Question

QUESTION 12 The balance in the Finished Goods Inventory account on July 31, 2011, was $41,000 and the June 30, 2011, balance in the Finished Goods Inventory account was $34,000. Cost of goods sold is $200,000 and direct materials used in production total 586,000. How much is cost of goods manufactured $286,000 $193,000 $207,000 Not enough information is provided.

Answer 1

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Answer 12
Cost of goods manufactured	Amount $
Cost of goods sold	200,000.00
Add: Finished goods inventory, ending	41,000.00
Less: Finished goods inventory, opening	34,000.00
Cost of goods manufactured	207,000.00
Answer is option C.
Answer 17	Amount $
Sell price per unit	12.00
Variable cost per unit	5.00
Contribution per unit	7.00
Units not sold	50.00
Loss to be recognized	350.00
Answer is option A.
Answer 18	Amount $
Sell price per unit	8.00
Less: Variable cost per unit
Production	1.20
Selling and administrative	0.40
Contribution per unit	6.40
Total fixed costs
Production	40,000.00
Selling and administrative	32,000.00
Total fixed costs	72,000.00
Breakeven units	11,250.00
Answer is option D. Between 11,000 to 12,000 units.
Answer 19	Amount $
Sell price per unit	8.00
Less: Variable cost per unit
Production	1.20
Selling and administrative	0.40
Sales commission	0.12	This is 10% of $ 1.20.
Contribution per unit	6.28
Contribution margin ratio	78.50%
Answer is option C.