Exam: 061681RR - THE COSTING OF PRODUCTS - 72791

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Questions 1 to 20: Select the best answer to each question. Note that a question and its answers may be split across a page break, so be sure that you have seen the entire question and all the answers before choosing an answer.

  

Use the following information to answer this question.

 

The following data (in thousands of dollars) have been taken from the accounting records of Karlana Corporation for the just-completed year.

 

Sales

$910

Raw materials, inventory, beginning

$80

Raw materials, inventory, ending

$20

Purchases of raw materials

$100

Direct labor

$130

Manufacturing overhead

$200

Administrative expenses

$160

Selling expenses

$140

Work in process inventory, beginning

$40

Work in process inventory, ending

$10

Finished goods inventory, beginning

$130

Finished goods inventory, ending

$150

 

1. The net operating income for the year (in thousands of dollars) was

A.  $40.

B.   $180.

C.  $110.

D.  $410.

 

2. Which of the following is not one of the five steps in the lean-thinking model discussed in the text?

A.  Automate the business process.

B.   Create a pull system that responds to customer orders.

C.  Organize work arrangements around the flow of the business process.

D.  Identify the business process that delivers value.

 

 


 

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