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 (EI)
Raw materials inventory (RM) Work in process inventory
(WIP)
Finished goods inventory (FG)
$
96,000 174,000
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 during 2015 for Lao Shu Mullen, Inc?
A) $1,288,000 B) $1,306,000 C) $1,282,000 D) $1,300,000
8. Lao Shu Mullen, Inc's accounting records reflect the following inventories: Jan 1, 2015 (BI)Dec. 31, 2015 (EI)
Raw materials inventory (RM) $120,000 Work in process inventory
156,000 (WIP)
Finished goods inventory (FG) 150,000
$
96,000 174,000
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 would Lao Shu Mullen, Inc report as cost of goods manufactured (CGM) for 2015?
A) $1,264,000 B) $1,324,000 C) $1,318,000 D) $1,288,000
Page 2
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
Mullen Jao Soo Company reported total manufacturing costs (TMC) of $150,000, manufacturing overhead (OH) totaling $26,000, and direct materials (DM) totaling $32,000. How much is direct labor (DL) cost?
A) Cannot be determined from the information provided.
B) $208,000
C) $58,000
D) $92,000
6. C) $50,000
EI, FG | 20,000 |
COGS | 40,000 |
60,000 | |
Less: BI, FG | (10,000) |
CGM | 50,000 |
7. B) $1,306,000
Raw Materials used = Raw Materials Inventory, beginning + Raw
Materials purchased - Raw Materials Inventory, ending
Raw Materials used = $120,000 + $940,000 - $96,000
Raw Materials used = $964,000
Total Manufacturing Costs = Raw Materials used Direct Labor
Costs + Manufacturing Overhead
Total Manufacturing Costs = $964,000 + $150,000 + $192,000
Total Manufacturing Costs = $1,306,000
8. D) $1,288,000
Raw Materials used = Raw Materials Inventory, beginning + Raw
Materials purchased - Raw Materials Inventory, ending
Raw Materials used = $120,000 + $940,000 - $96,000
Raw Materials used = $964,000
Total Manufacturing Costs = Raw Materials used Direct Labor
Costs + Manufacturing Overhead
Total Manufacturing Costs = $964,000 + $150,000 + $192,000
Total Manufacturing Costs = $1,306,000
Cost of Goods Manufactured = Work in Process Inventory,
beginning + Total Manufacturing Costs - Work in Process Inventory,
ending
Cost of Goods Manufactured = $156,000 + $1,306,000 - $174,000
Cost of Goods Manufactured = $1,288,000
1. B) $890,000
Cost of goods sold = Beginning finished goods+Cost of goods manufactured-Ending finished goods
Cost of goods sold = 50000+880000-40000
Cost of goods sold = 890000
2. D) $92,000
Direct labor = Total manufacturing cost-Direct material -Overhead
Direct labor = 150000-32000-26000
Direct labor = 92000
6. Poor Professor Mullen (PPM), Inc. has $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)...
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...
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....
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...
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...
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...
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...
Determine the Ending RM Inventory, Total Manufacturing Costs, COGM, and Ending FG Inventory Sales.. Ending RM Inv. TMC ...$1,500,000 Factory Maintenance. 74,000 Indirect Labour.... 39,000 Raw materials purchased... 198,000 Factory Utilities... 67,000 Raw materials used in production.. 195,000 General and administrative expenses.... 101,200 Beginning WIP inventory.. 26,000 Beginning FG inventory.. 63,000 Ending WIP inventory........ 34,000 Beginning RM inventory... 13,000 Selling expenses.. 97,600 Direct labour.. 283,000 Factory insurance. 49,000 Indirect materials..... 37,600 Depreciation, factory....... 60,000 Cost of goods sold... 805,000 EUR...
skip 23,24,26
22. Hen Hao Professor Mullen, Inc applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under-or overapplication of overhead for the period: Estimated SS annual overhead cost $1,200,000 Actual SS annual overhead cost $1,155,000 Estimated machine hours 400,000 Actual machine hours 380,000 A) $1,140,000 applied and $15,000 overapplied B) $1,200,000 applied and $15,000 overapplied C) $1,140,000 applied and $15,000 underapplied D) $1,145,000 applied and neither under- nor overapplied 23. If...