90.2K

Verified Solution

Link Copied!

1. Zhang Company reported Cost of goods sold of $841,000, beginning Inventory of $38,400 and ending Inventory of $46,900. The average Inventory amount is:

$38,400.

$46,900.

$85,300.

$42,650.

$8,500.

2. Use the following selected information from Wheeler, LLC to determine the 2017 and 2016 trend percentages for net sales using 2016 as the base.

	2017			2016
Net sales	$	278,700		$	231,900
Cost of goods sold		151,400			130,090
Operating expenses		54,740			52,740
Net earnings		28,520			20,320

54.3% for 2017 and 56.1% for 2016.

116.4% for 2017 and 100.0% for 2016.

36.2% for 2017 and 40.5% for 2016.

65.9% for 2017 and 64.6% for 2016.

120.2% for 2017 and 100.0% for 2016.

3. Using the information below, compute the raw materials inventory turnover:

Raw Materials Used	$	104,500
Beginning Raw Materials Inventory		9,900
Ending Raw Materials Inventory		12,800

10.08.

367.88.

9.21.

10.86.

8.16.

4. Using the information below, calculate cost of goods sold for the period:

Sales revenues for the period	$	1,308,000
Operating expenses for the period		243,000
Finished Goods Inventory, January 1		40,000
Finished Goods Inventory, December 31		45,000
Cost of goods manufactured for the period		544,000

$782,000.

$777,000.

$526,000.

$539,000.

$436,000.

5. Using the information below for Singing Dolls, Inc., determine the total manufacturing costs incurred during the year:

Work in Process, January 1	$	50,800
Work in Process, December 31		37,400
Direct materials used		12,900
Total Factory overhead		5,900
Direct labor used		26,900

Multiple Choice

$59,100.

$13,400.

$96,500.

$45,700.

$90,600.

Answer & Explanation Solved by verified expert

See Answer