1. Absolute Genius Professor Mullen, Inc has beginning and ending Raw Materials inventories of (BI) $96,000...
1. Absolute Genius Professor Mullen, Inc has beginning and
ending Raw Materials inventories of (BI) $96,000 and (EI) $120,000,
respectively. If Direct Materials (DM) used were $390,000, what was
the cost of Raw Materials (RM) Purchases?
A) $390,000.
B) $420,000. C) $366,000. D) $414,000.
2. Most Worthy CCSF Professor, Inc has beginning and ending work
in process (WIP) inventories of (BI) $130,000 and (EI) $145,000
respectively. If total manufacturing costs (TMC) are $620,000, what
is the total cost of goods manufactured (CGM) ?
A) $750,000.
B) $765,000. C) $605,000. D) $635,000.
3. For a manufacturing company, which of the following is an example of a period cost rather
than a product cost?
-
A) Depreciation on factory equipment
-
B) Wages of salespersons
-
C) Wages of factory machine operators
-
D) Insurance on factory equipment
4. As of December 31, 2015, Most Brilliant Professor Mullen, Inc had (EI) $2,000 of raw materials inventory. At the beginning of 2015, there was (BI) $1,600 of materials on hand. During the year, the company accrued purchases expense of $274,000 of materials; however it paid for only $264,000 to date. How much raw materials (RM-Prod) were used on jobs during 2015?
A) $274,400 B) $264,400 C) $263,600 D) $273,600
5. Cost of goods manufactured (CGM) equals $55,000 for 2015. Finished goods (FG) inventory is (BI) $2,000 at the beginning of the year and (EI) $5,500 at the end of the year. Beginning and ending work in process (WIP) for 2015 are (BI) $4,000 and (EI) $5,000, respectively. How much is cost of goods sold (CGS) for the year?
A) $57,500 B) $53,000 C) $51,500 D) $58,500
Homework Answers
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1. Absolute Genius Professor Mullen, Inc has beginning and
ending Raw Materials inventories of (BI) $96,000...
9. Old Genius Professor Mullen, Inc reported the following year-end information: beginning work in process inventory,...
9. Old Genius Professor Mullen, Inc reported the following year-end information: beginning work in process inventory, (BI,WIP) $80,000; cost of goods manufactured (CGM), $880,000; beginning finished goods inventory, (BI,FG) $50,000; ending work in process inventory, (EI, WIP) $70,000; and ending finished goods inventory, (EI, FG) $40,000. How much is the Old Genius Professor Mullen Inc's cost of goods sold (CGS) for the year? A) $880,000 B) $890,000 C) $870,000 D) $900,000 10. Mullen Jao Soo Company reported total manufacturing costs...
6. Poor Professor Mullen (PPM), Inc. has $20,000 of ending finished goods (EI, FG) inventory as...
6. Poor Professor Mullen (PPM), Inc. has $20,000 of ending finished goods (EI, FG) inventory as of December 31, 2015. If beginning finished goods (BI, FG) inventory was $10,000 and cost of goods sold (CGS) was $40,000, how much would Poor Professor Mullen, Inc report for cost of goods manufactured (CGM) ? A) $45,000 B) $10,000 C) $50,000 D) $30,000 7. Lao Shu Mullen, Inc's accounting records reflect the following inventories: Jan 1, 2015 (BI) $120,000 156,000 150,000 Dec.31, 2015...
14. As of December 31, 2015, Most Brilliant Professor Mullen, Inc had (EI) $2,000 of raw...
14. As of December 31, 2015, Most Brilliant Professor Mullen, Inc had (EI) $2,000 of raw materials inventory. At the beginning of 2015, there was (BI) $1,600 of materials on hand. During the year, the company accrued purchases expense of $274,000 of materials; however it paid for only $264,000 to date. How much raw materials (RM-Prod) were used on jobs during 2015? A) $274,400 B) $264,400 C) $263,600 D) $273,600 15. Cost of goods manufactured (CGM) equals $55,000 for 2015....
