Question : 140. Cost of goods manufactured equal to: A. total manufacturing costs plus ending : 1226819

140. Cost of goods manufactured is equal to: 
A. total manufacturing costs plus ending materials inventory less beginning materials inventory
B. cost of goods sold beginning work in process inventory less ending work in process inventory
C. total manufacturing costs plus ending work in process inventory less beginning work in process inventory
D. total manufacturing costs plus beginning work in process inventory less ending work in process inventory

141. Finished goods inventory is reported on the: 
A. income statement as a period cost
B. balance sheet as a long-term asset
C. balance sheet as a current asset
D. income statement as revenue

142. Beginning work in process is equal to: 
A. cost of goods manufactured plus ending work in process minus manufacturing costs incurred during the current period
B. cost of goods manufactured minus ending work in process plus manufacturing costs incurred during the current period
C. ending work in process plus manufacturing costs incurred during the current period
D. manufacturing costs incurred during the current period minus ending work in process

143. All of the following would be reported on the balance sheet as a current asset except: 
A. factory overhead
B. materials inventory
C. finished goods inventory
D. work in process inventory

144. Reedy Company reports the following information for 2012:

Cost of goods manufactured

$69,500

Direct materials used

  27,000

Direct labor incurred

  25,000

Work in process inventory, January 1, 2012

  11,000

Factory overhead is 75% of the cost of direct labor.  Work in process inventory on December 31, 2012, is: 
A. $13,500
B. $10,200
C. $22,500
D. $12,250

145. At the beginning of 2011, the Gilbert Company’s work in process inventory account had a balance of $30,000.  During 2011, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred.  Factory overhead in 2011 amounted to $90,000. Cost of goods manufactured is $220,000 in 2011.  The balance in work in process inventory on December 31, 2011, is: 
A. $34,000
B. $24,000
C. $66,000
D. $6,000

146. A company used $35,000 of direct materials, incurred $73,000 in direct labor cost, and $114,000 in factory overhead costs during the period.  If beginning and ending work in process inventories were $28,000 and $21,000 respectively, the cost of goods manufactured was: 
A. $229,000
B. $225,000
C. $215,000
D. $222,000

147. Cost of goods manufactured during 2011 is $240, work in process inventory on December 31, 2011, is $50. Work in process inventory during 2011 decreased 60%.  Total manufacturing costs incurred during 2011 amount to: 
A. $190
B. $165
C. $290
D. $315

148. Work in process inventory on December 31, 2011, is $44,000. Work in process inventory increased 60% during 2011. Cost of goods manufactured for 2011 amounts to $275,000. What are the total manufacturing costs incurred in 2011? 
A. $291,500
B. $302,000
C. $275,750
D. $233,750

149. Work in process inventory on December 31, 2011, is $42,000.  Work in process inventory decreased 40% during 2011.  Total manufacturing costs incurred in 2011 amount to $260,000.  What is cost of goods manufactured? 
A. $232,000
B. $302,000
C. $288,000
D. $190,000

150. Work in process inventory increased $20,000 during 2011.  Cost of goods manufactured was $280,000.  Total manufacturing costs incurred in 2011 are: 
A. $298,000
B. $262,000
C. $289,000
D. $300,000

151. The cost of goods sold for Heedy manufacturing in 2011 was $233,000.  The January 1, 2011, finished goods inventory balance was $31,600, and the December 31, 2011, finished goods inventory balance was $24,200.  Cost of goods manufactured during the period was: 
A. $233,000
B. $225,600
C. $288,800
D. $240,400