Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Use the cost information below for Ruiz, Inc. to determine cost of goods manufactured for the year: Work in Process, January 1 $ 50,200 Work
Use the cost information below for Ruiz, Inc. to determine cost of goods manufactured for the year:
Work in Process, January 1 | $ | 50,200 | |
Work in Process, December 31 | 37,100 | ||
Total factory overhead | 5,600 | ||
Direct materials used | 12,600 | ||
Direct labor used | 26,600 | ||
Multiple Choice
-
$13,100.
-
$52,300.
-
$95,000.
-
$57,900.
-
$44,800.
Using the information below, calculate gross profit for the period:
Beginning Raw Materials Inventory | $ | 27,000 | |
Ending Raw Materials Inventory | 32,000 | ||
Beginning Work in Process Inventory | 59,000 | ||
Ending Work in Process Inventory | 68,000 | ||
Beginning Finished Goods Inventory | 84,000 | ||
Ending Finished Goods Inventory | 71,000 | ||
Cost of Goods Sold for the period | 560,000 | ||
Sales Revenues for the period | 1,294,000 | ||
Operating Expenses for the period | 252,000 | ||
Multiple Choice
-
$141,000.
-
$747,000.
-
$1,042,000.
-
$734,000.
-
$482,000.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started