6. Poor Professor Mullen (PPM) Ine hae $20.000 of ending finished goods (EI, FG) inventory as...
6. Poor Professor Mullen (PPM) Ine hae $20.000 of ending finished goods (EI, FG) inventory as of December 31, 2015. If beginning finished coods (BIFG) inventory was $10,000 and cost of goods sold (CGS) was $40.000, how much would Poor Professor Mullen, Inc report for cost of goods manufactured (CGM)? A) $45,000 B) $10,000 C) $50,000 D) $30,000 7. Lao Shu Mullen, Ine's accounting records reflect the following inventories: -_Jan 1. 2015 (BI) Dec.31. 2015 (ET) Raw materials inventory (RM)...
19. At the beginning of the year, Most Honorable Professor Mullen, Inc estimates annual overhead costs...
19. At the beginning of the year, Most Honorable Professor Mullen, Inc estimates annual overhead costs to be $1,200,000 and that an estimated 300,000 machine hours will be used. Using machine hours as a base, the amount of overhead applied during the year if actual machine hours for the year were 315,000 hours is A) $1,200,000. B) $1,142,857. slo C) $840,000. D) $1,260,000. (HO bilgqA 20. To Apply Overhead (OH) in a job order cost system, a Credit to Manufacturing...
not sure what im missing to get the answer? 10 Shu Mullen, Ine's accounting records reflect...
not sure what im missing to get the answer?
10 Shu Mullen, Ine's accounting records reflect the following inventories: _Jan 1. 2015 (BI) Dec 31, 2015 (EI) Raw materials inventory (RM) $120,000 $ 96,000 Work in process inventory (WIP) 156,000 174,000 Finished goods inventory (FG) 150,000 138,000 During 2015, Lao Shu Mullen, Inc purchased $940,000 of raw materials, incurred direct labor (DL) costs of $150,000, and incurred manufacturing overhead (OH) totaling $192,000. How much is total manufacturing costs (TMC) incurred...
Concord Corporation has beginning and ending work in process inventories of $170000 and $185000 respectively. If...
Concord Corporation has beginning and ending work in process inventories of $170000 and $185000 respectively. If total manufacturing costs are $680000, what is the total cost of goods manufactured? O $850000. O $665000. $865000. $695000. Given the following data for Concord Corporation, compute cost of goods manufactured: Direct materials used $120000 Beginning work in process $20000 Direct labor 100000 Ending work in process 10000 Manufacturing 80000 Beginning finished goods 25000 overhead Operating expenses 75000 Ending finished goods 15000 $300000 $320000...
1. Bu Hao Lao Shu Company developed the following data for the current year: Beginning Work...
1. Bu Hao Lao Shu Company developed the following data for the current year: Beginning Work in Process (BI, WIP) Direct materials used (DM) Actual overhead (OH) Overhead applied (est OH) Cost of goods manufactured (CGM) Total manufacturing costs (TMC) $120,000 72,000 144,000 108,000 132,000 360,000 Bu Hao Lao Shu Company's Ending Work in Process (EI, WIP) inventory is A) $348,000. B) $240,000. C) $228,000. D) $108,000. 2. Lao Shu Mfg. provided the following information from its accounting records for...
21. Hen Hao Lao Shi Mullen, Inc developed the following data: Beginning work in process inventory...
21. Hen Hao Lao Shi Mullen, Inc developed the following data: Beginning work in process inventory (WIP) Direct materials used (DM) Actual overhead (OH) Overhead applied (est OH) Cost of goods manufactured (CGM) Ending work in process (WIP) Hen Hao Lao Shi Mullen, Inc's total manufacturing costs (TMC) for the period is A) $570,000. B) $540,000. C) $390,000. D) cannot be determined from the data provided. Page 5 $270,000 210,000 330,000 240,000 360,000 450,000 22. Hen Hao Professor Mullen, Inc...
The following information is from ABC Company’s general ledger: Beginning and ending inventories, respectively, for raw...
