Homework Answers
1) Total manufacturing cost = 45000+48000+39000 = 132000
Cost of goods manufactured = 28000+132000-18000 = 142000
Cost of goods sold = 28000+142000-18000 = 152000
So answer is a) $152000
2) Total manufacturing cost = 8000+20000-14000 = 14000
Direct material used = 14000-8000-4000 = 2000
So answer is a) $2000
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28 of 75 MULTIPLE CHOICE Given the following data: Cost of materials used Direct labor costs...
Calculator Given the following data: Cost of materials used Direct labor costs Factory overhead Work in...
Calculator Given the following data: Cost of materials used Direct labor costs Factory overhead Work in process, beginning Work in process, ending Finished goods, beginning Finished goods, ending $45,000 48,000 39,000 28,000 18,000 28,000 18,000 What is cost of goods sold? O a. $152,000 b. $10,000 c. $142,000 d. $128,000
QUESTION 1 Given the following data: Cost of materials used Direct labor costs Factory overhead Work...
QUESTION 1 Given the following data: Cost of materials used Direct labor costs Factory overhead Work in process, beginning Work in process, ending Finished goods, beginning Finished goods, ending What is cost of goods sold? a. $152,000 b. $10,000 c. $142,000 d. $128,000 $45,000 48,000 39,000 28,000 18,000 28,000 18,000
Cost of materials used $45,000 Direct labor costs 48,000 Factory overhead 39,000 Work in process, beginning...
Cost of materials used $45,000 Direct labor costs 48,000 Factory overhead 39,000 Work in process, beginning 28,000 Work in process, ending 18,000 Finished goods, beginning 28,000 Finished goods, ending 18,000 What is cost of goods sold? Group of answer choices $10,000 $142,000 $152,000 $128,000
QUESTION 2 Cost of Material Used $ 45,000 Direct Labor Costs $ 48,000 Factory Overhead $...
QUESTION 2 Cost of Material Used $ 45,000 Direct Labor Costs $ 48,000 Factory Overhead $ 39,000 Work in Process, Beg. $ 28,000 Work in Process, End. $ 18,000 Finished Goods, Beg. $ 28,000 Finished Goods, End. $ 18,000 What is the Cost of Goods Sold? O a. $ 152,000 ob. $ 142,000 O c. $ 10,000 d. $ 128,000
1. Which of the following costs are conversion costs? a. direct materials cost and factory overhead...
1. Which of the following costs are conversion costs? a. direct materials cost and factory overhead cost b. direct labor cost and factory overhead cost c. factory overhead cost d. direct materials cost and direct labor cost 2. Given the following data: Work in process, beginning $14,000 Work in process, ending 20,000 Direct labor costs 4,000 Cost of goods manufactured 8,000 Factory overhead 8,000 Direct materials used is a. $2,000 b. $4,000 c. $14,000 d. $8,000 3. Prime...
Given the following data: Work in process, beginning $14,000 Work in process, ending 20,000 Direct labor...
Given the following data: Work in process, beginning $14,000 Work in process, ending 20,000 Direct labor costs 4,000 Cost of goods manufactured 8,000 Factory overhead 8,000 Direct materials used is a.$4,000 b.$8,000 c.$14,000 d.$2,000
Cost of Materials Used$60,000 Direct Labor costs $55,000 Factory Overhead $32,000 Work in Process, beg. $28,000...
Cost of Materials Used$60,000 Direct Labor costs $55,000 Factory Overhead $32,000 Work in Process, beg. $28,000 Work in Process, end. $18,000 Finished Goods,beg. $28,000 Finished Goods, end. $18,000 What is Cost of Goods Sold?
Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost...
Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of direct - labor costs $152,000 85,000 127,000 148,000 286.000 259,000 35,000 65,000 53,000 140 percent The ending balance of work-in-process inventory is O A. $413,000 O B. $454,800 OC. $168,800 OD. $127,000
1. Three costs in every product are direct materials, direct labor, and period costs direct materials,...
1. Three costs in every product are direct materials, direct labor, and period costs direct materials, work in process, and manufacturing overhead direct materials, direct labor, and manufacturing overhead direct materials, work in progress, and finished goods 2. What is the journal entry for under applied overhead? Manufacturing overhead Finished Goods Inventory Finished Goods Inventory Manufacturing Overhead Manufacturing overhead Cost of goods sold Cost of goods sold Manufacturing overhead 3. Use a piece of scrap paper...
A company's overhead rate is 50% of direct labor cost. Using the following incomplete accounts, determine...
A company's overhead rate is 50% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used. Work in Process Inventory 92,200 ? ? Beginning WIP Direct materials Direct labor Applied overhead To finished goods Ending WIP ? 82,980 119,900 Factory Overhead 92,200 Finished Goods Inventory 108,300 297,600 130,100 Beginning FG 275,800 Ending FG Multiple Choice $27,700. $76,360. $297,600 $221,240. $157,800.
Calculator Given the following data: Cost of materials used Direct labor costs Factory overhead Work in process, beginning Work in process, ending Finished goods, beginning Finished goods, ending $45,000 48,000 39,000 28,000 18,000 28,000 18,000 What is cost of goods sold? O a. $152,000 b. $10,000 c. $142,000 d. $128,000
QUESTION 1 Given the following data: Cost of materials used Direct labor costs Factory overhead Work in process, beginning Work in process, ending Finished goods, beginning Finished goods, ending What is cost of goods sold? a. $152,000 b. $10,000 c. $142,000 d. $128,000 $45,000 48,000 39,000 28,000 18,000 28,000 18,000
QUESTION 2 Cost of Material Used $ 45,000 Direct Labor Costs $ 48,000 Factory Overhead $ 39,000 Work in Process, Beg. $ 28,000 Work in Process, End. $ 18,000 Finished Goods, Beg. $ 28,000 Finished Goods, End. $ 18,000 What is the Cost of Goods Sold? O a. $ 152,000 ob. $ 142,000 O c. $ 10,000 d. $ 128,000
Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of direct - labor costs $152,000 85,000 127,000 148,000 286.000 259,000 35,000 65,000 53,000 140 percent The ending balance of work-in-process inventory is O A. $413,000 O B. $454,800 OC. $168,800 OD. $127,000
A company's overhead rate is 50% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used. Work in Process Inventory 92,200 ? ? Beginning WIP Direct materials Direct labor Applied overhead To finished goods Ending WIP ? 82,980 119,900 Factory Overhead 92,200 Finished Goods Inventory 108,300 297,600 130,100 Beginning FG 275,800 Ending FG Multiple Choice $27,700. $76,360. $297,600 $221,240. $157,800.
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