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13) Partial income statements of Company A and Company B are provided below: Company A Revenue Expenses Utilities Expense Salaries Expense Rent Expense Total Expenses Operating Income $80,000 $5,000 15,000 3.700 23.700 $56,300 Company B Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold $50,000 $4,000 23,000 27,000 (5,500) 21.500 $28,500 Gross Profit Which of the following statements is TRUE A) Company A is a manufacturing company. B) Company A is a merchandising company. 9 Company B is a manufacturing company. D) Company A is a service company. 4) Lakeshore Manufacturing provided the following information for the month ended March 31: Sales Revenue Beginning Finished Goods Inventory Ending Finished Goods Inventory Cost of Goods Manufactured $30,000 17,000 11.500 24600 12,600 Compute gross profit. A) $22,900 B11,900 9 $17,400 D) $5900 Enzo Design Corporation reports the following cost information for March: Cost of Goods Manufactured Finished Goods Inventory, March 1 Finished Goods Inventory, March 31 Work-in-Process Inventory, March 1 Work-in-Process Inventory, March 31 Direct Labor Direct Materials Used $75,000 4000 2650 9670 1000 36,000 16,900 What is the amount of manufacturing overhead incurred by the company in March? B) $138,570 9 530,330 D) $12,430 A) $13,430 13) Partial income statements of Company A and Company B are provided below: Company A Revenue Expenses Utilities Expense Salaries Expense Rent Expense Total Expenses Operating Income $80,000 $5,000 15,000 3.700 23.700 $56,300 Company B Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold $50,000 $4,000 23,000 27,000 (5,500) 21.500 $28,500 Gross Profit Which of the following statements is TRUE A) Company A is a manufacturing company. B) Company A is a merchandising company. 9 Company B is a manufacturing company. D) Company A is a service company. 4) Lakeshore Manufacturing provided the following information for the month ended March 31: Sales Revenue Beginning Finished Goods Inventory Ending Finished Goods Inventory Cost of Goods Manufactured $30,000 17,000 11.500 24600 12,600 Compute gross profit. A) $22,900 B11,900 9 $17,400 D) $5900 Enzo Design Corporation reports the following cost information for March: Cost of Goods Manufactured Finished Goods Inventory, March 1 Finished Goods Inventory, March 31 Work-in-Process Inventory, March 1 Work-in-Process Inventory, March 31 Direct Labor Direct Materials Used $75,000 4000 2650 9670 1000 36,000 16,900 What is the amount of manufacturing overhead incurred by the company in March? B) $138,570 9 530,330 D) $12,430 A) $13,430
