91. All of the following are ways that managers use managerial information except
A. to evaluate the company’s stock performance
B. to evaluate the performance of a company’s operations
C. to support long-term planning decisions
D. to determine the cost of manufacturing a product
92. Cost of Materials Used $40,000
Direct Labor costs $55,000
Factory Overhead $32,000
Work in Process, beg. $28,000
Work in Process, end. $18,000
What is Cost of Goods Manufactured?
A. $173,000
B. $97,000
C. $117,000
D. $137,000
93. Cost of Materials Used $40,000
Direct Labor costs $55,000
Factory Overhead $32,000
Work in Process, beg. $28,000
Work in Process, end. $18,000
Finished Goods,beg. $28,000
Finished Goods, end. $18,000
What is Cost of Goods Sold?
A. $147,000
B. $137,000
C. $10,000
D. $128,000
94.
Beginning Raw Materials Inventory
|
$75,000
|
Materials purchased
|
$20,000
|
Ending Raw Materials Inventory
|
$30,000
|
|
|
How much are Raw Materials Used?
A. $25,000
B. $45,000
C. $65,000
D. $20,000
95. A company manufactured 50,000 units of a product at a cost of $250,000. They sold 40,000 units for $10 each. What is Gross Margin?
A. $150,000
B. $200,000
C. $400,000
D. $250,000
96.
Work in Process, Beginning
|
$10,000
|
Work in Process, Ending
|
$15,000
|
Direct Labor costs incurred
|
$4,000
|
Cost of Goods Manufactured
|
$8,000
|
Factory Overhead
|
$8,000
|
|
|
What is the amount of Direct Materials Used?
A. $1,000
B. $4,000
C. $7,000
D. $3,000
97. A company sells goods for $300,000 that cost $140,000 to manufacture. Which statement(s) are true?
A. The company will recognize sales on the balance sheet of $300,000
B. The company will recognize $160,000 in the Profit on Product Sales account
C. The company will decrease finished goods by $140,000
D. All of the above are true.
98. Product costs
A. appear only on the balance sheet
B. appear only on the income statement
C. are expensed as costs are incurred for direct labor, direct material and factory overhead
D. appear on both the income statement and balance sheet