Question 6 (0.5 points) Job 607 was recently completed. The following data has been recorded on the job cost sheet Direct materials of $3,400 Direct labor of $700 Machine hours worked of 158 hours Direct labor hours worked of 50 hours. If the company applies manufacturing overhead at the rate of $15 per machine hour, what is the total manufacturing cost of Job 607. 01) $4,850 O2) $4,100 03) $6,470 04) $2,370 Question 7 (0.5 points) Cost of goods sold is equal to: o 1) the cost of inventory on hand at the end o a period plus net purchases minus the cost of inventory on hand at the beginning of the period. o 2) the cost of inventory on hand at the beginning of a period minus net purchases, plus the cost of inventory on hand at the end of a period. 3) the cost of inventory on hand at the beginning of a period plus net sales, minus the cost ofinventory on hand at the end of a period. 4) the cost of inventory on hand at the beginning of a period, plus net purchases, minus the cost of inventory on hand at the end of a period. Question 8 (0.5 points) Kramer Service Corporaton bought a building lot to construct a new corporate office building. An older home that was situated on the building lot was razed immediately so that the office building could be constructed. The cost of purchasing the older home should be: 0 1) recorded as part of the cost of the land. U 2) written off as a loss in the year of purchase of the building lot. 03) written off as an extraordinary item in the year of the purchase. O4) recorded as part of the cost of the new building. Question 9 (0.5 points) Which of the following is NOT among the first five steps in the accounting cycle? 0 1) Recording transactions in the journals. O 2) Recording closing journal entries. U 3) Adjusting the general ledger accounts. 0 4) Posting entries to general ledger accounts. Question 10 (0.5 points) Which of the following principles best describes the current method of accounting for research and development costs? 0 1) Associating cause and effect. O 2) Systematic and rational allocation. O3) Income tax minimization. 04) Immediate recognition as an expense