92. The quarterly income statement for Largent is as follows: $1,600 Less variable expenses: Direct materials Direct labour Manufacturing overhead Administrative expenses Selling expenses 70 Contribution margin Less fixed expenses: Manufacturing overhead Administrative expenses Selling expenses Income before taxes What total amount represents the period costs? a) $60 b) $640 c) $600 d) $720 Answer: b Difficulty: Easy Learning Objective: Explain product costs and cost flows through the manufacturing process. Learning Objective: Describe how costs are assigned to customized goods and services. CPA: Management Accounting 93. The quarterly income statement for Largent is as follows: $1,600 Less variable expenses: Direct materials Direct labour Manufacturing overhead Selling expenses Contribution margin Less fixed expenses: Manufacturing overhead Administrative expenses Selling expenses Income before taxes $ 140 What total amount represents the product costs? a) $640 b) $820 c) $580 ROGERS LTE 8:28 PM Done tb05.docx LTriateriars Direct labour Manufacturing overhead Administrative expenses Selling expenses 30 70 Contribution margin Less fixed expenses: 860 Manufacturing overhead $180 440 Administrative expenses Selling expenses Income before taxes What total amount represents the product costs? a) $640 b) $820 c) $580 d) $900 Answer: b Difficulty: Easy Learning Objective: Explain product costs and cost flows through the manufacturing process. Learning Objective: Describe how costs are assigned to customized goods and services. CPA: Management Accounting 94. Sludge, Inc. has an ending work in process inventory of $180 and an ending finished goods inventory of $300. Cost of goods manufactured was $630, and cost of goods sold $540. Production costs incurred during the period were $620. What are the beginning inventories for work in process and finished goods, respectively? a) $170 and $390 b) $190 and $210 c) $270 and $390 d) $170 and $210 Answer: b Difficulty: Medium Learning Objective: Explain product costs and cost flows through the manufacturing process. Learning Objective: Describe how costs are assigned to customized goods and services. CPA