Accounting 48 17 Calculate cost of goods sold when beginning finished coods meomods $55,000, ending finished goods inventory manufactured $800,000 a) $680,000 b) $790,000 c) $735,000 d) $810,000 e) None of the above. Chapters 14 & 15 finished goods $45,000, and V2 equals 18. Madrid Corporation is using a manufacturing overhead labor dollars. If direct labor was 10 applied to the job? a) $135 b) $165 c) $160 d) $150 e) None of the above application rate of 1 10% of direct hours at $15 per hour, how much overhead should be 19. Assume the total costs remaining in finished goods is $300,000 and the beginning cost was 100,000. Also, beginning work in process was 200,000 and ending work in process was 100,000 Cost of goods sold was 400,000. What was the total transferred to Finished Goods from WIP? a) b) c) d) e) $600,000 $400,000 $300,000 $200,000 Not possible to determine from the information provided. (i.e., Goods in Process to Finished Goods) which of the following statements is true: a) the transfer does not have any effect on the company's total assets. b) the transfer may have a small effect on total assets if the amount is small. c) the transfer may have an effect on total assets if the amount is large. d) a, b and c are true. e) None of the above are true 20. Regarding the transfer of a completed job from one department to another Which of the following is not considered a period cost? a) Depreciation on administrative office computer b) Factory salaries c) Sales salaries d) Office supplies e) All of the above are period costs 21. 22. After the labor costs for a period are allocated, the balance remaining in the Factory Payroll account is: a) carried forward to the next accounting period. b) recognized as a period cost. c) ignored if the amount is small. d) both a and c are true. e) zero