Question
16. MC.15-147 A company sells goods for $150,000 that cost $54,000 to manufacture. Which statement is true? a.The company will recognize $96,000 gross profit on
16. MC.15-147
A company sells goods for $150,000 that cost $54,000 to manufacture. Which statement is true?
a.The company will recognize $96,000 gross profit on the balance sheet.
b.The company will decrease finished goods by $54,000.
c.The company will increase finished goods by $54,000.
d.The company will recognize sales on the balance sheet of $150,000.
17. MA.15-190
Bartel Corporation produces bar stools for restaurants. For each of the following, indicate whether the cost would typically be considered direct or indirect cost for the cost object given.
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18. MA.15-195
For each of the following, indicate whether the cost would typically be considered product or period cost for the cost object given.
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19. MC.15-141
A company used $35,000 of direct materials, incurred $73,000 in direct labor cost, and had $114,000 in factory overhead costs during the period. If beginning and ending work in process inventories were $28,000 and $32,000, respectively, the cost of goods manufactured was
a.$190,000
b.$226,000
c.$222,000
d.$218,000
20. MC.15-148
The cost of goods sold for Michaels Manufacturing in the current year was $233,000. The January 1 finished goods inventory balance was $31,600, and the December 31 finished goods inventory balance was $24,200. Cost of goods manufactured during the period was
a.$233,000
b.$240,400
c.$225,600
d.$288,800
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