Given: Department A 8,000 sq. ft., Department B 5,000 sq

| April 13, 2018

1. Given: Department A 8,000 sq. ft., Department B 5,000 sq., and Department C 6,000 sq. ft. The percent of overhead expenses applied to Department C to the nearest whole will be:a) 68%b) 32%c) 26%d) 42%e) None of these2. With Department A sales of $200,000, Department B sales of $600,000, and overhead expense to be allocated of $25,000, the distribution of overhead to Department A based on sales is:a) $18,750b) $25,000c) $2,600d) $6,250e) None of these3. Belle Co. has beginning inventory of 12 sets of paints at a cost of $1.50 each. During the year, the store purchased 7 at $3.00, 8 at $3.25, and 12 at $3.50. By the end of the year 31 sets were sold. Using the LIFO method, the cost of ending inventory is:a) $28.00b) $12.00c) $21.00d) $3.50e) None of these4. Moss Co. uses the FIFO method to calculate ending inventory. Assuming 300 units are not sold, the cost of goods sold is:a) $7,600b) $7,280c) $3,120d) $3,400e) None of these5. Melissa’s Dress Shop’s inventory at cost on January 1 was $19,400. Its retail value was $36,000. During the year, additional net purchases at a cost of $42,600 were brought in. Its retail value was $64,000. The net sales for the year were $70,000. Melissa’s inventory at cost by the retail method is:a) $30,000b) $18,600c) 18,000d) $12,400e) None of these6. Which one of the following builds up no cash value?a) Universal Lifeb) Straight-Lifec) Termd) 20-payment lifee) None of these7. Abby Kaminsky, age 32, has decided to take out a limited payment life policy. She chose this since she expects her income to decline in future years. Abby has decided to take out a 20-year pay life policy with a coverage amount of $200,000. Using the tables in her handbook, her annual premium will be:a) $1,158b) $2,316c) $2,136d) $1,518e) None of these8. Mia’s office building with a $300,000 value has a rating of 2 with a building classification of A. The contents in the building are valued at $120,000. Using the tables in the handbook, the total annual is:a) $1,046.40b) $990.00c) $1,064.40d) $1,064.04e) None of these9. Bill Blum insured his hardware store with a fire insurance policy for$88,000 at a cost of $.84 per $100. Ten months later his insurance company canceled his policy as a result of failure to correct a fire hazard. The cost of the policy to Bill was:a) $739.20b) $793.20c) $591.36d) $616.00e) None of these10. Calculate the optional bodily injury cost for the following: Class 10; optional bodily injury:100/300/50a) $94b) $144c) $108d) $187e) None of These

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