1.) ABC Company manufactures picture frames. During the year the company had the following costs:...
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1.) ABC Company manufactures picture frames. During the year the company had the following costs: direct materials used $40,000, Direct labor $25,000, factory rent $12,000, factory utilities $3000, factory equipment depreciation $6,000, office equipment depreciation $4,000, selling expense $5,000, and administrative expenses $40,000. ABC Company had no beginning inventory balances and completed 45,000 frames. What is their cost for one frame?
A.
$1.77
B.
$1.91
C.
$3.00
D.
$2.00
If direct materials used is $10,000, overhead applied is $21,000, beginning WIP is $5,000 and ending WIP is $3,000, direct labor is $7,000, beginning and ending FG inventory is $15,000 and $12,000 respectively, what is the cost of goods sold?
A.
$40,000
B.
none of these
C.
$43,000
D.
$41,000
E.
$38,000
If the direct materials used is $10,000, overhead applied is $21,000, beginning WIP is $5000 and ending WIP is $3,000, direct labor is $7,000, beginning and ending FG inventory is $15,000 and $12,000 respectively, what is the cost of goods manufactured?
A.
$38,000
B.
$43,000
C.
$41,000
D.
$40,000
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