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1. Ogleby Inc.'s accounting records reflect the following inventories:




1. Ogleby Inc.'s accounting records reflect the following inventories;Dec.31, 2012 Dec.31, 2013;Raw materials inventory $120,000 $ 96,000;Work in process inventory 156,000 174,000;Finished goods inventory 150,000 138,000;During 2013, Ogleby purchased $840,000 of raw materials, incurred direct labor costs of $150,000, and incurred manufacturing overhead totaling $192,000.;How much is total manufacturing costs incurred during 2013 for Ogleby?;$1,206,000;$1,182,000;$1,200,000;$1,188,000;2. Using $2,500,000 as the total manufacturing costs, compute the cost of goods manufactured using the following information.;Raw materials inventory, January 1 $ 20,000;Raw materials inventory, December 31 40,000;Work in process, January 1 18,000;Work in process, December 31 12,000;Finished goods, January 1 40,000;Finished goods, December 31 32,000;Raw materials purchases 1,400,000;Direct labor 560,000;Factory utilities 150,000;Indirect labor 50,000;Factory depreciation 400,000;Operating expenses 420,000;$2,492,000.;$2,506,000.;$2,494,000.;$2,508,000.;3. Dolan Company's accounting records reflect the following inventories;Dec.31, 2013 Dec.31, 2012;Raw materials inventory $310,000 $260,000;Work in process inventory 300,000 160,000;Finished goods inventory 190,000 150,000;During 2013, $600,000 of raw materials were purchased, direct labor costs amounted to $500,000, and manufacturing overhead incurred was $480,000. Dolan Company's total manufacturing costs incurred in 2013 amounted to;$1,530,000.;$1,490,000.;$1,390,000.;$1,580,000;4. Cost of goods manufactured in a manufacturing company is analogous to;cost of goods purchased in a merchandising company.;ending inventory in a merchandising company.;beginning inventory in a merchandising company.;cost of goods available for sale in a merchandising company.;5. Edmiston Company reported the following year-end information: beginning work in process inventory, $80,000, cost of goods manufactured, $780,000, beginning finished goods inventory, $50,000, ending work in process inventory, $70,000, and ending finished goods inventory, $40,000. How much is Edmiston's cost of goods sold for the year?;$770,000;$800,000;$780,000;$790,000;6. Gammil Company has beginning and ending raw materials inventories of $96,000 and $120,000, respectively. If direct materials used were $440,000, what was the cost of raw materials purchased?;$416,000.;$470,000.;$464,000.;$440,000.;7. Which of the following statements about internal reports is not true?;The content of internal reports may extend beyond the double-entry accounting system.;Most internal reports are summarized rather than detailed.;Internal reports may show all amounts at market values.;Internal reports may discuss prospective events.;8. Which of the following is not a management function?;Constraining;Planning;Controlling;Directing;9. The subtotal, "Cost of goods manufactured" appears on;a merchandising company's income statement.;a manufacturing company's income statement.;both a manufacturing and a merchandising company's income statement.;neither a merchandising nor a manufacturing company's income statement.;10. Samson Company reported total manufacturing costs of $300,000, manufacturing overhead totaling $52,000, and direct materials totaling $64,000. How much is direct labor cost?;$184,000;$416,000;$116,000;Cannot be determined from the information provided;11. What is work in process inventory generally described as?;Beginning stage production costs associated with labor costs dealing with bringing in raw materials from the shipping docks;Costs applicable to units that have been started in production but are only partially completed;Costs associated with the end stage of manufacturing that are almost always complete and ready for customers;Costs strictly associated with direct labor


Paper#81040 | Written in 18-Jul-2015

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