2024 – The following information applies to the questions displayed below Finished goods inventory January
If the cost of goods manufactured for the year was $396,000, what was the cost of goods sold for the year? – 2024
- [The following information applies to the questions displayed below.]
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2024 – The following information applies to the questions displayed below Finished goods inventory January. Finished goods inventory, January 1, 2011 |
$ 30,400 |
> finished goods inventoryFinished 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. |
|
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None of these. |
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$396,000. |
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$406,400. |
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$411,600. |
- 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$41,000. |
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$620,000. |
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>$579$579,000. |
|
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$480,000. |
|
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>$521$521,000. |
- The accounting records of Diego Company revealed the following costs, among others:
|
Factory insurance |
$ 35,000 |
|
Raw material used |
>258258,000 |
|
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. |
- 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. |
- 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. |
|
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$783,000. |
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$738,000. |
- [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 |
- 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. |
>[removed]>[removed]>[removed][removed] |
$10,290. |
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an amount other than those listed above. |
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