QUESTION 11 Penny Cheesecake Factory's records showed cost of goods manufactured of $733,650, with the rm's period-end balance sheet showing work- in-process and nished goods inventory of $55,400 and $73,600, respectively. Further review of the records showed that raw materials used in production amounted to $284,250, while direct labor cost was at $178,900. Manufacturing overhead was applied at 1.5x of direct labor cost. The company's beginning work-inprocess inventory must have been: 0 A. $57,550 O B. $325,900 0 C. $288,700 0 D.$2,150 QUESTION 12 Wolowitz Space Plumbing Systems had the following information in their accounting records: Raw materials used $243,500 Direct labor $425,700 Manufacturing overhead $21,800 Work-in-process inventory, 171 $28,900 Finished goods inventory, 111 $97,600 Work-in-process inventory, 12.131 $47,200 Finished goods inventory, 12731 $78,000 Wolowitz's cost of goods manufactured for the year is: O A. $709,300 0 B. $672,700 0 C. $710,600 0 D.$692,300 QUESTION 13 Total costs for Gundam Mobile Suits Corp. are $245,000 when 10,000 units are produced; of this amount, variable costs are $89,000. What are the total costs when 17,000 units are produced? 0 A. $354,200 0 B. $416,500 0 C. $327,500 0 D.$307,300 QUESTION 14 Maurice uses a predetermined overhead application rate of $10 per direct labor hour. A review of the company's accounting records for the year just ended revealed the following: Overapplied manufacturing overhead $6,400 Actual manufacturing overhead $424,000 Budgeted labor hours 40,000 Maurice's actual labor hours worked totaled: O A. 46,800 hours 0 B. 42,400 hours 0 C. 43,040 hours 0 D.41,760 hours QUESTION 15 Packman Industries, which adds materials at the beginning of production, uses a weighted-average process costing system. Consider the data that follow: Number of Units Cost of Materials Beginning work-In- 40,000 $ 80,600 process Started in June 60,000 $ 124,400 Production completed 75,000 Ending work-in-process 25,000 The company's cost per equivalent unit for materials is closest to: O A. $2.73 0 B. $4.09 0 c. $2.05 0 D.$1.24 QUESTION 16 For the year just ended, Big Bang Corporation's manufacturing costs totaled $935,200. This included raw materials used, direct labor and applied manufacturing overhead. Beginning and ending work-in-process inventories were $21,700 and $37,850, respectively. Big Bang's statement of nancial position also showed respective beginning and ending nished goods inventory of $116,200 and $94,500. On the basis of this information, how much would the company report as cost of goods manufactured (CGM) and cost of goods sold (CGS) O A. CGM: $919,050 CGS: $956,900 0 B. CGM: $951,350 CGS: $973,050 0 c, CGM: $951,350 CGS: $956,900 0 D. CGM: $919,050 CGS: $940,750 QUESTION 17 Hulk Rock Smashers uses a weighted average process costing system. All materials are introduced at the start of manufacturing and conversion costs are incurred evenly throughout the process. The company's beginning and ending work-in-process inventories totaled 9,000 and 18,000 units, respectively, with the latter units being 75% complete at the end of the period. Hulk started 33,000 units into production and completed 24,000 units. Manufacturing costs follow: Materials Conversion Beginning Work-in- $76 000 $181 500 Process ' ' Current Costs $342,000 $531,000 Hulk's equivalent unit cost for conversion is: O A. $6.12 0 B. $12.50 0 C. $19.00 0 D.$8.00 QUESTION 18 Thor Hammers Co. uses a weighted average process costing system. All materials are introduced at the start of manufacturing and conversion costs are incurred evenly throughout the process. The company's beginning and ending work-in-process inventories totaled 9,000 and 18,000 units, respectively, with the latter units being 75% complete at the end of the period. Thor started 31,000 units into production and completed 22,000 units. Manufacturing costs follow: Materials Conversion Beginning Work-in- $63 000 $218 000 Process ' ' Current Costs $237,000 $534,000 Hulk's equivalent unit cost for materials is: O A. $8.45 0 B.$13.64 O C. $6.12 0 D.$7.50 QUESTION 19 Palo Verde, Inc. adds all materials at the beginning of production and incurs conversion cost evenly throughout manufacturing. The company completed 63,240 units during the year and had 3,150 units in process at year-end which are 60% complete with respect to conversion cost. Equivalent units for the year total: 0 A. Materials: 65,130 units Conversion: 65,130 units 0 B. Materials: 66,390 units Conversion: 66,390 units 0 c_ Materials: 66,390 units Conversion: 65,130 units 0 D,Materials: 63,240 units Conversion: 39,834 units
