BUS MGT QUES with calculations-If the cost of goods manufactured for the year was $396,000
1. [The following information applies to the questions displayed below.] Finished goods inventory, January 1, 2011 $ 30,400 Finished goods inventory, December 31, 2011 $ 25,200 If the cost of goods manufactured for the year was $396,000, what was the cost of goods sold for the year? $401,200. None of these. $396,000. $406,400. $411,600. 2. Yang Corporation recently computed total product costs of $579,000 and total period costs of $480,000, excluding $41,000 of sales commissions that were overlooked by the company's administrative assistant. On the basis of this information, Yang's income statement should reveal operating expenses of: $41,000. $620,000. $579,000. $480,000. $521,000. 3. The accounting records of Diego Company revealed the following costs, among others: Factory insurance $ 35,000 Raw material used 258,000 Customer entertainment 17,000 Indirect labor 48,000 Depreciation on salespersons' cars 31,000 Production equipment rental costs 74,000 Calculate the total manufacturing overhead for the company. $157,000. $463,000. None of these. $188,000. $205,000. 4. Carolina Plating Company reported a cost of goods manufactured of $523,000, with the firm's year-end balance sheet revealing work in process and finished goods of $76,000 and $140,000, respectively. If supplemental information disclosed raw materials used in production of $87,000, direct labor of $141,000, and manufacturing overhead of $241,000, the company's beginning work in process must have been: None of these. $22,000. $393,000. $130,000. $55,000. 5. The accounting records of Dolphin Company revealed the following information: Total manufacturing costs $ 760,000 Work-in-process inventory, Jan. 1 79,000 Work-in-process inventory, Dec. 31 101,000 Finished-goods inventory, Jan. 1 169,000 Finished-goods inventory, Dec. 31 146,000 Dolphin's cost of goods sold is: None of these. $761,000. $759,000. $783,000. $738,000. 6. [The following information applies to the questions displayed below.] Raw materials inventory, January 1, 2011 $ 34,000 Raw materials inventory, December 31, 2011 $ 28,200 10_29_2012 If purchases of raw materials were $150,000 during the year, what was the amount of raw materials used during the year? $150,000. $155,800. $161,600. $144,200. None of these. 7. Hot'lanta, Inc., which uses the high-low method to analyze cost behavior, has determined that machine hours best explain the company's utilities cost. The company's relevant range of activity varies from a low of 600 machine hours to a high of 1,100 machine hours, with the following data being available for the first six months of the year: Month Utilities Machine Hours January $9,200 850 February 8,860 770 March 9,450 860 April 9,860 970 May 10,240 1,000 June 9,650 950 Using the high-low method, the utilities cost associated with 1,030 machine hours would be: $10,420. $10,140. $10,330. $10,290. an amount other than those listed above.