Question : 71. Jones Manufacturing Inc. incurred the following costs in November: Direct labor : 1295540

 

 

71. Jones Manufacturing Inc. incurred the following costs in November: 

Direct labor

$50,000

 

Advertising costs

$ 3,000

Indirect labor

20,000

 

Factory rent

10,000

Administrative salaries

25,000

 

Factory depreciation

6,000

Direct materials purchased

23,000

 

Administrative rent

5,000

Indirect materials used

4,000

 

Administrative depreciation

7,000

 

 

 

 

 

In addition, the following information is also available:

 

Beginning

Ending

 

Raw materials

$ 5,000

$  8,000

 

Work-in-process

60,000

55,000

 

Finished goods

17,250

9,200

 

 

 

 

 

Number of units produced

 

20,000 units

 

Number of units sold

 

 

 

    (sales price of $25 per unit)

21,400 units

 

 

 

 

 

 

Refer to the Jones Manufacturing Inc. information above. The product cost per unit in November is: A. $4.55B. $7.75C. $5.75D. $5.37

 

72. Jones Manufacturing Inc. incurred the following costs in November: 

Direct labor

$50,000

 

Advertising costs

$ 3,000

Indirect labor

20,000

 

Factory rent

10,000

Administrative salaries

25,000

 

Factory depreciation

6,000

Direct materials purchased

23,000

 

Administrative rent

5,000

Indirect materials used

4,000

 

Administrative depreciation

7,000

 

 

 

 

 

In addition, the following information is also available:

 

Beginning

Ending

 

Raw materials

$ 5,000

$  8,000

 

Work-in-process

60,000

55,000

 

Finished goods

17,250

9,200

 

 

 

 

 

Number of units produced

 

20,000 units

 

Number of units sold

 

 

 

    (sales price of $25 per unit)

21,400 units

 

 

 

 

 

 

Refer to the Jones Manufacturing Inc. information above. Net income for November is: (ignore taxes) A. $371,950B. $411,950C. $369,150D. $382,000

 

73. Johnson Manufacturing has the following selected information available for the year: 

Direct material purchased

$  40,000

Direct material used

45,000

Direct labor incurred

75,000

Manufacturing overhead incurred

50,000

Cost of goods manufactured

100,000

 

 

In addition, the cost of the finished goods inventory increased by $10,000 from the beginning to the end of the year. Cost of goods sold for the year is: A. $  80,000B. $170,000C. $  90,000D. $110,000

 

74. Chancellor Industries, a manufacturing company, prepays its insurance coverage for a two-year period. The premium for two-year’s worth of coverage is $14,400 and is paid at the beginning of the first year. Two-thirds of the premium relates to factory operations and one-third relates to selling and administrative activities.The amount of premium that should be recorded as a product cost for the first year is: A. $  4,800 B. $  2,400C. $  9,600D. $14,400

 

75. Clapton Inc. would like to prepare an income statement for March. Their production department records show that total product costs in March were $225,000 when 50,000 units were produced. Their sales department records show that 46,000 units were sold for $16 each. Monthly administrative and marketing expenses totaled $60,000. What should be net income for March? A. $529,000B. $473,800C. $451,000D. $469,000

 

76. Which of the following statements is true regarding period costs? A. They “attach” themselves to the product.B. They will appear the balance sheet until the product is sold.C. They will appear on the income statement in the year they are incurred.D. They will not impact gross margin or net income.

 

77. Franklin Street Manufacturing has the following cost information available for 2005: 

Direct materials used

$10,000

Direct labor costs

25,000

Factory overhead

20,000

Marketing expenses

4,000

Administrative expenses

6,000

 

 

20,000 units were produced during the year out of which 19,000 units were sold for $10 each. Refer to the Franklin Street Manufacturing information above. What is cost of goods sold for 2005? A. $55,000B. $52,250C. $61,750D. $65,000

 

78. Franklin Street Manufacturing has the following cost information available for 2005: 

Direct materials used

$10,000

Direct labor costs

25,000

Factory overhead

20,000

Marketing expenses

4,000

Administrative expenses

6,000

 

 

20,000 units were produced during the year out of which 19,000 units were sold for $10 each. Refer to the Franklin Street Manufacturing information above. Out of the above costs, what amount remains on the balance sheet at the end of 2005? A. $  2,750B. $12,750C. $10,000D. $  3,250

 

79. Franklin Street Manufacturing has the following cost information available for 2005: 

Direct materials used

$10,000

Direct labor costs

25,000

Factory overhead

20,000

Marketing expenses

4,000

Administrative expenses

6,000

 

 

20,000 units were produced during the year out of which 19,000 units were sold for $10 each. Refer to the Franklin Street Manufacturing information above. What is net income for 2005? A. $127,750B. $137,750C. $125,000D. $128,250

 

80. Brenda’s Bakery has the following information available for October: 

 

 

Beginning

   Ending

 

Raw materials

$  4,000

$  2,000

 

Work-in-process

32,000

17,000

 

Finished goods

5,000

3,000

 

 

 

 

 

Cost of goods manufactured

 

88,000

 

Cost of goods sold

 

90,000

 

Direct labor costs

 

35,000

 

Factory rent and depreciation

 

10,000

 

Selling expenses

 

3,000

 

 

 

 

 

How much raw material was purchased in October? A. $23,000B. $25,000C. $26,000D. $28,000

 

 

 

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