Question : 87.Alton Company produces metal belts. During the current month, the : 1259555

 

 

87.Alton Company produces metal belts. During the current month, the company incurred the following product costs:Raw materials $100,000Direct labor $75,000Electricity used in the Factory $25,000Factory foreperson salary $3,750Maintenance of factory machinery $2,000Alton Company’s direct product costs totaled:   

A. $175,000.

 

B. $30,750.

 

C. $75,000.

 

D. $28,750.

 

 

 

88.Alton Company produces metal belts. During the current month, the company incurred the following product costs:Raw materials $100,000Direct labor $75,000Electricity used in the Factory $25,000Factory foreperson salary $3,750Maintenance of factory machinery $2,000Alton Company’s total product costs:   

A. $175,000.

 

B. $30,750.

 

C. $205,750.

 

D. $28,750.

 

 

 

89.In a manufacturing company, the cost of goods sold is equal to:   

A. The beginning inventory of work in process, plus total manufacturing costs, less the ending inventory of finished goods.

 

B. Total manufacturing costs for the period, less selling expenses.

 

C. The beginning inventory of work in process, plus total manufacturing costs, less the ending inventory of work in process.

 

D. The cost of goods available for sale, less the ending inventory of finished goods.

 

 

 

 

90.In a manufacturing company, the cost of finished goods manufactured is equal to:   

A. The beginning inventory of finished goods, plus net purchases, less the ending inventory of finished goods.

 

B. The sum of the manufacturing costs charged (debited) to the Work in Process Inventory account during the period.

 

C. The costs of direct materials, direct labor, and manufacturing overhead incurred in manufacturing the goods sold during the period.

 

D. The beginning inventory of Work in Process, plus total manufacturing costs for the period, less the ending inventory of Work in Process.

 

 

 

 

91.In a manufacturing company, the cost of goods sold is equal to:   

A. The beginning inventory of finished goods, plus net purchases, less the ending inventory of finished goods.

 

B. The sum of the manufacturing costs charged (debited) to the Work in Process Inventory account during the period.

 

C. The costs of direct materials, direct labor, and manufacturing overhead incurred in manufacturing the goods sold during the period.

 

D. The beginning inventory of Work in Process, plus total manufacturing costs for the period, less the ending inventory of Work in Process.

 

 

 

 

92.In a schedule of cost of finished goods manufactured, the figure for total manufacturing costs:   

A. May be less than the cost of direct materials used.

 

B. May be less than the direct labor costs assigned to production.

 

C. May be less than the manufacturing overhead applied to production.

 

D. May be less than the cost of finished goods manufactured.

 

 

 

 

93.The cost of finished goods manufactured will exceed the cost of goods sold whenever:   

A. The inventory of finished goods increases over the period.

 

B. The inventory of work in process increases over the period.

 

C. The inventory of finished goods decreases over the period.

 

D. The inventory of work in process decreases over the period.

 

 

 

 

94.Grand Co.’s ending inventory of work in process is twice as large as at the beginning of the period. Therefore:   

A. The ending inventory of finished goods must be larger than the beginning inventory of finished goods.

 

B. Total manufacturing costs for the period must exceed the cost of finished goods manufactured.

 

C. Total manufacturing costs for the period must exceed the cost of goods sold.

 

D. The cost of finished goods manufactured must be smaller than the cost of goods sold.

 

 

 

 

95.During its first year of operations, Brown Company incurred the following product costs:Direct materials used in production $200,000Direct labor $175,000Manufacturing overhead $145,500Brown Company’s ending Work in Process Inventory amounted to $35,000 at the end of the year. What is the company’s cost of finished goods manufactured for the year?   

A. $200,000.

 

B. $375,000.

 

C. $485,500.

 

D. $520,500.

 

 

 

96.During the current year, Jules Company incurred the following product costs:Direct materials used in production $250,000Direct labor $185,000Manufacturing overhead $245,500Jules Company’s beginning Work in Process Inventory was $20,000 and its ending Work in Process Inventory amounted to $30,000. What is the company’s cost of finished goods manufactured for the year?   

A. $700,500.

 

B. $690,500.

 

C. $670,500.

 

D. $430,500.