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