1) During the year, MSU purchased materials costing $40,000 and incurred direct labor cost of $15,000. Manufacturing overhead totaled $25,000 for the year. Information on inventories was as follows: Jan 1st Dec 31st Materials $5,000 $6,000 Work in process 1,000 2,000 Finished goods 6,000 4,000 What was the cost of goods sold for the year? . a. $78,000 b. $69,600 c. $79,000 d. $80,000 2) MSU Company reported the following financial information: Direct labor $145,000 Manufacturing overhead Direct materials $300,000 $270,000 Inventories Jan. 1 Dec. 31 Direct materials Work in process Finished goods $20,000 $50,000 60,500 80,000 45,000 70,000 Conversion costs would total: a. $715,000 b. $445,000 c. $415,000 d. $570,000 3) With respect to Sample, LLC's total variable costs, which of the following statements is true? a. They will remain the same as production levels change within the relevant range. b. They will decrease as production decreases within the relevant range. c. They will decrease as production increases within the relevant range. d. They will increase as production decreases within the relevant range. 4) Maintenance costs at MSU over the past six months are listed in the following table. Month January February Maintenance cost $13,600 $14,720 $12,560 $14,480 $14.880 $13,200 Machine hours 15,500 16.900 14 200 16,600 17,100 15,000 March April May Tune Using the high-low method, what would the total maintenance costs be if 17,500 machine hours were used? a. $15,200 b. $14,000 c. $27,680 d. $ 1,200