14. 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 15. 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 (EN) $5,500 at the end of the year. Beginning and ending work in process (WIP) for 2015 are (BI) $4,000 and (EN) $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 16. Bu Hao Lao Shu Company developed the following data for the current year: Beginning Work in Process (BI, WIP) $120,000 Direct materials used (DM) 72,000 Actual overhead (OH) 144,000 Overhead applied (est OH) 108,000 Cost of goods manufactured (CGM) 132,000 Total manufacturing costs (TMC) 360,000 Bu Hao Lao Shu Company's Ending Work in Process (EI, WIP) inventory is A) $348,000 B) $240,000 C) $228,000. D) $108,000. 17. Lao Shu Mfg. provided the following information from its accounting records for 2015: Est. Direct Labor Hours (DLH) 30,000 direct labor hours Actual Direct Labor Hours (DLH) 28,000 direct labor hours Est. SS Overhead (OH) $600,000 Actual SS Overhead (OH) $580,000 How much is the (PDR) overhead rate if Lao Shu bases the rate on direct labor hours (DLH) A) $20.00 per hour B) $20.71 per hour C) $19.33 per hour D) $18.67 per hour Page 4