hw_10

16. The estimated amount of manufacturing overhead appears on the schedule of cost of goods manufactured and sold. This statement is

a- true.

b- false.

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17. The schedule of cost of goods manufactured and sold is not part of the income statement that appears in a company's public financial statements.

a- true.

b- false.

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18. Which of the following statements regarding the schedule of cost of goods manufactured and sold is true?

a- The amount of raw materials used is computed by subtracting the raw materials available for use from the ending balance in the raw materials inventory account.

b- The amount of raw materials used is subtracted from the amount of labor used to determine the total manufacturing cost.

c- The cost of goods sold is determined by subtracting the ending balance in the finished goods inventory account from the amount of the finished goods available for sale.

d- The amount of overapplied overhead is added to the cost of goods sold.

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19. Jack Manufacturing Company had beginning work in process inventory of $8,000. During the period, Jack transferred $34,000 of raw materials to work in process. Labor costs amounted to $41,000 and overhead amounted to $36,000. If the ending balance in work in process inventory was $12,000, what was the amount transferred to finished goods inventory?

a- $107,000.

b- $119,000.

c- $131,000.

d- none of the above.

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20. At the beginning of the current accounting period Blazer Company had a $40,000 balance in its Finished Goods Inventory account. During the period cost of goods manufactured amounted to $280,000. The ending balance in the Finished Goods Inventory account was $42,000. Based on this information the amount of cost of goods sold is

a- $280,000.

b- $278,000.

c- $282,000.

d- The answer cannot be determined from the information provided

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23. Upstream costs are included in the determination of cost of goods sold but downstream costs are not included. This statement is

a- true.

b- false.