Question Details

Cost of goods sold is the amount of cost transferred 



1. Cost of goods sold is the amount of cost transferred 
A. out of Finished Goods Inventory and into Cost of Goods Sold.
B. out of Work in Process Inventory and into Cost of Goods Sold.
C. out of Work in Process Inventory and into Manufacturing Overhead.
D. out of Work in Process Inventory and into Finished Goods Inventory.
2. Acme Company had the following information for the year:
Direct materials used		$110,000
Direct labor incurred (5,000 hours)	$150,000
Actual manufacturing overhead incurred 	$166,000

Acme Company used a predetermined overhead rate of $35 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of $17,000. What was cost of goods manufactured? 
A. $260,000
B. $426,000
C. $435,000
D. $418,000
 3. Acme Company had the following information for the year:
 
Direct materials used		$110,000
Direct labor incurred (5,000 hours)	$150,000
Actual manufacturing overhead incurred 	$166,000

Acme Company used a predetermined overhead rate of $35 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of $17,000. What was adjusted cost of goods sold? 
A. $435,000
B. $426,000
C. $418,000
D. $409,000
4. Ajax Company had the following information for the year:
  
Direct materials used		$190,000
Direct labor incurred (7,000 hours)	$245,000
Actual manufacturing overhead incurred 	$273,000

Ajax Company used a predetermined overhead rate using estimated overhead of $320,000 and 8,000 estimated direct labor hours. Assume the only inventory balance is an ending Finished Goods Inventory balance of $9,000. What was cost of goods manufactured? 
A. $715,000
B. $708,000
C. $755,000
D. $706,000
 
5. Ajax Company had the following information for the year:
  
Direct materials used		$190,000
Direct labor incurred (7,000 hours)	$245,000
Actual manufacturing overhead incurred 	$273,000

Ajax Company used a predetermined overhead rate using estimated overhead of $320,000 and 8000 estimated direct labor hours. Assume the only inventory balance is an ending Finished Goods Inventory balance of $9,000. What was adjusted cost of goods sold? 
A. $715,000
B. $708,000
C. $706,000
D. $699,000




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