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21/Asteroid Industries accumulated the following cost information for the year:
| | | | |
| Direct materials | $ | 15,100 | |
| Indirect materials | | 3,100 | |
| Indirect labor | | 7,600 | |
| Factory depreciation | | 11,900 | |
| Direct labor | | 36,100 | |
| |
Using the above information, total factory overhead costs would be:
Multiple Choice
$73,800.
$22,600.
$11,900.
$15,000.
$51,200.
22/Using the information below, calculate gross profit for the period:
| | | | |
| Beginning Raw Materials Inventory | $ | 23,000 | |
| Ending Raw Materials Inventory | | 28,000 | |
| Beginning Work in Process Inventory | | 51,000 | |
| Ending Work in Process Inventory | | 60,000 | |
| Beginning Finished Goods Inventory | | 76,000 | |
| Ending Finished Goods Inventory | | 63,000 | |
| Cost of Goods Sold for the period | | 520,000 | |
| Sales revenues for the period | | 1,214,000 | |
| Operating expenses for the period | | 212,000 | |
| |
Multiple Choice
$694,000.
$482,000.
$1,002,000.
$181,000.
$707,000.
23/Use the following data to determine the cost of goods manufactured:
| | | |
| Beginning finished goods inventory | $ | 11,000 | |
| Direct labor | | 30,800 | |
| Beginning work in process inventory | | 7,400 | |
| General and administrative expenses | | 13,700 | |
| Direct materials used | | 40,700 | |
| Ending work in process inventory | | 9,200 | |
| Indirect labor | | 6,500 | |
| Ending finished goods inventory | | 9,700 | |
| Indirect materials | | 13,700 | |
| Depreciationfactory equipment | | 7,700 | |
| |
Multiple Choice
$111,300.
$97,600.
$101,200.
$114,900.
$102,500.
24/Using the information below for Laurels Company; determine the cost of goods manufactured during the current year:
| | | | |
| Direct materials used | $ | 6,100 | |
| Direct Labor | | 8,100 | |
| Total Factory overhead | | 6,200 | |
| Beginning work in process | | 4,100 | |
| Ending work in process | | 6,200 | |
| |
Multiple Choice
$16,900.
$20,400.
$14,200.
$22,500.
$18,300.
25/Use the following data to compute total factory overhead costs for the month:
| | | | |
| Sales commissions | $ | 10,900 | |
| Direct labor | | 39,700 | |
| Indirect materials | | 15,300 | |
| Factory manager salaries | | 7,300 | |
| Factory supplies | | 9,100 | |
| Indirect labor | | 6,400 | |
| Depreciationoffice equipment | | 5,100 | |
| Direct materials | | 40,600 | |
| Corporate office salaries | | 42,600 | |
| Depreciationfactory equipment | | 7,600 | |
| |
Multiple Choice
$142,000.
$126,000.
$45,700.
$85,400.
$58,600.
Answer & Explanation
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