Question Details

Whatwasthecostofgoodsmanufacturedduringtheyear



1.	MortonManufacturingshowscostofgoodssoldforthemonthofMarchwas$90,000.Thefinishedgoodsinventorywas$15,000onMarch1and$17,500onMarch31.Beginningandendingwork-in-processinventorieswere$20,000and$25,000,respectively.WhatwasthecostofgoodsmanufacturedduringMarch?
a.$92,500b.$90,000c.$87,500d.$97,500

2.	AssumethefollowinginformationfortheBlueKnightsCorporationfortheyearendedDecember31,2016:

Sales	$2,250
Costofgoodsmanufacturedfortheyear	1,350
Beginningfinishedgoodsinventory	450
Endingfinishedgoodsinventory	495
Sellingandadministrativeexpenses	300

WhatisthecostofgoodssoldfortheyearendedDecember31,2016?a.$1,305
b.$1,605c.$1,350d.$1,650

 

3.	RebelYell,Inc.,recordedthefollowingdataforApril:

Beginningfinishedgoodsinventory	$60,000
Beginningwork-in-processinventory	40,000
Endingwork-in-processinventory	80,000
Endingfinishedgoodsinventory	50,000
Factoryoverheadcosts	200,000
Directmaterialsused	160,000
Directlabor	100,000

WhatisthecostofgoodsmanufacturedforApril?a.$470,000	
b.$420,000	
c.$460,000	
d.$430,000	

4.	TherecordsoftheWilliamsonCompanyshowthefollowinginformation:

Directmaterialsused	$90,000
Directlabor	130,000
Factoryoverhead	150,000
Beginningwork-in-processinventory	15,000
Beginningfinishedgoodsinventory	20,000
Endingwork-in-processinventory	42,000
Sellingandadministrativeexpenses	37,500

Whatwasthecostofgoodsmanufacturedduringtheyear?a.$370,000	
b.$365,000	
c.$343,000	
d.$333,000	




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