Question :
145.Using the information below, calculate net income for the period.
Sales : 1236572
145.Using the information below, calculate net income for the period.
Sales revenues for the period$1,304,000
Operating expenses for the period$239,000
Finished Goods Inventory, January 136,000
Finished Goods Inventory, December 3141,000
Cost of goods manufactured for the period$540,000
A.$774,000.
B.$769,000.
C.$530,000.
D.$535,000.
E.$448,000.
146.An internal control system consists of the policies and procedures managers use to do all of the following except:
A.Urge adherence to company policies.
B.Promote efficient operations.
C.Ensure reliable accounting.
D.Determine pricing for products.
E.Protect assets.
147.The schedule of cost of goods manufactured is divided into four parts consisting of all of the following except:
A.Direct materials.
B.Computation of cost of goods sold.
C.Overhead.
D.Computation of cost of goods manufactured.
E.Direct labor.
148.All of the following statements regarding manufacturing costs are true except:
A.Direct material costs that increase in total with volume of production are called variable costs.
B.The reporting of fixed and variable costs separately is not helpful to managers in analyzing cost behavior.
C.When overhead costs vary with production, they are called variable overhead.
D.When overhead costs don’t vary with production, they are called fixed overhead.
E.Overhead can be both variable and fixed.
149.Using the information below, compute the raw materials inventory turnover:
Raw Materials Used$85,500
Beginning Raw Materials Inventory$8,000
Ending Raw Materials Inventory$9,000
A.11.02.
B.382.02.
C.10.06.
D.9.94.
E.9.50.
150.Using the information below, compute the Days’ sales in raw materials inventory:
Raw Materials Used$85,500
Beginning Raw Materials Inventory$8,000
Ending Raw Materials Inventory$9,000
A.11.02.
B.36.3.
C.10.06.
D.9.94.
E.38.4.
151.Using the information below, compute the raw materials inventory turnover:
Raw Materials Used$121,600
Beginning Raw Materials Inventory$18,000
Ending Raw Materials Inventory$20,200
A.6.76.
B.6.02.
C.54.0.
D.60.6.
E.6.37.
152.Using the information below, compute the Days’ sales in raw materials inventory:
Raw Materials Used$121,600
Beginning Raw Materials Inventory$18,000
Ending Raw Materials Inventory$20,200
A.6.76.
B.6.02.
C.54.0.
D.60.6.
E.6.37.
153.Just-in-time manufacturing techniques can be useful in _____________ days’ sales in raw materials inventory.
A.keeping constant
B.changing upward
C.adding to
D.lowering
E.increasing
154.Which of the following statements is true regarding product and period costs?
A.Office salaries expense and factory maintenance are both product costs.
B.Office rent is a product cost and supervisors’ salaries expense is a period cost.
C.Factory rent is a product cost and advertising expense is a period cost.
D.Delivery expense is a product cost and indirect materials is a period cost.
E.Sales commissions and indirect labor are both period costs.
155.A company’s prime costs total $4,500,000 and its conversion costs total $5,500,000. If direct materials are $2,000,000, calculate the overhead costs:
A.$2,500,000.
B.$3,500,000.
C.$2,000,000.
D.$1,000,000.
E.$3,000,000.
156.If the cost of the beginning work in process inventory is $60,000, costs of goods manufactured is $890,000, direct materials cost is $330,000, direct labor cost is $210,000, and overhead cost is $315,000, calculate the ending work in process inventory:
A.$35,000.
B.$25,000.
C.$45,000.
D.$350,000.
E.$355,000.
157.If the cost of the beginning work in process inventory is $60,000, direct materials cost is $350,000, direct labor cost is $216,000, and overhead cost is $319,000, and the ending work in process inventory is $55,000, calculate the cost of goods manufactured:
A.$1,000,000.
B.$571,000.
C.$885,000.
D.$890,000.
E.$945,000.
158.Calculate the cost of goods manufactured using the following information:
Direct materials$298,500
Direct labor132,000
Factory overhead costs264,000
General and administrative expenses85,500
Selling expenses48,800
Work in Process inventory, January 1118,500
Work in Process inventory, December 31125,900
Finished goods inventory, January 1232,100
Finished goods inventory, December 31238,700
A.$680,500.
B.$701,900.
C.$687,100.
D.$674,600.
E.$772,600.
159.Calculate the cost of goods sold using the following information:
Direct materials$298,500
Direct labor132,000
Factory overhead costs264,000
General and administrative expenses85,500
Selling expenses48,800
Work in Process inventory, January 1118,500
Work in Process inventory, December 31125,900
Finished goods inventory, January 1232,100
Finished goods inventory, December 31238,700
A.$680,500.
B.$701,900.
C.$687,100.
D.$674,600.
E.$772,600.
