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
