[Paige]

I have the questions hereDropbox link

thanks a lot for your help 🙂

[Paige]

Hi John,

thanks for your confirmation.

I have a question. I just did an online test (in school). Even though I am quite confident with my answers, I got 4 incorrect answers out of 20.

The problem is I don’t know which question I did wrongly. Do you mind if I ask for your help to identify them?

Please just ignore me if this is too much. Anyway, thanks for your help and really appreciate what you did in this forum.

[Paige]

so the correct answer is:

the amount of loan versus the value of collateral tend to be higher for inventory than account receivables because it is is easier to seize the assets when the borrower defaults?

I’m just afraid you might be confused between the answer in the picture and the text.

[Paige]

thanks. I get the point.

[Paige]

Totally understand now. Thank you very much !!!

[Paige]

Ok, I posted in there.

[Paige]

Thanks a lot for your confirmation, John. Just one more question, so I can ignore the machine setups and inspections in Overhead costs (in part b)?

[Paige]

thank you a lot for your help !

[Paige]

I should have read the question carefully !! In the mean time while waiting for your help, I figured it out myself haha. Anyway, still appreciate your help a lot.

[Paige]

I also have this question but can’t get it correct completely. It’s a computer based question but anytime I submit, I only get 50% of correctness.

[Paige]

Oh, I just found I asked a silly question. Haha. I can just find total manufacturing cost first by using number of units x unit cost. But I tried getting direct labour cost for dept 1 first instead. Thank you for your help.

[Paige]

Hi,

I am not sure I should open a new topic or just post here. There is another job-order costing related question.

I could figure out most of the answers except the Department 2, direct labour cost of Job 217.

[Paige]

I watched your lecture in terms of cost classification and behavior. And it really helps a lot. It’s easy to understand and by following it, I am able to finish the rest of the question by myself 🙂

Thanks for correcting me about the ‘direct labor’, I just find out ‘Indirect materials’ is also variable cost.

[Paige]

Ok, I totally got it. Thank you very much for your explanation.

[Paige]

Thanks a lot for your help !

Just a bit confusion here and need to ask to clarify. If I consider using this formula:

End WIP = Beg WIP + Direct Materials used + Direct Labor used + Overhead – Cost of goods manufactured.

Then what is the cost of goods manufactured in this case?

[Author]

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