Question 7 (1 point) Worth Company reported the following year-end information: beginning work in process inventory, $180,000; cost of goods manufactured, $816,000; beginning finished goods inventory, $252,000; ending work in process inventory, $220,000; and ending finished goods inventory, $264,000. Worth Company's cost of goods sold for the year is $804,000. $828,000. $776,000. $552,000. Question 8 (1 point) Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2012 $120,000 150,000 150,000 Dec. 31, 2013 $ 96,000 174,000 138,000 Ogleby Inc.'s accounting records reflect the following inventories: During 2013, Ogleby purchased $840,000 of raw materials, incurred direct labor costs of $150,000, and incurred manufacturing overhead totaling $192,000. How much is total manufacturing costs incurred during 2013 for Ogleby? $1,188,000 $1,206,000 $1,182,000 $1,200,000 Question 9 (1 point) Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2012 $120,000 156,000 150,000 Dec. 31, 2013 $ 96,000 174,000 138,000 Ogleby Inc.'s accounting records reflect the following inventories: During 2013, Ogleby purchased $840,000 of raw materials, incurred direct labor costs of $150,000, and incurred manufacturing overhead totaling $192,000. How much would Ogleby Manufacturing report as cost of goods manufactured for 2013? $1,164,000 $1,224,000 $1,218,000 $1,188,000 Question 10 (1 point) Factory-Gross wages Factory-Net wages Employer Payroll Taxes Payable $490,000 420,000 50,000 Kline Manufacturing has the following labor costs: The entry to record the cost of factory labor and the associated payroll tax expense will include a debit to Factory Labor for $540,000. $490,000. $470,000. $440,000 Question 11 (1 point) Direct materials Direct labor Manufacturing overhead applied Units produced Units sold $55,000 $30,000 $20,000 3,000 units 1,800 units Sportly, Inc. completed Job No. B14 during 2013. The job cost sheet listed the following: How much is the cost of the finished goods on hand from this job? $105,000 $63,000 $42,000 $51,000 Question 12 (1 point) As of December 31, 2013, Nilsen Industries had $2,000 of raw materials inventory. At the beginning of 2013, there was $1,600 of materials on hand. During the year, the company purchased $324,000 of materials; however it paid for only $314,000. How much inventory was requisitioned for use on jobs during 2013? $324,400 $314,400 $313,600 $323,600 Question 13 (1 point) A company expected its annual overhead costs to be $1,800,000 and direct labor costs to be $1,000,000. Actual overhead was $1,740,000, and actual labor costs totaled $1,100,000. How much is the company's predetermined overhead rate to the nearest cent? $1.74 $1.57 $1.80 $1.64
