1) The following data pertain to the Best Co.:

Materials inventory, 1/1/16................. $54,000

Materials inventory, 12/31/16............... 40,500

Materials purchases......................... 81,500

Work in process inventory, 1/1/16........... 28,500

Work in process inventory, 12/31/16......... 40,500

Direct labor................................ 34,000

Manufacturing overhead...................... 52,000

Finished goods inventory, 1/1/16............ 39,500

Finished goods inventory, 12/31/16.......... 11,000

Cost of goods sold should be:

A. $137,500

B. $184,000

C. $197,500

D. $181,000

2) Gold Co. uses a job cost system with a separate account for each job and had a total beginning balance of $4,000 in its Work in Process Inventory accounts for Jobs 11 and 12. During the month, a total of $10,000 of direct materials, direct labor, and manufacturing overhead was recorded on Jobs 11, 12, and 13. Job 11 was completed with a total cost of $5,000. The ending balance in the remaining Work in Process Inventory accounts is:

A. $10,000

B. $9,000

C. $5,000

D. $4,000

3) Harima Company uses predetermined overhead rates. At the beginning of 2016, the company estimated total overhead costs at $600,000 and expected production to be 600,000 units. The company assigns overhead on a per unit basis. Actual results for 2016 were costs of $700,000. The company produced 650,000 units. The amount of overhead applied to production was:

A. $700,000

B. $650,000

C. $600,000

D. $553,800

4) The Bender Company uses predetermined overhead rates. At the beginning of 2016, the company estimated total overhead costs at $600,000 and expected production to be 300,000 units. The company assigns overhead on a per unit basis. Actual results for 2016 were costs of $700,000. The company produced 335,000 units. The amount of overhead applied to production in 2016 was:

A. $600,000

B. $670,000

C. $680,000

D. $700,000

5) New Apex Company has a three-stage production cycle. The following data are available for the cutting department for June:

Work in process inventory, June 1

(50% complete)............................. 10,000 units

Started in June............................. 60,000 units

Work in process inventory, June 30

(60% complete)............................. 6,250 units

Materials are added at the beginning of the process in the cutting department. What are the equivalent units under the average cost method for both materials and conversion?

A. Materials: 60,000 units; Conversion: 62,500 units

B. Materials: 63,750 units; Conversion: 63,750 units

C. Materials: 67,500 units; Conversion: 70,000 units

D. Materials: 70,000 units; Conversion: 67,500 units