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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.

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