Question :
61. Jones Manufacturing Inc.Jones Manufacturing Inc. incurred the following costs in : 1291664
61. Jones Manufacturing Inc.Jones Manufacturing Inc. incurred the following costs in November:
Direct labor$50,000 Advertising costs$ 3,000
Indirect labor20,000 Factory rent10,000
Administrative salaries25,000 Factory depreciation6,000
Direct materials purchased23,000 Administrative rent5,000
Indirect materials used4,000 Administrative depreciation7,000
In addition, the following information is also available:
Beginning Ending
Raw materials$ 5,000 $ 8,000
Work in process60,000 55,000
Finished goods17,250 9,200
Number of units produced20,000 units
Number of units sold
(sales price of $25 per unit)21,400 units
Refer to the Jones Manufacturing Inc. information above. The product cost per unit in November is: A. $4.55.B. $7.75.C. $5.75.D. $5.37.
62. Scott ProductsScott Products manufactures high-quality running shoes. The following information is available for 2011:
Beginning Ending
Raw materials inventory$ 65,000 $ 82,000
Work-in-process inventory280,000 130,000
Finished goods inventory90,000 120,000
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 2011 out of which 40,900 pairs were sold for $70 each. Refer to the Scott Products information above. Cost of goods manufactured for 2011 is: A. $990,000.B. $973,000.C. $848,000.D. $865,000.
63. Scott ProductsScott Products manufactures high-quality running shoes. The following information is available for 2011:
Beginning Ending
Raw materials inventory$ 65,000 $ 82,000
Work-in-process inventory280,000 130,000
Finished goods inventory90,000 120,000
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 2011 out of which 40,900 pairs were sold for $70 each. Refer to the Scott Products information above. What is net operating income for 2011? (ignore taxes) A. $1,920,000.B. $2,025,000.C. $1,890,000.D. $2,045,000.
64. Hillsborough Street Manufacturing Inc.Hillsborough Street Manufacturing Inc. incurred the following costs in 2011:
Direct materials used$51,000
Direct labor costs45,000
Factory rent and utilities18,000
Factory equipment depreciation7,500
Marketing expenses8,000
Administrative expenses10,000
45,000 units were produced during the year out of which 38,000 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. $3.67B. $3.20C. $3.10D. $2.70
65. Hillsborough Street Manufacturing Inc.Hillsborough Street Manufacturing Inc. incurred the following costs in 2011:
Direct materials used$51,000
Direct labor costs45,000
Factory rent and utilities18,000
Factory equipment depreciation7,500
Marketing expenses8,000
Administrative expenses10,000
45,000 units were produced during the year out of which 38,000 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. $102,600B. $121,500C. $117,800D. $139,500
66. Hillsborough Street Manufacturing Inc.Hillsborough Street Manufacturing Inc. incurred the following costs in 2011:
Direct materials used$51,000
Direct labor costs45,000
Factory rent and utilities18,000
Factory equipment depreciation7,500
Marketing expenses8,000
Administrative expenses10,000
45,000 units were produced during the year out of which 38,000 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 net operating income for the year? (Ignore taxes) A. $222,500B. $244,200C. $240,500D. $259,400
67. Hudson Inc.Hudson Inc. has the following information available for September:
Beginning Ending
Raw materials$ 8,000 $ 5,000
Work-in-process30,000 40,000
Finished goods7,000 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 are: A. $113,000.B. $161,000.C. $ 18,000.D. $ 43,000.
68. Hudson Inc.Hudson Inc. has the following information available for September:
Beginning Ending
Raw materials$ 8,000 $ 5,000
Work-in-process30,000 40,000
Finished goods7,000 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. $118,000.B. $136,000.C. $115,000.D. $133,000.
69. Hudson Inc.Hudson Inc. has the following information available for September:
Beginning Ending
Raw materials$ 8,000 $ 5,000
Work-in-process30,000 40,000
Finished goods7,000 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. $119,000.B. $143,000.C. $140,000.D. $122,000.
70. Hudson Inc.Hudson Inc. has the following information available for September:
Beginning Ending
Raw materials$ 8,000 $ 5,000
Work-in-process30,000 40,000
Finished goods7,000 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 operating income for September is: (Ignore taxes) A. $257,000.B. $260,000.C. $264,000.D. $278,000.
71. Which of the following statements accurately describes manufacturing cost flows in a just-in-time (JIT) environment? A. Direct labor and overhead are maintained in a work in process account for long periods of time.B. There is little need to maintain a cost of goods sold account.C. There is little need to maintain raw materials, work in process, or finished goods accounts.D. Manufacturing costs are maintained in the finished goods account for long periods of time.
