Question : 151. The cost of goods sold for Heedy manufacturing in 2011 : 1251520

151. The cost of goods sold for Heedy manufacturing in 2011 was $233,000.  The January 1, 2011, finished goods inventory balance was $31,600, and the December 31, 2011, finished goods inventory balance was $24,200.  Cost of goods manufactured during the period was: A. $233,000 $225,600C. $288,800D. $240,400

152. The aspects of the management process are listed below. Match each phase to the appropriate description._____ Planning_____ Directing_____ Controlling_____ Improving_____ Decision makinga) Used by managers for continuous improvementb) Managers must decide how to respond to unfavorable performancesc) Used by management to develop the organization’s objectives and goalsd) Monitoring the operating results of implemented plans and comparing actual resultse) Managers run their day to day activities

cPlanning

eDirecting

dControlling

aImproving

bDecision making

153. Identify the following costs as (a) direct materials, (b) direct labor, or (c) factory overhead for a cake manufacturer.1. _____ Frosting2. _____ Depreciation on oven3. _____ Wages of bakers4. _____ Sprinkles for topping

1. Direct material2. Factory overhead3. Direct labor4. Factory overhead

154. Identify the following costs as (a) prime cost, (b) conversion cost, (c) or both for a cake factory.1. _____ Frosting2. _____ Wages of the baker3. _____ Sprinkles for the topping (considered an indirect material)4. _____ Depreciation on oven

1. a2. c3. b4. b

155. Identify the following costs as a (a) product cost or (b) period cost for a cake factory.1. _____ Frosting2. _____ Baker’s wages3. _____ Advertising fees4. _____ Transportation out

1. a2. a3. b4. b

156. The Zoe Corporation has the following information for the month March. Determine the (a) cost of goods manufactured, and (b) cost of goods sold. 

Cost of materials placed in production$69,000

Direct labor27,000

Factory overhead34,000

Work in process, March 115,000

Work in process, March 3119,500

Finished goods inventory, March 125,000

Finished goods inventory, March 3123,000

157. Sienna Company has the following information for January. 

Cost of materials placed in production$20,000

Direct labor15,000

Factory overhead24,000

Work in process inventory, January 12,900

Work in process inventory, January 313,500

Show your calculations to find the cost of goods manufactured.

158. Magnus Industries has the following data: 

Beginning Raw Materials Inventory$95,000

Materials Purchased$40,000

Ending Raw Materials Inventory$60,000

Show how you would calculate raw materials used.

159. Watson Company has the following data: 

Work in Process, Beginning$18,000

Work in Process, Ending$25,000

Direct Labor Costs Incurred$5,000

Cost of Goods Manufactured$9,000

Factory Overhead$7,000

Show how you would calculate the amount of direct materials used160. Laramie Technologies had the following data:Cost of Materials Used            $50,000Direct Labor costs                    $56,000Factory Overhead                     $28,000Work in Process, beg.               $31,000Work in Process, end.               $22,000Show your calculations to determine the cost of goods manufactured.