Question :
31. Materials that can be directly traced to a particular product : 1291661
31. Materials that can be directly traced to a particular product and become an integral part of the finished product are called: A. indirect materials.B. direct materials.C. supplies.D. product materials.
32. When nonmanufacturing costs are subtracted from gross margin, the result is called: A. cost of goods sold.B. net operating income.C. sales.D. nonmanufacturing income.
33. Michael’s Manufacturing, Inc.Michael’s Manufacturing, Inc. has the following information available for the month of July:
Beginning Ending
Raw materials inventory$40,000 $ 62,000
Work-in-process inventory85,000 45,000
Finished goods inventory20,000 37,000
Raw materials purchased $150,000
Direct labor costs 50,000
Overhead costs 45,000
Refer to the Michael’s Manufacturing, Inc. information above. Raw materials used for July is: A. $150,000B. $128,000C. $190,000D. $172,000
34. Michael’s Manufacturing, Inc.Michael’s Manufacturing, Inc. has the following information available for the month of July:
Beginning Ending
Raw materials inventory$40,000 $ 62,000
Work-in-process inventory85,000 45,000
Finished goods inventory20,000 37,000
Raw materials purchased $150,000
Direct labor costs 50,000
Overhead costs 45,000
Refer to the Michael’s Manufacturing, Inc. information above. Cost of goods manufactured for July is: A. $183,000B. $206,000C. $263,000D. $223,000
35. Michael’s Manufacturing, Inc.Michael’s Manufacturing, Inc. has the following information available for the month of July:
Beginning Ending
Raw materials inventory$40,000 $ 62,000
Work-in-process inventory85,000 45,000
Finished goods inventory20,000 37,000
Raw materials purchased $150,000
Direct labor costs 50,000
Overhead costs 45,000
Refer to the Michael’s Manufacturing, Inc. information above. Cost of goods sold for July is: A. $246,000B. $206,000C. $280,000D. $263,000
36. Nate’s Novelties, Inc.Nate’s Novelties, Inc. has the following information available for July:
Beginning Ending
Raw materials inventory$12,000 $ 9,000
Work-in-process inventory35,000 20,000
Finished goods inventory20,000 44,000
Raw materials purchased $25,000
Direct labor costs 55,000
Overhead costs 35,000
Refer to the Nate’s Novelties, Inc. information above. Raw materials used for July is: A. $21,000.B. $22,000.C. $25,000.D. $28,000.
37. Nate’s Novelties, Inc.Nate’s Novelties, Inc. has the following information available for July:
Beginning Ending
Raw materials inventory$12,000 $ 9,000
Work-in-process inventory35,000 20,000
Finished goods inventory20,000 44,000
Raw materials purchased $25,000
Direct labor costs 55,000
Overhead costs 35,000
Refer to the Nate’s Novelties, Inc. information above. Cost of goods manufactured for July is: A. $153,000.B. $103,000.C. $130,000.D. $133,000.
38. Nate’s Novelties, Inc.Nate’s Novelties, Inc. has the following information available for July:
Beginning Ending
Raw materials inventory$12,000 $ 9,000
Work-in-process inventory35,000 20,000
Finished goods inventory20,000 44,000
Raw materials purchased $25,000
Direct labor costs 55,000
Overhead costs 35,000
Refer to the Nate’s Novelties, Inc. information above. Cost of goods sold for July is: A. $106,000.B. $157,000.C. $129,000.D. $109,000.
39. Thompson Inc. has the following selected information available for 2011:
Cost of goods manufactured$220,000
Cost of goods sold150,000
Direct labor costs incurred65,000
Raw material purchased90,000
Raw material used100,000
Beginning work in process23000
Ending work in process11000
Manufacturing overhead costs in 2011 amounted to: A. $67,000.B. $55,000.C. $43,000.D. $53,000.
40. Products and their costs flow through a production facility in the following order: A. work in process, finished goods, cost of goods soldB. raw materials, work in process, finished goods, cost of goods soldC. work in process, raw materials, cost of goods sold, finished goodsD. work-in-process, cost of goods manufactured, cost of goods sold
