A manufacturing company has a beginning finished goods inventory of $15,500, raw material purchases of $18,900, cost of goods manufactured of $34,300, and an ending finished goods inventory of $18,700. The cost of goods sold for this company is:

$34,300.

$31,100.

$29,400.

$22,100.

$49,800.

Comet Company accumulated the following account information for the year:

Beginning raw materials inventory	$ 6,900
Indirect materials cost	2,900
Indirect labor cost	5,900
Maintenance of factory equipment	3,700
Direct labor cost	7,900

Using the above information, total factory overhead costs would be:

$9,600.

$15,700.

$18,500.

$20,400.

$12,500.

Using the information below for Sundar Company; determine the total manufacturing costs added during the current year:

Direct materials used	$20,400
Direct labor used	25,900
Factory overhead	48,100
Beginning work in process	12,100
Ending work in process	12,700

$94,400.

$46,300.

$93,800.

$45,700.

$73,400.

Using the information below, calculate gross profit for the period.

Sales revenues for the period	$1,324,000
Operating expenses for the period	$241,000
Finished Goods Inventory, January 1	36,200
Finished Goods Inventory, December 31	41,200
Cost of goods manufactured for the period	$550,000

$784,000.

$779,000.

$540,000.

$545,000.

$455,600.

Using the information below, calculate gross profit for the period.

Sales revenues for the period	$1,324,000
Operating expenses for the period	$241,000
Finished Goods Inventory, January 1	36,200
Finished Goods Inventory, December 31	41,200
Cost of goods manufactured for the period	$550,000

$784,000.

$779,000.

$540,000.

$545,000.

$455,600.

Geneva Co. reports the following information for July:

Sales	$810,000
Variable costs	245,000
Fixed costs	120,000

Calculate the contribution margin for July.

$565,000

$445,000

$690,000

$810,000

Brush Industries reports the following information for May:

Sales	$935,000
Fixed cost of goods sold	107,000
Variable cost of goods sold	257,000
Fixed selling and administrative costs	107,000
Variable selling and administrative costs	132,000

Calculate the operating income for May under absorption costing?

$678,000

$332,000

$546,000

$571,000

During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $6 per unit, Direct labor, $3 per unit, Variable overhead, $5 per unit, and Fixed overhead, $296,000. The company produced 37,000 units, and sold 29,000 units, leaving 8,000 units in inventory at year-end. Income calculated under variable costing is determined to be $405,000. How much income is reported under absorption costing?

$405,000

$341,000

$701,000

$469,000

The job order cost sheets used by Greene Company revealed the following:

Job. No.	Bal., May 1	May Production Costs
134	$ 2,350	$ - - -
135	1,850	430
136	- - - -	1,030

Job No. 135 was completed during May and Jobs No. 134 and 135 were shipped to customers in May. What was the company's cost of goods sold for May and the Work in Process inventory on May 31?

$4,630; $1,030.

$4,200; $1,850.

$1,850; $4,200.

$2,350; $1,420.

$5,660; $0.

The Work in Process Inventory account for DG Manufacturing follows. Compute the cost of jobs completed and transferred to Finished Goods Inventory.

Work in Process Inventory
	DR	CR
Beginning balance	$5,700
Direct materials	48,300
Direct labor	30,800	?	Finished goods
Applied overhead	17,000
Ending balance	$11,300

The cost of units transferred to finished goods is:

$96,100.

$90,500.

$101,800.

$113,100.

$100,000.

Minstrel Manufacturing uses a job order costing system. During one month Minstrel purchased $192,000 of raw materials on credit; issued materials to production of $211,000 of which $14,000 were indirect. Minstrel incurred a factory payroll of $155,000, paid in cash, of which $24,000 was indirect labor. Minstrel uses a predetermined overhead application rate of 150% of direct labor cost. If Minstrel incurred total overhead costs of $192,000 during the month, compute the amount of under- or overapplied overhead:

rev: 11_30_2015_QC_CS-34899

$37,000 overapplied.

$37,000 underapplied.

$40,500 overapplied.

$4,500 overapplied.

$4,500 underapplied.