Homework Answers
Answer 1:
Correct answer is:
B. $598,000
Explanation:
Ending Work in process = Direct material + Direct labor + Manufacturing overhead + Beginning Work in process - Cost of goods manufactured
= 250000 + 73000 + 828000 + 120000 - 673000
=$598,000
As such option B is correct and options A, C and D are incorrect.
Answer 2:
Correct answer is:
C. $1,265,000
Explanation:
Cost of goods sold = Cost of goods manufactured + Beginning balance Finished goods inventory - Ending Balance Finished goods inventory
= 1249000 + 98000 - 82000
= $1,265,000
As such option C is correct and options A, B and D are incorrect.
Answer 3:
Correct answer is:
D. $2.18
Explanation:
Unit cost of per item of product sold = Cost of goods sold / Number of units sold
= 61000 / 28000
= $2.18
As such option D is correct and options A, B and C are incorrect.
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