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BUS MGT QUES with calculations-If the cost of goods manufactured for the year was $396,000

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Question;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?;$401,200.;None of these.;$396,000.;$406,400.;$411,600.;2. 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;$41,000.;$620,000.;$579,000.;$480,000.;$521,000.;3. 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.;$157,000.;$463,000.;None of these.;$188,000.;$205,000.;4. 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;None of these.;$22,000.;$393,000.;$130,000.;$55,000.;5. 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;None of these.;$761,000.;$759,000.;$783,000.;$738,000.;6. [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?;$150,000.;$155,800.;$161,600.;$144,200.;None of these.;7. 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;$10,420.;$10,140.;$10,330.;$10,290.;an amount other than those listed above.

 

Paper#45669 | Written in 18-Jul-2015

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