Question :
141. Finished goods inventory reported the: A. income statement as a period costB. balance : 1239405
141. Finished goods inventory is reported on the: A. income statement as a period costB. balance sheet as a long-term assetC. balance sheet as a current assetD. income statement as revenue
142. Beginning work in process is equal to: A. cost of goods manufactured plus ending work in process minus manufacturing costs incurred during the current periodB. cost of goods manufactured minus ending work in process plus manufacturing costs incurred during the current periodC. ending work in process plus manufacturing costs incurred during the current periodD. manufacturing costs incurred during the current period minus ending work in process
143. All of the following would be reported on the balance sheet as a current asset except: A. factory overheadB. materials inventoryC. finished goods inventoryD. work in process inventory
144. Reedy Company reports the following information for 2012:
Cost of goods manufactured
$68,250
Direct materials used
27,000
Direct labor incurred
25,000
Work in process inventory, January 1, 2012
11,000
Factory overhead is 75% of the cost of direct labor. Work in process inventory on December 31, 2012, is: A. $16,250B. $8,500C. $18,750D. $13,500
145. At the beginning of 2011, the Gilbert Company’s work in process inventory account had a balance of $30,000. During 2011, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred. Factory overhead in 2011 amounted to $90,000. Cost of goods manufactured is $230,000 in 2011. The balance in work in process inventory on December 31, 2011, is: A. $24,000B. $44,000C. $66,000D. $36,000
146. A company used $35,000 of direct materials, incurred $73,000 in direct labor cost, and $114,000 in factory overhead costs during the period. If beginning and ending work in process inventories were $28,000 and $32,000 respectively, the cost of goods manufactured was: A. $218,000B. $226,000C. $190,000D. $222,000
147. Cost of goods manufactured during 2011 is $240, work in process inventory on December 31, 2011, is $50. Work in process inventory during 2011 decreased by 60%. Total manufacturing costs incurred during 2011 amount to: A. $190B. $165C. $290D. $315
148. Work in process inventory on December 31, 2011, is $44,000. Work in process inventory increased by 60% during 2011. Cost of goods manufactured for 2011 amounts to $275,000. What are the total manufacturing costs incurred in 2011? A. $291,500B. $302,000C. $275,750D. $233,750
149. Work in process inventory on December 31, 2011, is $42,000. Work in process inventory decreased by 40% during 2011. Total manufacturing costs incurred in 2011 amount to $260,000. What is cost of goods manufactured? A. $232,000B. $302,000C. $288,000D. $190,000
150. Work in process inventory increased by $20,000 during 2011. Cost of goods manufactured was $180,000. Total manufacturing costs incurred in 2011 are: A. $198,000B. $160,000C. $189,000D. $200,000
151. The cost of goods sold for Heedy manufacturing in 2011 was $233,000. The January 1, 2011, finished goods inventory balance was $31,600, and the December 31, 2011, finished goods inventory balance was $24,200. Cost of goods manufactured during the period was: A. $233,000B. $225,600C. $288,800D. $240,400
152. The Sharpe Company reports the following information for 2015:
Sales
$76,500
Direct materials used
7,300
Depreciation on factory equipment
4,700
Indirect labor
5,900
Direct labor
10,500
Factory rent
4,200
Factory utilities
1,200
Sales salaries expense
15,600
Office salaries expense
8,900
Indirect materials
1,200
Determine product costs for 2015. A. $24,500B. $30,300C. $29,200D. $35,000
153. The Sharpe Company reports the following information for 2015:
Sales
$76,500
Direct materials used
7,300
Depreciation on factory equipment
4,700
Indirect labor
5,900
Direct labor
10,500
Factory rent
4,200
Factory utilities
1,200
Sales salaries expense
15,600
Office salaries expense
8,900
Indirect materials
1,200
Determine period costs for 2015. A. $24,500B. $30,300C. $29,200D. $35,000
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