturing a product?
Direct labor.
Manufacturing overhead.
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Office salaries.
Direct materials. - ANSWER- Office salaries.
Identify whether each of the following costs should be classified as product costs or period costs.
(a) Manufacturing overhead. - ANSWER- Product Costs
Identify whether each of the following costs should be classified as product costs or period costs.
(b) Selling expenses. - ANSWER- Period Costs
Identify whether each of the following costs should be classified as product costs or period costs.
(c) Administrative expenses. - ANSWER- Period Costs
Identify whether each of the following costs should be classified as product costs or period costs.
(d) Advertising expenses. - ANSWER- Period Costs
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Identify whether each of the following costs should be classified as product costs or period costs.
(e) Direct labor. - ANSWER- Product Costs
Identify whether each of the following costs should be classified as product costs or period costs.
(f) Direct materials. - ANSWER- Product Costs
Total period costs are deducted from total cost of work in process to calculate cost of goods manufactured.
True
False - ANSWER- False
If the ending work in process inventory is greater than the beginning work in process inventory, then the cost of goods manufactured will be less than total manufacturing costs for the period.
True
False - ANSWER- True
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