In: Accounting
Answer questions 1-5 using the information below: Advertising expenses $ 16,000 Depreciation expense - admin. office 107,000 Depreciation expense - plant 197,000 Direct materials inventory, beginning 33,000 Direct materials inventory, ending 28,000 Direct materials purchases 190,000 Direct labor 345,000 Finished goods inventory, beginning 66,000 Finished goods inventory, ending 43,000 Heat and light for plant 23,000 Indirect labor 128,000 Insurance on plant 44,000 Repairs on plant building 34,000 Sales representatives' salaries 258,000 Sales revenue 1,675,000 Supervisor's salary - plant 106,000 Work-in-process inventory, beginning 14,000 Work-in-process inventory, ending 11,000
What is the cost of direct materials used? Group of answer choices
$185,000
$251,000
$195,000
$223,000
How much is the total amount of manufacturing overhead cost? Group of answer choices
$532,000
$447,000
$605,000
$877,000
What is the cost of goods manufactured? Group of answer choices
$1,075,000
$1,078,000
$1,072,000
$1,086,000
What is the cost of goods sold? Group of answer choices
$1,141,000
$1,098,000
$1,109,000
$1,479,000
What is total amount of period costs? Group of answer choices
$381,000
$274,000
$165,000
$216,000
Answer: | |
1) | |
Particulars | Amount (in $) |
Beginning, Direct materials inventory | $ 33,000 |
Add: purchases | $ 190,000 |
Less: Ending Direct materials inventory | ( $28,000) |
Direct materials used | $ 195,000 |
Option ( C ) is Correct | |
2) | |
Particulars | Amount (in $) |
Plant Expenses: | |
Depreciation expense | $ 197,000 |
Add: Heat and light for plant | $ 23,000 |
Add: Indirect labor | $ 128,000 |
Add: Insurance | $ 44,000 |
Add: Repairs on plant building | $ 34,000 |
Add: Supervisor's salary | $ 106,000 |
Total amount of manufacturing overhead cost | $ 532,000 |
Option ( a ) is Correct | |
3) | |
Particulars | Amount (in $) |
Direct materials used | $ 195,000 |
Add: Direct labor | $ 345,000 |
Add: Overhead cost | $ 532,000 |
Manufacturing Cost | $ 1,072,000 |
Beginning, Work-in-process inventory | $ 14,000 |
Add: Manufacturing Cost | $ 1,072,000 |
Less: Ending Work-in-process inventory | ($11,000) |
Cost of Goods manufactured | $ 1,075,000 |
Option ( a ) is Correct | |
4) | |
Particulars | Amount (in $) |
Beginning, Finished goods inventory | $ 66,000 |
Add: Manufacturing Cost | $ 1,075,000 |
Less: Ending Finished goods inventory | ($ 43,000) |
Cost of Goods Sold | $ 1,098,000 |
Option ( b ) is Correct | |
5) | |
Particulars | Amount (in $) |
Depreciation expense-Admin. | $ 107,000 |
Add: Sales representatives' salaries | $ 258,000 |
Add: Advertising expenses | $ 16,000 |
Total amount of period costs | $ 381,000 |
Option ( a ) is Correct | |