47) Manufacturing overhead costs may include all of the following EXCEPT:
A) salary of the plant supervisor
B) labor that can be traced to individual products
C) material that can be traced to individual products
D) overtime premiums paid to plant workers
48) Which of the following formulas determine cost of goods sold in a merchandising entity?
A) Beginning inventory + Purchases + Ending inventory = Cost of goods sold
B) Beginning inventory + Purchases – Ending inventory = Costs of goods sold
C) Beginning inventory – Purchases + Ending inventory = Cost of goods sold
D) Beginning inventory – Ending inventory – Purchases = Cost of goods sold
49) Which of the following formulas determine cost of goods sold in a manufacturing entity?
A) Beginning work-in-process inventory + Cost of goods manufactured – Ending work-in-process inventory = Cost of goods sold
B) Beginning work-in-process inventory + Cost of goods manufactured + Ending work-in-process inventory = Cost of goods sold
C) Cost of goods manufactured – Beginning finished goods inventory – Ending finished goods inventory = Cost of goods sold
D) Cost of goods manufactured + Beginning finished goods inventory – Ending finished goods inventory = Cost of goods sold
50) Product cost for reimbursement under government contracts may include all costs EXCEPT:
A) marketing costs
B) design costs
C) production costs
D) research and development costs
51) The following information pertains to the Cannady Corporation:
Beginning work-in-process inventory$ 50,000
Ending work-in-process inventory48,000
Beginning finished goods inventory180,000
Ending finished goods inventory195,000
Cost of goods manufactured1,220,000
What is cost of goods sold?
A) $1,235,000
B) $1,205,000
C) $1,218,000
D) $1,222,000
52) The following information pertains to the Duggan Corporation:
Beginning work-in-process inventory$ 20,000
Ending work-in-process inventory23,000
Beginning finished goods inventory36,000
Ending finished goods inventory34,000
Cost of goods manufactured246,000
What is cost of goods sold?
A) $244,000
B) $248,000
C) $243,000
D) $249,000
Answer the following questions using the information below:
Beginning finished goods, 1/1/20X3$ 90,000
Ending finished goods, 12/31/20X377,000
Cost of goods sold270,000
Sales revenue500,000
Operating expenses155,000
53) What is cost of goods manufactured for 20X3?
A) $230,000
B) $257,000
C) $283,000
D) $355,000
54) What is gross margin for 20X3?
A) $283,000
B) $355,000
C) $230,000
D) $257,000
55) What is operating income for 20X3?
A) $75,000
B) $112,000
C) $62,000
D) $230,000
Answer the following questions using the information below:
Beginning finished goods, 1/1/20X5$ 40,000
Ending finished goods, 12/31/20X533,000
Cost of goods sold250,000
Sales revenue600,000
Operating expenses120,000
56) What is cost of goods manufactured for 20X5?
A) $257,000
B) $350,000
C) $243,000
D) $250,000
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