Question

4. Wasson Company reported the following year-end information: Beginning work in process inventory Beginning raw materials inventory Ending work in process inventory Ending raw materials inventory Raw materials purchased Direct labor Manufacturing overhead S 35,000 18,000 38,000 15,000 560,000 210,000 120,000 How much is Wasson's total cost of work in process for the year? A) $890,000 B) $928,000 C) $893,000 D) $925,000 Cost of goods manufactured equals $85,000 for 2019. Finished goods inventory is $2,000 at the beginning of the year and $5,500 at the end of the year. Beginning and ending work in process for 2019 are $4,000 and $5,000, respectively. How much is cost of goods sold for the year? A) $88,500 B) $83,000 C) $81,500 D) $87,500 5. 6. What is "balanced" in the balanced scorecard approach? A) B) C) D) The number of products produced The emphasis on financial and non-financial performance measurements The number of defects found on each product The amount of costs allocated to products 7. Both direct materials and indirect materials are A) raw materials. B) manufacturing overhead. C) sold directly to customers by a manufacturing company D) merchandise inventory.

Answer 1

Q4.
Answer is $ 928000
Explanation:
Beginning WIP inventory					35000
Add: Current cost of manufacturing
Beginning RM inventory			18000
Add: Purchase			560000
Total cost of RM available			578000
Less: Ending RM inventory			15000
Cost of RM consumed				563000
Direct labour				210000
OH applied				120000
Total current cost of manufacturing					893000
Total cost of WIP					928000
Q5.
Answer is C. 81500
Explanation:
Beginning Inventory of FG				2000
Add: Cost of goods manufactured				85000
Total goods avaiable for sales				87000
Less: Ending inventory of FG				5500
Cost of goods sold				81500
Q6.
Answer is B. The emphasis on financial and non financial performance measurements
Q7.
Answer is A. Raw material