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

# 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?

 [removed] \$401,200. [removed] None of these. [removed] \$396,000. [removed] \$406,400. [removed] \$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:
 [removed] \$41,000. [removed] \$620,000. [removed] \$579,000. [removed] \$480,000. [removed] \$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.

 [removed] \$157,000. [removed] \$463,000. [removed] None of these. [removed] \$188,000. [removed] \$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:
 [removed] None of these. [removed] \$22,000. [removed] \$393,000. [removed] \$130,000. [removed] \$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:

 [removed] None of these. [removed] \$761,000. [removed] \$759,000. [removed] \$783,000. [removed] \$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?

 [removed] \$150,000. [removed] \$155,800. [removed] \$161,600. [removed] \$144,200. [removed] 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:

 [removed] \$10,420. [removed] \$10,140. [removed] \$10,330. [removed] \$10,290. [removed] an amount other than those listed above.

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