Question : 108.Benson Inc.’s accounting records reflect the following inventories: Dec. 31, 2012Dec. : 1311590

 

 

108.Benson Inc.’s accounting records reflect the following inventories:

Dec. 31, 2012Dec. 31, 2013

Raw materials inventory$  80,000$  64,000

Work in process inventory104,000116,000

Finished goods inventory100,00092,000

 

During 2013, Benson purchased $1,160,000 of raw materials, incurred direct labor costs of $200,000, and incurred manufacturing overhead totaling $128,000.

How much raw materials were transferred to production during 2013 for Benson?

a.$1,392,000

b.$1,176,000

c.$1,160,000

d.$1,144,000

109.Benson Inc.’s accounting records reflect the following inventories:

Dec. 31, 2012Dec. 31, 2013

Raw materials inventory$  80,000$  64,000

Work in process inventory104,000116,000

Finished goods inventory100,00092,000

 

During 2013, Benson purchased $1,060,000 of raw materials, incurred direct labor costs of $200,000, and incurred manufacturing overhead totaling $128,000.

How much is total manufacturing costs incurred during 2013 for Benson?

a.$1,392,000

b.$1,404,000

c.$1,388,000

d.$1,400,000

110.Benson Inc.’s accounting records reflect the following inventories:

Dec. 31, 2012Dec. 31, 2013

Raw materials inventory$  80,000$  64,000

Work in process inventory104,000116,000

Finished goods inventory100,00092,000

 

During 2013, Benson purchased $1,160,000 of raw materials, incurred direct labor costs of $200,000, and incurred manufacturing overhead totaling $128,000.

Assume Benson’s cost of goods manufactured for 2013 amounted to $1,360,000. How much would it report as cost of goods sold for the year?

a.$1,368,000

b.$1,400,000

c.$1,460,000

d.$1,352,000

111.Walker Company reported the following year-end information:

Beginning work in process inventory $  46,000

Beginning raw materials inventory24,000

Ending work in process inventory50,000

Ending raw materials inventory20,000

Raw materials purchased830,000

Direct labor240,000

Manufacturing overhead100,000

How much is Walker’s cost of goods manufactured for the year?

a.$834,000

b.$1,174,000

c.$1,170,000

d.$1,178,000

112.Ogleby Inc.’s accounting records reflect the following inventories:

Dec. 31, 2012Dec. 31, 2013

Raw materials inventory$120,000$  96,000

Work in process inventory156,000174,000

Finished goods inventory150,000138,000

 

During 2013, Ogleby purchased $840,000 of raw materials, incurred direct labor costs of $150,000, and incurred manufacturing overhead totaling $192,000.

How much is total manufacturing costs incurred during 2013 for Ogleby?

a.$1,188,000

b.$1,206,000

c.$1,182,000

d.$1,200,000

113.Ogleby Inc.’s accounting records reflect the following inventories:

Dec. 31, 2012Dec. 31, 2013

Raw materials inventory$120,000$  96,000

Work in process inventory156,000174,000

Finished goods inventory150,000138,000

 

During 2013, Ogleby purchased $840,000 of raw materials, incurred direct labor costs of $150,000, and incurred manufacturing overhead totaling $192,000.

How much would Ogleby Manufacturing report as cost of goods manufactured for 2013?

a.$1,164,000

b.$1,224,000

c.$1,218,000

d.$1,188,000

114.Wasson Company reported the following year-end information:

Beginning work in process inventory $  35,000

Beginning raw materials inventory18,000

Ending work in process inventory38,000

Ending raw materials inventory15,000

Raw materials purchased560,000

Direct labor180,000

Manufacturing overhead120,000

How much is Wasson’s total cost of work in process for the year?

a.$608,000

b.$863,000

c.$860,000

d.$898,000

115.Edmiston Company reported the following year-end information: beginning work in process inventory, $80,000; cost of goods manufactured, $780,000; beginning finished goods inventory, $50,000; ending work in process inventory, $70,000; and ending finished goods inventory, $40,000. How much is Edmiston’s cost of goods sold for the year?

a.$780,000

b.$790,000

c.$770,000

d.$800,000

116.Using the following information, compute the direct materials used.

Raw materials inventory, January 1$     20,000

Raw materials inventory, December 3140,000

Work in process, January 118,000

Work in process, December 3112,000

Finished goods, January 140,000

Finished goods, December 3132,000

Raw materials purchases1,400,000

Direct labor560,000

Factory utilities150,000

Indirect labor50,000

Factory depreciation400,000

Operating expenses420,000

 

a.$1,460,000.

b.$1,420,000.

c.$1,400,000.

d.$1,380,000.

117.Assuming that the direct materials used is $1,400,000, compute the total manufacturing costs using the following information.

Raw materials inventory, January 1$     20,000

Raw materials inventory, December 3140,000

Work in process, January 118,000

Work in process, December 3112,000

Finished goods, January 140,000

Finished goods, December 3132,000

Raw materials purchases1,400,000

Direct labor560,000

Factory utilities150,000

Indirect labor50,000

Factory depreciation400,000

Operating expenses420,000

 

a.$2,560,000.

b.$2,554,000.

c.$2,360,000.

d.$2,980,000.

 

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