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Craigmont Company's direct materials costs are $3,000,000, its direct labor costs total $7,000,000, and its factory overhead costs total $5,000,000. Its prime costs total: ______________________________________________

  1. Craigmont Company's direct materials costs are $3,000,000, its direct labor costs total $7,000,000, and its factory overhead costs total $5,000,000. Its prime costs total:

______________________________________________

  1. Craigmont Company's direct materials costs are $3,000,000, its direct labor costs total $7,000,000, and its factory overhead costs total $5,000,000. Its conversion costs total:

_______________________________________________________

  1. Comet Company accumulated the following account information for the year:

Beginning raw materials inventory $6,000

Indirect materials cost 2,000

Indirect labor cost 5,000

Maintenance of factory equipment 2,800

Direct labor cost 7,000

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

  1. $9,800.
  2. $16,800.
  3. $15,800.
  4. $13,000.
  5. $7,800.
  1. The following information is available for the year ended December 31:

Beginning raw materials inventory $21,500

Raw materials purchases 74,000

Ending raw materials inventory 23,000

Office supplies expense 2,400

The amount of raw materials used in production for the year is:

  1. $76,400.
  2. $95,500.
  3. $72,500.
  4. $74,900.
  5. $70,100.
  1. If beginning and ending work in process inventories are $5,000 and $15,000, respectively, and cost of goods manufactured is $170,000, what is the total manufacturing cost for the period?
  1. $180,000.
  2. $155,000.
  3. $160,000.
  4. $175,000.
  5. $165,000.
  1. Using the information below for Sundar Company; determine the total manufacturing costs added during the current year:

Direct materials used $19,000

Direct labor used 24,500

Factory overhead 55,100

Beginning work in process 10,700

Ending work in process 11,300

  1. $98,600.
  2. $43,500.
  3. $98,000.
  4. $42,900.
  5. $79,000.
  1. Using the information below for Sundar Company; determine the cost of goods manufactured during the current year:

Direct materials used $19,000

Direct labor used 24,500

Factory overhead 55,100

Beginning work in process 10,700

Ending work in process 11,300

  1. $98,600.
  2. $43,500.
  3. $98,000.
  4. $42,900.
  5. $79,000.
  1. Using the information below, calculate gross profit for the period.

Beginning Raw Materials Inventory $25,000

Ending Direct Materials Inventory $30,000

Beginning Work in Process Inventory $55,000

Ending Work in Process Inventory $64,000

Beginning Finished Goods Inventory $80,000

Ending Finished Goods Inventory $67,000

Cost of Goods Sold for the period $540,000

Sales revenues for the period $1,254,000

Operating expenses for the period $232,000

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