Question : 51.Tranham, Inc. uses a job-order costing system. It reported the : 1302687

 

51.Tranham, Inc. uses a job-order costing system. It reported the following amounts for March:

 

Work in process, March 1              $38,000              Finished goods, March 1              $14,000

Work in process, March 31              35,000              Finished goods, March 31              17,500

Cost of goods manufactured              169,000              Raw materials, March 1              12,300

Direct labor used              64,000              Raw materials, March 31              12,000

Selling costs incurred              32,000              Direct materials used              63,000

 

How much of the above amounts will Traynhamreport on its balance sheet at the end of March?

A.$64,500

B.$233,500

C.$192,500

D.$169,000

 

52.Tranham, Inc. uses a job-order costing system. It reported the following amounts for March:

 

Work in process, March 1              $38,000              Finished goods, March 1              $14,000

Work in process, March 31              35,000              Finished goods, March 31              17,500

Cost of goods manufactured              169,000              Raw materials, March 1              12,300

Direct labor used              64,000              Raw materials, March 31              12,000

Selling costs incurred              32,000              Direct materials used              63,000

 

How much will Traynhamreport as cost of goods sold for the month of March?

A.$169,000

B.$172,000

C.$183,000

D.$165,500

 

53.OnDecember 31, 2013, Barnett Tools has a balance in the Work in Process Inventory account of $62,000.OnJanuary 1, 2013, the balance in Work in Process Inventory was $55,000.Current manufacturing costs for the year are $292,000, and cost of goods sold is $284,000.How much is cost of goods manufactured?

A.$292,000

B.$299,000

C.$277,000

D.$285,000

 

54.Palm WorksInc. has a beginning balance in the Work in Process Inventory account of $20,000.Current manufacturing costs for the period are $325,000.The ending balance in the Work in Process Inventory account is $23,000. How much is cost of goods manufactured?

A.$322,000

B.$328,000

C.$348,000

D.Not enough information is provided

 

55.If the balance in the Finished Goods Inventory account is increased by $34,000 during the period and the cost of goods manufactured was $321,000, how much is cost of goods sold?

A.$287,000

B.$321,000

C.$355,000

D.Not enough information is provided

 

56.The balance in the Finished Goods Inventory account on July 31, 2011, was $41,000 and the June 30, 2011, balance in the Finished Goods Inventory account was $34,000.Cost of goods soldis $200,000 and direct materials used in production total $86,000. How much is cost of goods manufactured?

A.$286,000

B.$193,000

C.$207,000

D.Not enough information is provided.

 

57.Ink Technology’sWork in Process Inventory account has a beginning balance of $50,000 and an ending balance of $40,000.Direct materials used are $70,000 and direct labor incurredtotals $35,000. Cost of goods sold totals $135,000. Manufacturing overhead applied is $20,000. How much is cost of goods manufactured?

A.$145,000

B.$115,000

C.$125,000

D.$135,000

 

 

58.DynaSpa manufactures solar spa heaters and employs a job-ordercosting system. Beginning raw materials totaled $4,200 and beginning work in process totaled $6,700.Ending work in process totaled $7,700. During October, DynaSpa’s transactions and accounts included the following:

 

Raw materials acquired               $91,000

Manufacturing overhead applied              34,000

Direct materials requisitioned and transferred to production              65,400

Cost of goods manufactured              331,000

 

How much is the amount of the current manufacturing costs?

A.$332,000

B.$99,400

C.$430,400

D.Not enough information is provided

 

59.Sanitize Systemshad current production costs of $211,000 for March.Inventories were as follows:

BeginningEnding

Raw material              $13,000              $9,000

Work in Process              $14,000              $15,000

Finished Goods              $18,000              $16,000

 

How much is the cost of goods manufactured?

A.$213,000

B.$212,000

C.$210,000

D.Not enough information is provided

 

 

60. Watson Specialties bought $100,000 of rawmaterials during June, incurred $90,000 in direct labor cost, and applied $130,000 in manufacturing overhead. Inventories for June were as follows:

BeginningEnding

Raw material              $22,000              $24,000

Work in Process              $23,000              $19,000

Finished Goods              $32,000              $31,000

 

How much is cost of goods sold for June?

A.$323,000

B.$322,000

C.$324,000

D.$325,000

 

 

 

 

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