Question
1. Absolute Genius Professor Mullen, Inc has beginning and ending Raw Materials inventories of (BI) $96,000 and (EI) $120,000, respectively. If Direct Materials (DM) used
1. Absolute Genius Professor Mullen, Inc has beginning and ending Raw Materials inventories of (BI) $96,000 and (EI) $120,000, respectively. If Direct Materials (DM) used were $390,000, what was the cost of Raw Materials (RM) Purchases? A) $390,000.
B) $420,000. C) $366,000. D) $414,000.
2. Most Worthy CCSF Professor, Inc has beginning and ending work in process (WIP) inventories of (BI) $130,000 and (EI) $145,000 respectively. If total manufacturing costs (TMC) are $620,000, what is the total cost of goods manufactured (CGM) ? A) $750,000.
B) $765,000. C) $605,000. D) $635,000.
3. For a manufacturing company, which of the following is an example of a period cost rather
than a product cost?
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A) Depreciation on factory equipment
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B) Wages of salespersons
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C) Wages of factory machine operators
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D) Insurance on factory equipment
4. As of December 31, 2015, Most Brilliant Professor Mullen, Inc had (EI) $2,000 of raw materials inventory. At the beginning of 2015, there was (BI) $1,600 of materials on hand. During the year, the company accrued purchases expense of $274,000 of materials; however it paid for only $264,000 to date. How much raw materials (RM-Prod) were used on jobs during 2015?
A) $274,400 B) $264,400 C) $263,600 D) $273,600
5. Cost of goods manufactured (CGM) equals $55,000 for 2015. Finished goods (FG) inventory is (BI) $2,000 at the beginning of the year and (EI) $5,500 at the end of the year. Beginning and ending work in process (WIP) for 2015 are (BI) $4,000 and (EI) $5,000, respectively. How much is cost of goods sold (CGS) for the year?
A) $57,500 B) $53,000 C) $51,500 D) $58,500
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