Which of the following equations is used to calculate the cost of goods sold during the period?
A. Beginning finished goods + cost of goods manufactured + ending finished goods.
B. Beginning finished goods ending finished goods.
C. Beginning finished goods + cost of goods manufactured.
D. Beginning finished goods + cost of goods manufactured ending finished goods.
E. Beginning finished goods + ending finished goods cost of goods manufactured.
General Cookware produces stainless steel pots in an assembly line process. Labor costs incurred during a recent period were: corporate executives, $100,000; assembly line workers, $80,000; security guards, $18,000; and plant supervisor, $30,000. The total of General Cookware’s direct labor cost was:
The accounting records of McCormick Company revealed the following costs:
|
Factory utilities |
$ 34,000 |
|
Wages of assembly line personnel |
125,000 |
|
Customer entertainment |
50,000 |
|
Indirect materials used |
18,000 |
|
Depreciation on salespersons’ cars |
35,000 |
|
Production equipment rental costs |
90,000 |
Costs that would be considered in the calculation of manufacturing overhead total:
Using the following data for April, calculate the cost of goods manufactured:
Direct MaterialsAc€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦.. $39,000
Direct LaborAc€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦ $19,000
Manufacturing OverheadAc€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦ $27,000
Beginning work in process inventoryAc€¦Ac€¦. $14,000
Ending work in process inventoryAc€¦Ac€¦Ac€¦.. $12,000
The cost of goods manufactured was:
At a volume of 15,000 units, Riley Company reported sales revenues of $600,000, variable costs of $225,000, and fixed costs of $120,000. The company’s contribution margin ratio is:
A. 62.5%
B. 37.5%
C. 20%
D. 80%
E. a percent other than those given above.
A recent income statement of Harris Corporation reported the following data:
|
Sales revenue |
$3,600,000 |
|
Variable costs |
1,600,000 |
|
Fixed costs |
1,000,000 |
If these data are based on the sale of 10,000 units, the break even point would be:
A. 2,000 units.
B. 2,778 units.
C. 3,600 units.
D. 5,000 units.
E. an amount other than those given above.
28. Tiverton, Inc. sells a single product for $20. Variable costs are $8 per unit and fixed costs total $120,000 at a volume level of 5,000 units. Assuming that fixed costs do not change, Tiverton’s break even sales would be:
A. $160,000.
B. $200,000.
C. $300,000.
D. $480,000.
E. an amount other than those given above