Question :
71.In April, Walston Enterprises had the following results:
Beginning finished goods : 1302689
71.In April, Walston Enterprises had the following results:
Beginning finished goods inventory $17,400
Ending finished goods inventory $25,400
Sales $965,000
Gross Margin $450,000
How much is cost of goods sold for April?
A.$458,000
B.$515,000
C.$507,000
D.$423,000
72.Title Audio manufactures industrial sound systemsand employs a job-order costing system. During June, Title Audio’stransactions and accounts included the following:
Raw materials purchased $126,000
Direct labor cost incurred 34,000
Total manufacturing overhead applied 42,100
Raw materials inventory, beginning 12,500
Raw materials inventory, ending 11,600
Finished goods inventory, beginning 10,400
Work in process inventory, beginning 13,000
Work in process inventory, ending 14,100
Total manufacturing overhead incurred 44,300
How much is the cost of direct materials issued to production during June?
A.$126,900
B.$126,000
C.$125,100
D.None of these answer choices are correct
73.Winslow Windows manufactures custom windows for high rise buildingsand employs a job-order costing system. During June, Winslow’stransactions and accounts included the following:
Raw materials purchased $106,000
Direct labor cost incurred 42,000
Total manufacturing overhead applied 35,800
Raw materials inventory, beginning 13,100
Raw materials inventory, ending 11,600
Finished goods inventory, beginning 9,000
Work in process inventory, beginning 13,000
Work in process inventory, ending 14,100
Total manufacturing overhead incurred 34,200
How much is the cost of goods manufactured for June?
A.$185,300
B.$184,200
C.$182,600
D.$182,700
74.Dax Productionsproduces commercials for companies wishing to advertise on television. It uses job-order costing.Dax utilized annual estimates of overhead and machine hours in determining its overhead rate of $1.50 per machine hour.Data from the month of Juneis as follows:
Factory rent $20,400
Direct labor $56,000
Factory depreciation $15,000
Administrative salaries $42,000
Indirect materials used in production $16,000
Direct materials used in production $11,500
Actual machine hours 10,000
Estimated machine hours 9,800
How much are total manufacturing costs added to work in process during the period?
A.$67,500
B.$151,500
C.$82,500
D.None of these answer choices are correct
75.Olive Productions utilizes job-order costing for textbook production. It allocates overhead at a rate of 130% of direct labor costs.The following is data regarding three jobs:
WIP balanceCosts added in February
OnFeb.1Direct LaborDirect Materials
Job #64 $600 $500 $200
Job #65 $700 $300 $300
Job #66 $500 $100 $250
How much are total manufacturing overhead costs applied for February?
A.$3,510
B.$900
C.$1,440
D.$1,170
76.Olive Productions utilizes job-order costing for textbook production. It allocates overhead at a rate of 130% of direct labor costs.The following is data regarding three jobs:
WIP balanceCosts added in February
OnFeb. 1Direct LaborDirect Materials
Job #64 $600 $500 $200
Job #65 $700 $300 $300
Job #66 $500 $100 $250
Jobs #64and #66were completed and sold in February. How much is the balance in the Work in Processaccount at the end of February?
A.$990
B.$1,690
C.$1,650
D.$1,300
77.Cost of goods manufactured equals $44,000 for 2013. Finished goods inventory is $2,500 at the beginning of the year and $5,500 at the end of the year. Total manufacturing overhead applied is $4,500. Beginning and ending work in process for 2013are $6,000 and $5,000 respectively. How much is cost of goods sold for the year?
A.$41,000
B.$47,000
C.$43,000
D.More information is needed.
78.Occi-Predictionsmanufactures weather forecasting circuits for meteorologistsand uses a job-order costing system. During June, Occi-Predictions accounts included the following balances and transactions:
Raw materials inventory, beginning $700Direct materials purchased $45,000
Raw materials inventory, ending 4,850 Direct labor cost incurred 16,400
Manufacturing overhead cost applied 9,500Administrative expenses 13,000
Marketing expenses 11,000 Work in process inventory, beginning 7,800
Sales 98,000 Work in process inventory, ending 6,600
How much is the cost of direct materials issued to production during June?
A.$45,000
B.$45,700
C.$49,150
D.$40,850
79.Value Wood utilizes job-order costing.The company began the month of July with $35,000 in raw materials.During the month $300,000 of additional raw materials were purchased and $295,000 of materials were requisitioned from the storeroom. How much will be reported on Value Wood’s balance sheet for Raw Materials at the end of July?
A.$40,000
B.$5,000
C.$30,000
D.$335,000
80.Occi-Predictionsmanufactures weather forecasting circuits for meteorologists machines and uses a job-order costing system. During June, Occi-Predictionsaccounts included the following balances and transactions:
Raw materials inventory, beginning $700Direct materials purchased $45,000
Raw materials inventory, ending 4,850 Direct labor cost incurred 16,400
Manufacturing overhead cost applied 9,500Administrative expenses 13,000
Marketing expenses 11,000 Work in process inventory, beginning 7,800
Sales 98,000 Work in process inventory, ending 6,600
How much is cost of goods manufactured?
A.$67,950
B.$58,540
C.$72,100
D.$66,750
