1. The Finished Goods Inventory and Cost of Goods Sold for a manufacturing company for the year 20xx are as follows: January 1 Finished Goods Inventory, $382,500; December 31 Finished Goods Inventory, $270,000; Cost of Goods Sold for the year, $1,513,000. The cost of goods manufactured for the year was:

A) $635,500. B) $1,175,500. C) $1,400,500. D) $1,130,500.

2. Goods totaling $33,000 purchased February 2 on terms of 2/10, n/30 and on which returns of $1,000 were made on February 10 would be subject to which of the following discounts if paid for on February 12? A. $660 B. $20 C. $640 D. $680

3. Comparing activity-based management (ABM) and just-in-time (JIT) manufacturing, all of the following are correct except A. ABM uses a more complex accounting system. B. both are activity-based systems. C. JIT focuses on the accuracy of cost assignment. D. both identify value-adding and nonvalue-adding activities.

4. Fallgatter, Inc., expects to sell 13,500 units. Each unit requires 3 pounds of direct materials at $12 per pound and 2 direct labor hours at $10 per direct labor hour. The overhead rate is $8 per direct labor hour. The beginning inventories are as follows: direct materials, 2,000 pounds; finished goods, 2,500 units. The planned ending inventories are as follows: direct materials, 4,100 pounds; finished goods, 3,000 units.

Given a planned production of 10,000 units, what are the planned direct materials purchases? A) $277,200 B) $349,200 C) $385,200 D) $313,200

5.

The following information pertains to Jasmin Corporation. Assume that all balance sheet amounts represent both average and ending figures.

Jasmin Corporation Partial Balance Sheet December 31, 20x7 Liabilities and Stockholders' Equity Current liabilities $ 60,000 Long-term liabilities 90,000 Stockholders' equity 150,000 Total liabilities and stockholders' equity $300,000

Jasmin Corporation Income Statement For the Year Ended December 31, 20x7 Net sales $80,000 Cost of goods sold 45,000 Gross margin $35,000 Operating expenses 15,000 Income before income taxes $20,000 Income taxes expense 5,000 Net income $15,000

Jasmin Corporation had 6,000 shares of common stock issued and outstanding. The market price of Jasmin common stock on December 31, 20x7, was $20. Jasmin paid dividends of $0.25 per share during 20x7.

What is the dividends yield of this corporation? A) 0.75 percent B) 1.25 percent C) 1.00 percent D) 1.50 percent