1. Marigold Corp.reported the following year-end information:
| Beginning work in process inventory | $1080000 |
| Beginning raw materials inventory | 300000 |
| Ending work in process inventory | 900000 |
| Ending raw materials inventory | 480000 |
| Raw materials purchased | 1020000 |
| Direct labor | 820000 |
| Manufacturing overhead | 820000 |
1Marigold Corp.'s cost of goods manufactured for the year is
2. Crane Company reported the following year-end information: beginning work in process inventory, $70000; cost of goods manufactured, $650000; beginning finished goods inventory, $40000; ending work in process inventory, $60000; and ending finished goods inventory, $30000. How much is Cranes cost of goods sold for the year?
3. Crane Company's accounting records reflect the following inventories:
| | Dec. 31, 2017 | Dec. 31, 2016 |
| Raw materials inventory | $310000 | $260000 |
| Work in process inventory | 300000 | 160000 |
| Finished goods inventory | 190000 | 150000 |
During 2017, $780000 of raw materials were purchased, direct labor costs amounted to $551100, and manufacturing overhead incurred was $704000. If Crane Company's cost of goods manufactured for 2017 amounted to $1845100, its cost of goods sold for the year is
4. A manufacturing company reports cost of goods manufactured as a(n)
| a. | component of the raw materials inventory on the balance sheet. |
| b. | administrative expense on the income statement. |
| c. | current asset on the balance sheet. |
| d. | component in the calculation of cost of goods sold on the income statement. |
5. The sum of the direct materials costs, direct labor costs, and manufacturing overhead incurred is the
| a. | total manufacturing overhead. |
| b. | total manufacturing costs. |
| c. | cost of goods manufactured. |
| d. | total cost of work in process. |
6. The net income reported on the income statement for the current year was $214000. Depreciation recorded on plant assets was $35100. Accounts receivable and inventories increased by $1800 and $8200, respectively. Prepaid expenses and accounts payable decreased by $1600 and $12100 respectively. How much cash was provided by operating activities?
7.The following data are available for Oriole Corporation.
| Sale of land | $224900 |
| Sale of equipment | $129900 |
| Issuance of common stock | 140200 |
| Purchase of equipment | 69400 |
| Payment of cash dividends | 119700 |
Net cash provided by investing activities is:
8. In calculating net cash provided by operating activities using the indirect method, an increase in prepaid expenses during a period is
| b. | ignored because it does not affect expenses. |
| c. | ignored because it does not affect income. |
| d. | deducted from net income. |
9. Waterway Company reported net income of $71500 for the year. During the year, accounts receivable increased by $6100, accounts payable decreased by $5400 and depreciation expense of $8500 was recorded. Net cash provided by operating activities for the year is
10. Lending money and collecting the loans are
| d, | Non-cash investing and financing activities. |
