Question Details

Costofgoodssoldequalscostofgoodsmanufactured



1.	Theendingwork-in-processinventoryisdeductedonthe
a.	balancesheet.
b.	incomestatement.
c.	statementofcostofgoodsmanufactured.
d.	statementofcashflows.

2.	Costofgoodssoldequalscostofgoodsmanufactured
a.	whenfinishedgoodsinventoriesremainconstant.
b.	whenwork-in-processinventoriesremainconstant.
c.	plusbeginningwork-in-processinventoryminusendingwork-in-processinventory.
d.	whenmaterialsinventoriesremainconstant.
3.	InventorybalancesforSpiritlightVenturesforNovember2016areasfollows:

	November1,2016	November30,2016
Materials	$9,000	$7,000
Workinprocess	16,000	12,400
Finishedgoods	36,000	30,000

DuringNovember,purchasesofdirectmaterialswere$18,000.Directlaborandfactoryoverheadcostswere
$20,000and$28,000,respectively.
ThecostofgoodsmanufacturedinNovemberwas
a.$68,000.
b.$77,600.
a.$74,000.
a.$71,600.

4.	Selecteddataconcerningthepastyear'soperationsoftheMotorCityCorporationareasfollows:

Sellingandadministrativeexpenses	$225,000
Directmaterials used	467,500
Directlabor(50,000hours)		450,000
Factory overhead applicationrate	8perDLH

Inventories
Beginning	Ending
Directmaterial                                           $75,000                         $67,500
Workin process                                          112,500                          135,000
Finishedgoods                                              60,000                           37,500

Thecostofdirectmaterialspurchasedis
a.$467,500.
b.$460,000.
c.$437,500.
d.$445,000.



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