61. Hillsborough Street Manufacturing Inc. incurred the following costs in 2005:
Direct materials used
$37,000
Direct labor costs
45,000
Factory rent and utilities
18,000
Factory equipment depreciation
10,000
Marketing expenses
3,000
Administrative expenses
9,000
50,000 units were produced during the year out of which 40,000 units were sold for $10 each. There was no beginning or ending raw materials or work-in-process inventory. Refer to the Hillsborough Street Manufacturing Inc. information above. What is the product cost per unit? A. $3.05B. $2.75C. $2.44D. $2.20
62. Hillsborough Street Manufacturing Inc. incurred the following costs in 2005:
Direct materials used
$37,000
Direct labor costs
45,000
Factory rent and utilities
18,000
Factory equipment depreciation
10,000
Marketing expenses
3,000
Administrative expenses
9,000
50,000 units were produced during the year out of which 40,000 units were sold for $10 each. There was no beginning or ending raw materials or work-in-process inventory. Refer to the Hillsborough Street Manufacturing Inc. information above.What is cost of goods sold for the year? A. $ 88,000B. $ 97,600C. $122,000D. $110,000
63. Hillsborough Street Manufacturing Inc. incurred the following costs in 2005:
Direct materials used
$37,000
Direct labor costs
45,000
Factory rent and utilities
18,000
Factory equipment depreciation
10,000
Marketing expenses
3,000
Administrative expenses
9,000
50,000 units were produced during the year out of which 40,000 units were sold for $10 each. There was no beginning or ending raw materials or work-in-process inventory. Refer to the Hillsborough Street Manufacturing Inc. information above. Out of the above costs, what amount remains on the balance sheet at the end of 2005? A. $12,000B. $20,000C. $22,000D. $24,400
64. Hillsborough Street Manufacturing Inc. incurred the following costs in 2005:
Direct materials used
$37,000
Direct labor costs
45,000
Factory rent and utilities
18,000
Factory equipment depreciation
10,000
Marketing expenses
3,000
Administrative expenses
9,000
50,000 units were produced during the year out of which 40,000 units were sold for $10 each. There was no beginning or ending raw materials or work-in-process inventory. Refer to the Hillsborough Street Manufacturing Inc. information above. What is net income for the year? A. $278,000B. $312,000C. $378,000D. $300,000
65. Hudson Inc. has the following information available for September:
Beginning
Ending
Raw materials
$ 8,000
$ 5,000
Work-in-process
30,000
40,000
Finished goods
7,000
3,000
Raw materials purchased
25,000
Direct labor costs
70,000
Manufacturing overhead costs
30,000
Administrative costs
12,000
Marketing costs
6,000
Refer to the Hudson Inc. information above. Total nonmanufacturing costs for September is: A. $113,000B. $161,000C. $ 18,000D. $ 43,000
66. Hudson Inc. has the following information available for September:
Beginning
Ending
Raw materials
$ 8,000
$ 5,000
Work-in-process
30,000
40,000
Finished goods
7,000
3,000
Raw materials purchased
25,000
Direct labor costs
70,000
Manufacturing overhead costs
30,000
Administrative costs
12,000
Marketing costs
6,000
Refer to the Hudson Inc. information above. Cost of goods manufactured for September is: A. $118,000B. $136,000C. $115,000D. $133,000
67. Hudson Inc. has the following information available for September:
Beginning
Ending
Raw materials
$ 8,000
$ 5,000
Work-in-process
30,000
40,000
Finished goods
7,000
3,000
Raw materials purchased
25,000
Direct labor costs
70,000
Manufacturing overhead costs
30,000
Administrative costs
12,000
Marketing costs
6,000
Refer to the Hudson Inc. information above. Cost of goods sold for September is: A. $119,000B. $143,000C. $140,000D. $122,000
68. Hudson Inc. has the following information available for September:
Beginning
Ending
Raw materials
$ 8,000
$ 5,000
Work-in-process
30,000
40,000
Finished goods
7,000
3,000
Raw materials purchased
25,000
Direct labor costs
70,000
Manufacturing overhead costs
30,000
Administrative costs
12,000
Marketing costs
6,000
Refer to the Hudson Inc. information above. Sales revenue for September totaled $400,000. Net income for September is: A. $257,000B. $260,000C. $264,000D. $278,000
69. In a traditional manufacturing environment, as the cost of goods sold account increases, which account is most likely decreasing? A. Work-in-process inventoryB. Finished goods inventoryC. Raw materials inventoryD. Cash
70. 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. Cost of goods manufactured in November is: A. $ 91,000B. $115,000C. $155,000D. $143,000
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