Cost of Goods Sold MCQs
1. Net sales = Sales less?
2. If the Gross profit is Rs. 5,000 and the net profit is 25% of the Gross profit. The expenses?
3. Cost of Goods sold is classified as which type of account?
4. Conversion cost = Direct labor +___________?
5. Which one of the following assets could be described as a current asset?
6. The largest expense of most manufacturing firms is?
7. The specific cost of the workforce used to produce a product such cost is called?
8. Which of the following product costs is both a prime cost and conversion cost?
9. Which of the following is NOT included under the head of FOH cost?
10. A firm had beginning finished goods inventory of Rs. 15,000, ending finished goods inventory of Rs. 20,000 and cost of goods sold of Rs. 80,000. What was the cost of goods manufactured?
>> Practice Cost of Goods Sold Problems and Solutions
11. Direct Labor is an element of?
12. Total Manufacturing costs are also known as product costs. Which of the following best describes those costs which are considered to be manufacturing costs?
13. On a multiple-step income statement, the excess of net sales over the cost of merchandise sold is called?
14. Which of the following cost is used in the calculation of cost per unit?
15. Direct expenses are such expenses?
16. Factory overhead includes all manufacturing costs except direct material and direct labor. Which of the following items would not be considered to be a factory overhead cost?
17. Which of the following is correct?
18. Direct expenses are such expenses?
19. Wages paid to laborers working in the manufacturing department is treated as an expense of?
20. Which of the following expressions is incorrect?
>> Theoretical concept Cost of Goods Sold Statement (CGS)