1 A company with monthly revenue of $148,000, variable costs of $57,000, and fixed costs of $42,800 has a contribution margin of Multiple Choice $91,000 $45,500 $148,000 $105,200 2 The following information has been taken from the perpetual inventory system of Elite Mfg Co for the month ended August 31 Purchases of direct materials $ 80,000 Direct materials used $ 68,500 Direct labor costs assigned to production $ 28,000 Manufacturing overhead costs incurred (and applied) $ 35,000 Balances in inventory August 31 August 1 Materials $ 30,000 Work in Process $ 64,000 57,000 Finished Goods $ 69,000 49,000 The cost of finished goods manufactured in August is Multiple Choice $183,500 Some other amount $124,500 $62,000 2 The following information has been taken from the perpetual inventory system of Elite Mfg Co for the month ended August 31 Purchases of direct materials $ 80,000 Direct materials used $ 68,500 Direct labor costs assigned to production $ 28,000 Manufacturing overhead costs incurred (and applied) $ 35,000 Balances in inventory August 31 August 1 Materials $ 30,000 Work in Process $ 64,000 57,000 Finished Goods $ 69,000 49,000 The cost of goods sold in August is Multiple Choice $173,500 Some other amount $20,000 $104,500

Question

1  A company with monthly revenue of $148,000, variable costs of $57,000, and fixed costs of $42,800 has a contribution margin of  Multiple Choice $91,000  $45,500  $148,000  $105,200  2  The following information has been taken from the perpetual inventory system of Elite Mfg  Co  for the month ended August 31  Purchases of direct materials $ 80,000 Direct materials used $ 68,500 Direct labor costs assigned to production $ 28,000 Manufacturing overhead costs incurred (and applied) $ 35,000 Balances in inventory August 31 August 1 Materials $   30,000 Work in Process $ 64,000 57,000 Finished Goods $ 69,000 49,000 The cost of finished goods manufactured in August is  Multiple Choice $183,500  Some other amount  $124,500  $62,000  2  The following information has been taken from the perpetual inventory system of Elite Mfg  Co  for the month ended August 31  Purchases of direct materials $ 80,000 Direct materials used $ 68,500 Direct labor costs assigned to production $ 28,000 Manufacturing overhead costs incurred (and applied) $ 35,000 Balances in inventory August 31 August 1 Materials $   30,000 Work in Process $ 64,000 57,000 Finished Goods $ 69,000 49,000 The cost of goods sold in August is  Multiple Choice $173,500  Some other amount  $20,000  $104,500

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Question

1. A company with monthly revenue of $148,000, variable costs of $57,000, and fixed costs of $42,800 has a contribution margin of: Multiple Choice $91,000.

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Purchases of direct materials	$	80,000
Direct materials used	$	68,500
Direct labor costs assigned to production	$	28,000
Manufacturing overhead costs incurred (and applied)	$	35,000

Balances in inventory	August 31		August 1
Materials	$	?		30,000
Work in Process	$	64,000		57,000
Finished Goods	$	69,000		49,000