96. Tern's Toys incurred $1,500 in production costs for the week. Work in process decreased by $100, and finished goods inventory increased by $500. What was the cost of goods sold? a) $1,100 b) $1,400 c) $1,500 d) $1,800 Answer: a 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: Management Accounting 97. The total manufacturing costs incurred for the year are $200,000. Overhead cost was 60% of direct labour cost, and direct materials cost was $25,000. Direct labour cost was: a) $105,000 b) $109,375 c) $ 65,625 d) $ 70,000 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: Management Accounting 98. Direct materials are 30% of the year's manufacturing costs incurred. The beginning work-in-process is 125% of the ending work-in-process. Labour and overhead costs total $56,000 and the cost of goods manufactured is $90,000. Direct materials cost is: a) $24,000 b) $34,000 c) $27,000 d) None of the above 98. Direct materials are 30% of the year's manufacturing costs incurred. The beginning work-in-process is 125% of the ending work-in-process. Labour and overhead costs total $56,000 and the cost of goods manufactured is $90,000. Direct materials cost is: a) $24,000 b) $34,000 c) $27,000 d) None of the above Answer: a 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: Management Accounting 99, Direct materials are 30% of the year's manufacturing costs incurred. The beginning work-in-process is 125% of the ending work-in-process. Labour and overhead costs total $56,000 and the cost of goods manufactured is $90,000. Assume the total manufacturing costs incurred were $80,000 The cost of the beginning work in process is: a) $10,000 b) $40,000 c) $50,000 d) None of the above Answer:c 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: Management Accounting 100. The total cost of Job No. 175 was $1,200. Direct materials amounted to $30. Overhead is allocated at the rate of 30% of direct labour cost. The direct labour cost on this job was: a) $923.08 b) $900.00 c) $853.32