Question : 47) Manufacturing overhead costs may include all of the following : 1217068

 

47) Manufacturing overhead costs may include all of the following EXCEPT:

A) salary of the plant supervisor

B) labor that can be traced to individual products

C) material that can be traced to individual products

D) overtime premiums paid to plant workers

48) Which of the following formulas determine cost of goods sold in a merchandising entity?

A) Beginning inventory + Purchases + Ending inventory = Cost of goods sold

B) Beginning inventory + Purchases – Ending inventory = Costs of goods sold

C) Beginning inventory – Purchases + Ending inventory = Cost of goods sold

D) Beginning inventory – Ending inventory – Purchases = Cost of goods sold

49) Which of the following formulas determine cost of goods sold in a manufacturing entity?

A) Beginning work-in-process inventory + Cost of goods manufactured – Ending work-in-process inventory = Cost of goods sold

B) Beginning work-in-process inventory + Cost of goods manufactured + Ending work-in-process inventory = Cost of goods sold

C) Cost of goods manufactured – Beginning finished goods inventory – Ending finished goods inventory = Cost of goods sold

D) Cost of goods manufactured + Beginning finished goods inventory – Ending finished goods inventory = Cost of goods sold

50) Product cost for reimbursement under government contracts may include all costs EXCEPT:

A) marketing costs

B) design costs

C) production costs

D) research and development costs

51) The following information pertains to the Cannady Corporation:

Beginning work-in-process inventory$ 50,000

Ending work-in-process inventory48,000

Beginning finished goods inventory180,000

Ending finished goods inventory195,000

Cost of goods manufactured1,220,000

 

What is cost of goods sold?

A) $1,235,000

B) $1,205,000

C) $1,218,000

D) $1,222,000

52) The following information pertains to the Duggan Corporation:

Beginning work-in-process inventory$ 20,000

Ending work-in-process inventory23,000

Beginning finished goods inventory36,000

Ending finished goods inventory34,000

Cost of goods manufactured246,000

 

What is cost of goods sold?

A) $244,000

B) $248,000

C) $243,000

D) $249,000

Answer the following questions using the information below:

 

Beginning finished goods, 1/1/20X3$ 90,000

Ending finished goods, 12/31/20X377,000

Cost of goods sold270,000

Sales revenue500,000

Operating expenses155,000

53) What is cost of goods manufactured for 20X3?

A) $230,000

B) $257,000

C) $283,000

D) $355,000

54) What is gross margin for 20X3?

A) $283,000

B) $355,000

C) $230,000

D) $257,000

55) What is operating income for 20X3?

A) $75,000

B) $112,000

C) $62,000

D) $230,000

Answer the following questions using the information below:

 

Beginning finished goods, 1/1/20X5$ 40,000

Ending finished goods, 12/31/20X533,000

Cost of goods sold250,000

Sales revenue600,000

Operating expenses120,000

 

56) What is cost of goods manufactured for 20X5?

A) $257,000

B) $350,000

C) $243,000

D) $250,000

 

 

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