Question : 116.Gannon Company had the following information at December 31: Finished goods : 1311616

 

 

116.Gannon Company had the following information at December 31:

Finished goods inventory, January 1$  50,000

Finished goods inventory, December 31150,000

If the cost of goods manufactured during the year amounted to $2,100,000 and annual sales were $2,750,000, the amount of gross profit for the year is

a.$650,000.

b.$2,000,000.

c.$750,000.

d.$550,000.

117.Haight Company incurred direct materials costs of $1,500,000 during the year. Manu-facturing overhead applied was $270,000 and is applied at the rate of 60% of direct labor costs. Haight Company’s total manufacturing costs for the year was

a.$2,220,000.

b.$1,932,000.

c.$1,770,000.

d.$2,832,000.

118.Greer Company developed the following data for the current year:

Beginning work in process inventory$  102,000

Direct materials used156,000

Actual overhead132,000

Overhead applied138,000

Cost of goods manufactured675,000

Total manufacturing costs642,000

 

How much is Greer Company’s direct labor cost for the year?

a.$381,000

b.$450,000

c.$348,000

d.$246,000

119.Greer Company developed the following data for the current year:

Beginning work in process inventory$  102,000

Direct materials used156,000

Actual overhead132,000

Overhead applied138,000

Cost of goods manufactured675,000

Total manufacturing costs642,000

 

How much is Greer Company’s ending work in process inventory for the year?

a.$69,000

b.$363,000

c.$63,000

d.$279,000

120.Chmelar Manufacturing Company developed the following data:

Beginning work in process inventory $  80,000

Direct materials used480,000

Actual overhead560,000

Overhead applied540,000

Cost of goods manufactured1,280,000

Ending work in process60,000

 

How much are total manufacturing costs for the period?

a.$1,580,000

b.$1,260,000

c.$1,100,000

d.$1,220,000

121.Barger Company had the following information at December 31:

Finished goods inventory, January 1$  90,000

Finished goods inventory, December 31126,000

If the cost of goods manufactured during the year amounted to $1,995,000 and annual sales were $2,994,000, how much is the amount of gross profit for the year?

a.$999,000

b.$909,000

c.$1,959,000

d.$1,035,000

122.Emley Company incurred direct materials costs of $600,000 during the year. Manufacturing overhead applied was $560,000 and is applied based on direct labor costs. The predetermined overhead rate is 70%. How much are Emley Company’s total manufacturing costs for the year?

a.$1,552,000

b.$1,400,000

c.$1,160,000

d.$1,960,000

123.During 2013, Durham Manufacturing expected Job No. 51 to cost $300,000 of overhead, $500,000 of materials, and $200,000 in labor. Durham applied overhead based on direct labor cost. Actual production required an overhead cost of $290,000, $550,000 in materials used, and $220,000 in labor. All of the goods were completed. What amount was transferred to Finished Goods?

a.$1,070,000

b.$1,100,000

c.$1,000,000

d.$1,060,000

124.During 2013, Cotte Manufacturing expected Job No. 59 to cost $300,000 of overhead, $500,000 of materials, and $200,000 in labor. Cotte applied overhead based on direct labor cost. Actual production required an overhead cost of $290,000, $550,000 in materials used, and $220,000 in labor. All of the goods were completed. How much is the amount of over- or underapplied overhead?

a.$10,000 underapplied

b.$10,000 overapplied

c.$40,000 underapplied

d.$40,000 overapplied

125.Kimble Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period:

Estimated annual overhead cost$1,600,000

Actual annual overhead cost$1,540,000

Estimated machine hours400,000

Actual machine hours380,000

a.$1,520,000 applied and $20,000 overapplied

b.$1,600,000 applied and $20,000 overapplied

c.$1,520,000 applied and $20,000 underapplied

d.$1,463,000 applied and neither under- nor overapplied