62.
Given the following information for a retail company, what is the total cost of goods
purchased for the period?
Purchases discounts
$3,500
Transportation-in
6,700
Ending inventory
35,000
Gross merchandise cost
304,000
Purchases returns
8,400
Beginning inventory
27,000
Sales discounts
10,300
63.
A company had beginning inventories as follows: Direct Materials, $300; Work–in-Process,
$500; Finished Goods, $700. It had ending inventories as follows: Direct Materials, $400;
Work-in-Process, $600; Finished Goods, $800. Material Purchases (net including freight)
were $1,400, Direct Labor $1,500, and Manufacturing Overhead $1,600. What is the Cost
of Goods Sold for the period?
64.
Compute the Cost of Goods Sold for 2016 using the following information:
Direct Materials, Jan. 1, 2016
$40,000
Work-in-Process, Dec. 31, 2016
69,000
Direct Labor
48,500
Finished Goods, Dec. 31, 2016
105,000
Finished Goods, Jan. 1, 2016
128,000
Manufacturing Overhead
72,500
Direct Materials, Dec. 31, 2016
43,000
Work-in Process, Jan. 1, 2016
87,000
Purchases of Direct Material
75,000
65.
Foxburg Company has the following information:
Work-in–
Process
Finished
Goods
Materials
Beginning
inventory
$300
$400
$500
Ending
inventory
700
900
1,500
Purchases of
materials
$7,700
Cost of Goods
Sold
$15,600
Manufacturing
overhead
$4,300
66.
Foxburg Company has the following information:
Work-in–
Process
Finished
Goods
Materials
Beginning
inventory
$300
$400
$500
Ending inventory
700
900
1,500
Purchases of
materials (net)
$7,700
Cost of Goods
Sold
$15,600
Manufacturing
overhead
$4,300
67.
During the year, a manufacturing company had the following operating results:
Beginning work-in-process inventory
$45,000
Beginning finished goods inventory
$190,000
Direct materials used in production
$308,000
Direct labor
$475,000
Manufacturing overhead incurred
$250,000
Ending work-in-process inventory
$67,000
Ending finished goods inventory
$89,000
What is the cost of goods manufactured for the year?
68.
During April, the Meade Enterprises had the following operating results:
Sales revenue
$1,500,000
Gross margin
$600,000
Ending work-in-process
inventory
$50,000
Beginning work-in–
process inventory
$80,000
Ending finished goods
inventory
$100,000
Beginning finished
goods inventory
$125,000
Marketing costs
$250,000
Administrative costs
$150,000
What is the cost of goods manufactured for April?
69.
How would property taxes paid on a factory building be classified in a manufacturing
company?
70.
How would miscellaneous supplies used in assembling a product be classified for a
manufacturing company?
71.
How would a 5% sales commission paid to sales personnel be classified in a
manufacturing company?
72.
The student health center employs one doctor, three nurses, and several other employees.
How would you classify (1) the nurses’ salary and (2) film and other materials used in
radiology to give X-rays to students? Assume the activity is the number of students visiting
the health center.
Nurse’s Salaries
Film and Other Materials
Used in Radiology
a.
Fixed cost
Fixed cost
b.
Fixed cost
Variable cost
c.
Variable cost
Fixed cost
d.
Variable cost
Variable cost
73.
Barton’s Taco Tico has four taco makers and ten other employees who take orders from
customers and perform other tasks. The four taco makers and the other employees are
paid an hourly wage. How would one classify (1) the wages paid to the taco makers and
other employees and (2) materials (e.g., cheeses, salsa, tomatoes, lettuce, taco shells,
etc.) used to make the tacos? Assume the activity is the number of tacos made.
Employees’
Wages
Materials to Make the
Tacos
A.
Fixed cost
Fixed cost
B.
Fixed cost
Variable cost
C.
Variable cost
Fixed cost
D.
Variable cost
Variable cost
74.
The difference between variable costs and fixed costs is (CMA adapted)
75.
Which terms below correctly describe the cost of the black paint used to paint the dots on
a pair of dice?
Variable Cost
Administrative Cost
A)
Yes
Yes
B)
Yes
No
C)
No
Yes
D)
No
No
76.
Manufacturing overhead:
77.
78.
The estimated unit costs for a company to produce and sell a product at a level of 12,000
units per month are as follows:
Cost Item
Estimated Unit
Cost
Direct material
$32
Direct labor
20
Variable manufacturing
overhead
15
Fixed manufacturing
overhead
6
Variable selling expenses
3
Fixed selling expenses
4
What are the estimated conversion costs per unit?
79.
The estimated unit costs for a company to produce and sell a product at a level of 12,000
units per month are as follows:
Cost Item
Estimated Unit
Cost
Direct material
$32
Direct labor
20
Variable manufacturing
overhead
15
Fixed manufacturing
overhead
6
Variable selling expenses
3
Fixed selling expenses
4
What are the estimated prime costs per unit?
80.
The estimated unit costs for a company to produce and sell a product at a level of 12,000
units per month are as follows:
Cost Item
Estimated Unit
Cost
Direct material
$32
Direct labor
20
Variable manufacturing
overhead
15
Fixed manufacturing
overhead
6
Variable selling expenses
3
Fixed selling expenses
4
What are the estimated variable costs per unit?
81.
Grover Company has the following data for the production and sale of 2,000 units.
Sales price per unit
$800 per unit
Fixed costs:
Marketing and
administrative
$400,000 per
period
Manufacturing overhead
$200,000 per
period
Variable costs:
Marketing and
administrative
$50 per unit
Manufacturing overhead
$80 per unit
Direct labor
$100 per unit
Direct materials
$200 per unit
What is the variable manufacturing cost per unit?
82.
Grover Company has the following data for the production and sale of 2,000 units.
Sales price per unit
$800 per unit
Fixed costs:
Marketing and
administrative
$400,000 per
period
Manufacturing overhead
$200,000 per
period
Variable costs:
Marketing and
administrative
$50 per unit
Manufacturing overhead
$80 per unit
Direct labor
$100 per unit
Direct materials
$200 per unit
What is the total manufacturing cost per unit?