Question Details

InventorybalancesfortheBeemerEnterprises



1.	Themerchandiseinventoryinamerchandisingbusinesscorrespondsmostcloselytowhichofthefollowingitemsinamanufacturingfirm?
a)	materialsinventory
b)	costofgoodsavailableforsale
c)	costofgoodsmanufactured
d)	finishedgoodsinventory

2. Ifbeginningwork-in-processinventoryis$160,000,endingwork-in-processinventoryis$180,000,costofgoodsmanufacturedis$500,000,anddirectmaterialsusedare$130,000,whataretheconversioncosts?
a.$210,000
b.$320,000
c.$340,000
d.$390,000

 
3.	ThefollowinginformationpertainstoSteelWheels,Inc:

Costofgoodsmanufactured	$350,000
Beginningwork-in-processinventory	110,000
Endingwork-in-processinventory	80,000
Manufacturingoverhead	50,000

Whataretheprimecostsfortheyear?a.$360,000	
b.$480,000	
c.$270,000	
d.$300,000	


4.	InventorybalancesfortheBeemerEnterprisesinApril2016areasfollows:

	April1,2016	April30,2016
Rawmaterials	$27,000	$21,000
Workinprocess	48,000	37,200
Finishedgoods	108,000	90,000

DuringApril,purchasesofdirectmaterialswere$36,000.Directlaborandfactoryoverheadcostswere$60,000and$84,000,respectively.

PrimecostsforAprilwere
a.$102,000
b.$96,000
c.$87,000
d.$81,000

 
5.	InventorybalancesforMarshall,Inc.,inJune2016areasfollows:

	June1,2016	June30,2016
Rawmaterials	$1,125	$ 875
Workinprocess	2,000	1,550
Finishedgoods	4,500	3,750

DuringJune,purchasesofdirectmaterialswere$1,500.Directlaborandfactoryoverheadcostswere$2,500and
$3,500,respectively.ConversioncostsforJunewere
a.$8,200.
b.$7,750.
c.$7,500.
d.$6,000.



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