Question : 51. When nonmanufacturing costs subtracted from gross margin, the result called: A. cost : 1295538

 

51. When nonmanufacturing costs are subtracted from gross margin, the result is called: A. cost of goods sold.B. net income.C. sales.D. nonmanufacturing income.

52. Michael’s Manufacturing, Inc. has the following information available for the month of July: 

 

 

Beginning

Ending

 

Raw materials inventory

$50,000

$62,000

 

Work-in-process inventory

80,000

55,000

 

Finished goods inventory

24,000

35,000

 

 

 

 

 

Raw materials purchased

 

$120,000

 

Direct labor costs

 

60,000

 

Overhead costs

 

45,000

 

 

 

 

Refer to the Michael’s Manufacturing, Inc. information above. Raw materials used for July is: A. $112,000B. $108,000C. $120,000D. $132,000

 

53. Michael’s Manufacturing, Inc. has the following information available for the month of July: 

 

 

Beginning

Ending

 

Raw materials inventory

$50,000

$62,000

 

Work-in-process inventory

80,000

55,000

 

Finished goods inventory

24,000

35,000

 

 

 

 

 

Raw materials purchased

 

$120,000

 

Direct labor costs

 

60,000

 

Overhead costs

 

45,000

 

 

 

 

Refer to the Michael’s Manufacturing, Inc. information above. Cost of goods manufactured for July is: A. $188,000B. $250,000C. $238,000D. $213,000

 

54. Michael’s Manufacturing, Inc. has the following information available for the month of July: 

 

 

Beginning

Ending

 

Raw materials inventory

$50,000

$62,000

 

Work-in-process inventory

80,000

55,000

 

Finished goods inventory

24,000

35,000

 

 

 

 

 

Raw materials purchased

 

$120,000

 

Direct labor costs

 

60,000

 

Overhead costs

 

45,000

 

 

 

 

Refer to the Michael’s Manufacturing, Inc. information above. Cost of goods sold for July is: A. $227,000B. $202,000C. $249,000D. $239,000

 

55. Nate’s Novelties, Inc. has the following information available for July: 

 

 

Beginning

Ending

 

Raw materials inventory

$12,000

$9,000

 

Work-in-process inventory

35,000

20,000

 

Finished goods inventory

20,000

44,000

 

 

 

 

 

Raw materials purchased

 

$25,000

 

Direct labor costs

 

55,000

 

Overhead costs

 

35,000

 

 

 

 

Refer to the Nate’s Novelties, Inc. information above. Raw materials used for July is: A. $21,000B. $22,000C. $25,000D. $28,000

 

56. Nate’s Novelties, Inc. has the following information available for July: 

 

 

Beginning

Ending

 

Raw materials inventory

$12,000

$9,000

 

Work-in-process inventory

35,000

20,000

 

Finished goods inventory

20,000

44,000

 

 

 

 

 

Raw materials purchased

 

$25,000

 

Direct labor costs

 

55,000

 

Overhead costs

 

35,000

 

 

 

 

Refer to the Nate’s Novelties, Inc. information above. Cost of goods manufactured for July is: A. $153,000B. $103,000C. $130,000D. $133,000

 

57. Nate’s Novelties, Inc. has the following information available for July: 

 

 

Beginning

Ending

 

Raw materials inventory

$12,000

$9,000

 

Work-in-process inventory

35,000

20,000

 

Finished goods inventory

20,000

44,000

 

 

 

 

 

Raw materials purchased

 

$25,000

 

Direct labor costs

 

55,000

 

Overhead costs

 

35,000

 

 

 

 

Refer to the Nate’s Novelties, Inc. information above. Cost of goods sold for July is: A. $106,000B. $157,000C. $129,000D. $109,000

 

58. Scott Products manufactures high-quality running shoes. The following information is available for 2005:

 

 

Beginning

Ending

 

Raw materials inventory

$  65,000

$  82,000

 

Work-in-process inventory

280,000

130,000

 

Finished goods inventory

90,000

120,000

 

 

 

 

 

Raw materials purchased

 

$250,000

 

Direct labor costs

 

340,000

 

Factory rent

 

60,000

 

Factory supplies

 

20,000

 

Factory utilities

 

15,000

 

Factory depreciation

 

30,000

 

Marketing costs

 

25,000

 

Administrative costs

 

100,000

 

 

 

 

In addition, 42,400 pairs were produced in 2005 out of which 40,900 pairs were sold for $120 each. Refer to the Scott Products information above. Cost of goods manufactured for 2005 is: A. $990,000B. $973,000C. $848,000D. $865,000

 

59. Scott Products manufactures high-quality running shoes. The following information is available for 2005:

 

 

Beginning

Ending

 

Raw materials inventory

$  65,000

$  82,000

 

Work-in-process inventory

280,000

130,000

 

Finished goods inventory

90,000

120,000

 

 

 

 

 

Raw materials purchased

 

$250,000

 

Direct labor costs

 

340,000

 

Factory rent

 

60,000

 

Factory supplies

 

20,000

 

Factory utilities

 

15,000

 

Factory depreciation

 

30,000

 

Marketing costs

 

25,000

 

Administrative costs

 

100,000

 

 

 

 

In addition, 42,400 pairs were produced in 2005 out of which 40,900 pairs were sold for $120 each. Refer to the Scott Products information above. What is net income for 2005? (ignore taxes) A. $1,920,000B. $2,025,000C. $1,890,000D. $2,045,000

 

60. Thompson Inc. has the following selected information available for 2005: 

 

Cost of goods manufactured

$180,000

 

Cost of good sold

150,000

 

Direct labor costs incurred

  45,000

 

Raw material purchased

  90,000

 

Raw material used

  80,000

 

 

 

 

Beginning work-in-process

  15,000

 

Ending work-in-process

    9,000

 

 

 

Manufacturing overhead costs in 2005 amounted to: A. $39,000B. $55,000C. $49,000D. $31,000

 

 

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