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1. Product costs are expensed as cost of goods sold: A) when production is complete. B) at the start of production. C) when the related products are sold. D) when the related revenue is collected. 2. Select the response that indicates the correct sequence of product cost flows from production to sale. A) Raw materials, finished goods, and cost of goods sold B) Cost of goods sold, finished goods, work in process, and raw materials C) Work in process, finished goods, and cost of goods sold D) Raw materials, work in process, finished goods, and cost of goods sold 3. Fortune Company had beginning raw materials inventory of $16,000. During the period, the company purchased $92,000 of raw materials on account. If the ending balance in raw materials was $10,000, the amount of raw materials transferred to work in process is: A) $86,000. B) $98,000 C) $102,000. D) $92,000. 4. The cost of indirect labor will initially be charged to: A) Cost of Goods Sold. B) Finished Goods Inventory. C) Manufacturing Overhead. DJ Wages Expense. Carolina Company placed $26,500 of raw materials into production. The recognition of this event will: A decrease net income. B) not affect total assets. C) increase revenue. D) decrease cash flow from investing activities. 6. In which of the following industries would a job-order costing system most likely be used? A) Oil refinery B) Small appliances manufacturer C) Construction of cell towers D) Beverage manufacturer 7. Which of the following accounts is reported on the balance sheet? A) Raw Materials Inventory. B) Work in Process Inventory. C) Finished Goods Inventory. D) All of these answers are correct. 8. Equivalent units of production would best be defined as: A) The number of whole units that could have been completed with direct material, direct labor, and overhead used during the period. B) Completed units that are produced through the same process. C) Number of units transferred out during the period, regardless of when the units were started into production D) Units of production that are the same kind of product. 9. O'Hare Company is a manufacturing firm that uses a job-order costing system to determine the costs of its products. On January 1, O'Hare purchased $3,000 of raw materials with cash. The entry to record the purchase of raw materials would: A) Increase total assets. B) Decrease total assets. C) Have no impact on total assets. D) Decrease net income. 10. A laundry detergent manufacturer would most likely use: A) Process costing B) Job-order costing. C) Hybrid costing. D) Batch-order costing. 11. The study of an individual financial statement item over several accounting periods is called: A) Horizontal analysis. B) Vertical analysis. C) Ratio analysis. D) Time and motion analysis. 12. An analysis procedure that uses percentages to compare each of the parts of an individual statement to a key dollar amount from the financial statements is: A) Ratio analysis B) Contribution analysis. C) Horizontal analysis. D) Vertical analysis. 13. All of the following are considered to be measures of a company's short-term debt-paying ability except A) Current ratio. B) Earnings per share. C) Inventory turnover. D) Average collection period. 14. Working capital is defined as: A) Current assets divided by current liabilities. B) Total assets minus total liabilities. C) Current assets less current liabilities. D) Current liabilities divided by total liabilities. 15. Which of the following statements regarding the quick ratio is incorrect? A) The quick ratio is also known as the acid-test ratio. B) The quick ratio ignores some current assets that are less liquid than others. C) The quick ratio is a conservative variation of the current ratio. D) The quick ratio equals quick assets divided by total liabilities. 16. Darden Company has cash of $40,000, accounts receivable of $60,000, inventory of $32,000, and equipment of $100,000. Assuming current liabilities of $48,000, this company's working capitalis: A) $12,000. B) $52,000. C)$144,000 D) $84,000. 17. Milton Company has total current assets of $46,000, including inventory of $10,000, and current liabilities of $20,000. The company's current ratio is: A) 0.4. B) 1.8 C) 2.8. D) 2.3. 18. The following balance sheet information is provided for Greene Company for Year 2: Assets Cash $ 5,400 Accounts receivable 15,500 Inventory 18,000 Prepaid expenses 1,600 Plant and equipment, net of depreciation 20,200 Land 19,950 Total assets $ 80,650 Liabilities and Stockholders' Equity Accounts payable $ 4,500 Salaries payable 11,500 Bonds payable (due in ten years) 19,000 Common stock, no par 30,000 Retained earnings 15,650 Total liabilities and stockholders' equity $ 80,650 19. What is the company's quick (acid-test) ratio? A) 0.7 B) 14 C) 1.3 -D) 3.8 20. What is the company's current ratio? (Round your answer to 2 decimal places.) A) 1.16 B) 1.31 C) 2.53 D) 3.79 21. What is the company's working capital? A) $20,300 B) $4,900 C) $22,900 D) $24,500 The following balance sheet information was provided by O'Connor Company: Assets Year 2 Year 1 Cash $ 4,000 $ 2,000 Accounts receivable 15,000 12,000 Inventory $ 35,000 $ 38,000 22. Assuming that net credit sales for Year 2 totaled $270,000, what is the company's most recent accounts receivable turnover? A) 18 times B) 20 times C) 22.5 times D) 7.7 times 23. Assuming Year 2 net credit sales totaled $270,000. what was the company's average days to collect receivables? (Use 365 days in a year. Do not round your intermediate calculations.) A) 18.25 days B) 47.31 days C) 16.22 days D) 20.28 days 24. Assuming Year 2 cost of goods sold is $153,300, what is the company's inventory turnover? A) 4.0 times B) 4.4 times C) 4.2 times D) None of these answers are correct. 25. You are considering an investment in Apple stock and wish to assess the firm's short-term debt-paying ability. All of the following ratios are used to assess liquidity except A) Debt to equity ratio. B) Inventory turnover. C) Quick ratio. D) Accounts receivable turnover