Posted: June 15th, 2021

If the cost of goods manufactured for the year was $396,000, what was

  1. [The following information applies to the questions displayed below.]
     

 Finished goods inventory, January 1, 2011

$ 30,400  

 Finished goods inventory, December 31, 2011

$ 25,200  


 

If the cost of goods manufactured for the year was $396,000, what was the cost of goods sold for the year?

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$401,200.

 [removed]

None of these.

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$396,000.

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$406,400.

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$411,600.

 

  1. Yang Corporation recently computed total product costs of $579,000 and total period costs of $480,000, excluding $41,000 of sales commissions that were overlooked by the company’s administrative assistant. On the basis of this information, Yang’s income statement should reveal operating expenses of:

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$41,000.

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$620,000.

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$579,000.

 [removed]

$480,000.

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$521,000.

 

  1. The accounting records of Diego Company revealed the following costs, among others:
     

 Factory insurance

$ 35,000  

 Raw material used

258,000  

 Customer entertainment

17,000  

 Indirect labor

48,000  

 Depreciation on salespersons’ cars

31,000  

 Production equipment rental costs

74,000  


Calculate the total manufacturing overhead for the company.

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$157,000.

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$463,000.

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None of these.

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$188,000.

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$205,000.

 

  1. Carolina Plating Company reported a cost of goods manufactured of $523,000, with the firm’s year-end balance sheet revealing work in process and finished goods of $76,000 and $140,000, respectively. If supplemental information disclosed raw materials used in production of $87,000, direct labor of $141,000, and manufacturing overhead of $241,000, the company’s beginning work in process must have been:

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None of these.

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$22,000.

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$393,000.

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$130,000.

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$55,000.

 

  1. The accounting records of Dolphin Company revealed the following information:

 Total manufacturing costs

$ 760,000  

 Work-in-process inventory, Jan. 1

79,000  

 Work-in-process inventory, Dec. 31

101,000  

 Finished-goods inventory, Jan. 1

169,000  

 Finished-goods inventory, Dec. 31

146,000  


Dolphin’s cost of goods sold is:

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None of these.

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$761,000.

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$759,000.

 [removed]

$783,000.

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$738,000.

 

  1. [The following information applies to the questions displayed below.]

 Raw materials inventory, January 1, 2011

$ 34,000  

 Raw materials inventory, December 31, 2011

$ 28,200  

10_29_2012

If purchases of raw materials were $150,000 during the year, what was the amount of raw materials used during the year?

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$150,000.

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$155,800.

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$161,600.

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$144,200.

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None of these

  1. Hot’lanta, Inc., which uses the high-low method to analyze cost behavior, has determined that machine hours best explain the company’s utilities cost. The company’s relevant range of activity varies from a low of 600 machine hours to a high of 1,100 machine hours, with the following data being available for the first six months of the year:
     
     

Month

Utilities

Machine Hours

  January

$9,200          

850          

  February

8,860          

770          

  March

9,450          

860          

  April

9,860          

970          

  May

10,240          

1,000          

  June

9,650          

950          

 

 

 

 

Using the high-low method, the utilities cost associated with 1,030 machine hours would be:

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$10,420.

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$10,140.

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$10,330.

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$10,290.

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an amount other than those listed above.

 

 

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