Question : 61. Hillsborough Street Manufacturing Inc. incurred the following costs in 2005: Direct : 1295539

 

 

61. Hillsborough Street Manufacturing Inc. incurred the following costs in 2005: 

Direct materials used

$37,000

Direct labor costs

45,000

Factory rent and utilities

18,000

Factory equipment depreciation

10,000

Marketing expenses

3,000

Administrative expenses

9,000

 

 

50,000 units were produced during the year out of which 40,000 units were sold for $10 each. There was no beginning or ending raw materials or work-in-process inventory. Refer to the Hillsborough Street Manufacturing Inc. information above. What is the product cost per unit? A. $3.05B. $2.75C. $2.44D. $2.20

 

62. Hillsborough Street Manufacturing Inc. incurred the following costs in 2005: 

Direct materials used

$37,000

Direct labor costs

45,000

Factory rent and utilities

18,000

Factory equipment depreciation

10,000

Marketing expenses

3,000

Administrative expenses

9,000

 

 

50,000 units were produced during the year out of which 40,000 units were sold for $10 each. There was no beginning or ending raw materials or work-in-process inventory. Refer to the Hillsborough Street Manufacturing Inc. information above.What is cost of goods sold for the year? A. $  88,000B. $  97,600C. $122,000D. $110,000

 

63. Hillsborough Street Manufacturing Inc. incurred the following costs in 2005: 

Direct materials used

$37,000

Direct labor costs

45,000

Factory rent and utilities

18,000

Factory equipment depreciation

10,000

Marketing expenses

3,000

Administrative expenses

9,000

 

 

50,000 units were produced during the year out of which 40,000 units were sold for $10 each. There was no beginning or ending raw materials or work-in-process inventory. Refer to the Hillsborough Street Manufacturing Inc. information above. Out of the above costs, what amount remains on the balance sheet at the end of 2005? A. $12,000B. $20,000C. $22,000D. $24,400

 

64. Hillsborough Street Manufacturing Inc. incurred the following costs in 2005: 

Direct materials used

$37,000

Direct labor costs

45,000

Factory rent and utilities

18,000

Factory equipment depreciation

10,000

Marketing expenses

3,000

Administrative expenses

9,000

 

 

50,000 units were produced during the year out of which 40,000 units were sold for $10 each. There was no beginning or ending raw materials or work-in-process inventory. Refer to the Hillsborough Street Manufacturing Inc. information above. What is net income for the year? A. $278,000B. $312,000C. $378,000D. $300,000

 

65. Hudson Inc. has the following information available for September: 

 

 

Beginning

Ending

 

Raw materials

$  8,000

$  5,000

 

Work-in-process

30,000

40,000

 

Finished goods

7,000

3,000

 

 

 

 

 

Raw materials purchased

 

25,000

 

Direct labor costs

 

70,000

 

Manufacturing overhead costs

 

30,000

 

Administrative costs

 

12,000

 

Marketing costs

 

6,000

 

 

 

 

Refer to the Hudson Inc. information above. Total nonmanufacturing costs for September is: A. $113,000B. $161,000C. $  18,000D. $  43,000

 

66. Hudson Inc. has the following information available for September: 

 

 

Beginning

Ending

 

Raw materials

$  8,000

$  5,000

 

Work-in-process

30,000

40,000

 

Finished goods

7,000

3,000

 

 

 

 

 

Raw materials purchased

 

25,000

 

Direct labor costs

 

70,000

 

Manufacturing overhead costs

 

30,000

 

Administrative costs

 

12,000

 

Marketing costs

 

6,000

 

 

 

 

Refer to the Hudson Inc. information above. Cost of goods manufactured for September is: A. $118,000B. $136,000C. $115,000D. $133,000

 

67. Hudson Inc. has the following information available for September: 

 

 

Beginning

Ending

 

Raw materials

$  8,000

$  5,000

 

Work-in-process

30,000

40,000

 

Finished goods

7,000

3,000

 

 

 

 

 

Raw materials purchased

 

25,000

 

Direct labor costs

 

70,000

 

Manufacturing overhead costs

 

30,000

 

Administrative costs

 

12,000

 

Marketing costs

 

6,000

 

 

 

 

Refer to the Hudson Inc. information above. Cost of goods sold for September is: A. $119,000B. $143,000C. $140,000D. $122,000

 

68. Hudson Inc. has the following information available for September: 

 

 

Beginning

Ending

 

Raw materials

$  8,000

$  5,000

 

Work-in-process

30,000

40,000

 

Finished goods

7,000

3,000

 

 

 

 

 

Raw materials purchased

 

25,000

 

Direct labor costs

 

70,000

 

Manufacturing overhead costs

 

30,000

 

Administrative costs

 

12,000

 

Marketing costs

 

6,000

 

 

 

 

Refer to the Hudson Inc. information above. Sales revenue for September totaled $400,000. Net income for September is: A. $257,000B. $260,000C. $264,000D. $278,000

 

69. In a traditional manufacturing environment, as the cost of goods sold account increases, which account is most likely decreasing? A. Work-in-process inventoryB. Finished goods inventoryC. Raw materials inventoryD. Cash

 

70. Jones Manufacturing Inc. incurred the following costs in November: 

Direct labor

$50,000

 

Advertising costs

$ 3,000

Indirect labor

20,000

 

Factory rent

10,000

Administrative salaries

25,000

 

Factory depreciation

6,000

Direct materials purchased

23,000

 

Administrative rent

5,000

Indirect materials used

4,000

 

Administrative depreciation

7,000

 

 

 

 

 

In addition, the following information is also available:

 

Beginning

Ending

 

Raw materials

$ 5,000

$  8,000

 

Work-in-process

60,000

55,000

 

Finished goods

17,250

9,200

 

 

 

 

 

Number of units produced

 

20,000 units

 

Number of units sold

 

 

 

    (sales price of $25 per unit)

21,400 units

 

 

 

 

 

 

Refer to the Jones Manufacturing Inc. information above. Cost of goods manufactured in November is: A. $  91,000B. $115,000C. $155,000D. $143,000

 

 

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