The following information is from ABC Company’s general ledger:
Beginning and ending inventories, respectively, for raw materials
were $9,600 and $11,600 and for work in process were $21,600 and
$23,600. Raw material purchases and direct labor costs incurred
were $37,600 each, and manufacturing overhead applied amounted to
$21,600.
Required: Prepare a statement of cost of goods
manufactured for ABC Company. (Amounts to be deducted
should be indicated by a minus sign.)
The following information is from ABC Company's general ledger:...
9. Old Genius Professor Mullen, Inc reported the following year-end information: beginning work in process inventory, (BI,WIP) $80,000; cost of goods manufactured (CGM), $880,000; beginning finished goods inventory, (BI,FG) $50,000; ending work in process inventory, (EI, WIP) $70,000; and ending finished goods inventory, (EI, FG) $40,000. How much is the Old Genius Professor Mullen Inc's cost of goods sold (CGS) for the year? A) $880,000 B) $890,000 C) $870,000 D) $900,000 10. Mullen Jao Soo Company reported total manufacturing costs...
14. As of December 31, 2015, Most Brilliant Professor Mullen, Inc had (EI) $2,000 of raw materials inventory. At the beginning of 2015, there was (BI) $1,600 of materials on hand. During the year, the company accrued purchases expense of $274,000 of materials; however it paid for only $264,000 to date. How much raw materials (RM-Prod) were used on jobs during 2015? A) $274,400 B) $264,400 C) $263,600 D) $273,600 15. Cost of goods manufactured (CGM) equals $55,000 for 2015....
6. Poor Professor Mullen (PPM) Ine hae $20.000 of ending finished goods (EI, FG) inventory as of December 31, 2015. If beginning finished coods (BIFG) inventory was $10,000 and cost of goods sold (CGS) was $40.000, how much would Poor Professor Mullen, Inc report for cost of goods manufactured (CGM)? A) $45,000 B) $10,000 C) $50,000 D) $30,000 7. Lao Shu Mullen, Ine's accounting records reflect the following inventories: -_Jan 1. 2015 (BI) Dec.31. 2015 (ET) Raw materials inventory (RM)...
19. At the beginning of the year, Most Honorable Professor Mullen, Inc estimates annual overhead costs to be $1,200,000 and that an estimated 300,000 machine hours will be used. Using machine hours as a base, the amount of overhead applied during the year if actual machine hours for the year were 315,000 hours is A) $1,200,000. B) $1,142,857. slo C) $840,000. D) $1,260,000. (HO bilgqA 20. To Apply Overhead (OH) in a job order cost system, a Credit to Manufacturing...
not sure what im missing to get the answer?
10 Shu Mullen, Ine's accounting records reflect the following inventories: _Jan 1. 2015 (BI) Dec 31, 2015 (EI) Raw materials inventory (RM) $120,000 $ 96,000 Work in process inventory (WIP) 156,000 174,000 Finished goods inventory (FG) 150,000 138,000 During 2015, Lao Shu Mullen, Inc purchased $940,000 of raw materials, incurred direct labor (DL) costs of $150,000, and incurred manufacturing overhead (OH) totaling $192,000. How much is total manufacturing costs (TMC) incurred...
Concord Corporation has beginning and ending work in process inventories of $170000 and $185000 respectively. If total manufacturing costs are $680000, what is the total cost of goods manufactured? O $850000. O $665000. $865000. $695000. Given the following data for Concord Corporation, compute cost of goods manufactured: Direct materials used $120000 Beginning work in process $20000 Direct labor 100000 Ending work in process 10000 Manufacturing 80000 Beginning finished goods 25000 overhead Operating expenses 75000 Ending finished goods 15000 $300000 $320000...
The following information is from ABC Company’s general ledger:
Beginning and ending inventories, respectively, for raw materials
were $9,600 and $11,600 and for work in process were $21,600 and
$23,600. Raw material purchases and direct labor costs incurred
were $37,600 each, and manufacturing overhead applied amounted to
$21,600.
Required: Prepare a statement of cost of goods
manufactured for ABC Company. (Amounts to be deducted
should be indicated by a minus sign.)
The following information is from ABC Company's general ledger:...
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