Exhibit 18-4 Playtime Toys Began Operations on January 1, 2011

question 66

Multiple Choice

Exhibit 18-4 Playtime Toys began operations on January 1, 2011. During January it produced 2,000 toys and sold 1,850 toys. The following are needed to make 1 toy:
Manufacturing overhead is applied at a rate of $4 per direct labor hour.
-Refer to Exhibit 18-4. Given the information above, ending inventory would be:

• A) $4,050
• B) $4,650
• C) $5,250
• D) $5,850

Understand the differences between cumulative, callable, participating, and convertible preferred stocks.

Comprehend the accounting methods used for treasury stock transactions.

Identify the components and the calculation of contributed capital.

Recognize the accounting implications of preferred stock features on dividend distributions and financial statements.

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Definitions:

MMPI-2

A widely used standardized psychometric test of adult personality and psychopathology used to assist with the diagnosis of mental disorders.

Social Introversion

a personality trait characterized by a preference for calm, minimally stimulating environments and less social engagement.

MMPI

Minnesota Multiphasic Personality Inventory, a standardized psychometric test of adult personality and psychopathology.

Common Faults

Frequently observed mistakes or failures in a system, process, or mechanism.