5) The following information pertains to the Cannady Corporation:
Beginning work in process inventory 50,000
Ending work in process inventory 48,000
Beginning finished goods inventory 180,000
Ending finished goods inventory 195,000
Cost of goods manufactured 1,220,000
What is cost of goods sold?
A) $1,205,000 B) $1,222,000 C) $1,235,000 D) $1,218,000
_______________________________________________________________________________________________
6) For last year, Lewisburn Manufacturing reported the following:
|
Revenue |
$420,000 |
|
Beginning inventory of direct materials, January 1 |
22,000 |
|
Purchases of direct materials |
146,000 |
|
Ending inventory of direct materials, December 31 |
16,000 |
|
Direct manufacturing labor |
18,000 |
|
Indirect manufacturing costs |
40,000 |
|
Beginning inventory of finished goods, January 1 |
35,000 |
|
Cost of goods manufactured |
104,000 |
|
Ending inventory of finished goods, December 31 |
36,000 |
|
Operating costs |
140,000 |
What was Lewisburn’s cost of goods sold?
A) $152,000 B) $103,000 C) $268,000 D) $317,000
_________________________________________________________________________________________________
7) For last year, Lewisburn Manufacturing reported the following:
|
Revenue |
$420,000 |
|
Beginning inventory of direct materials, January 1 |
22,000 |
|
Purchases of direct materials |
146,000 |
|
Ending inventory of direct materials, December 31 |
16,000 |
|
Direct manufacturing labor |
18,000 |
|
Indirect manufacturing costs |
40,000 |
|
Beginning inventory of finished goods, January 1 |
35,000 |
|
Cost of goods manufactured |
104,000 |
|
Ending inventory of finished goods, December 31 |
36,000 |
|
Operating costs |
140,000 |
What was Lewisburn’s gross margin (or gross profit)?
A) $152,000 B) $268,000 C) $317,000 D) $103,000