Question 1

Calculate Cost of Goods Sold for the following two companies:

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Question 2

For each item shown below,classify it as a product cost or a period cost,by placing an X in the appropriate column.For each item that is a product cost,also indicate whether it is a direct cost or an indirect cost with respect to a unit of finished product.

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Question 3

Martinez Company makes leather cowboy hats.Each hat requires ½ yard of leather to produce.On December 31,2014,the company had (a)75 hats in Finished Goods Inventory and (b)60 yards of leather at a cost of $12 per yard in Raw Materials Inventory.During 2015,the company purchased 850 more yards of leather at $12 per yard and manufactured 1,600 hats.Determine the unit and dollar amounts of Raw Materials Inventory in leather at December 31,2015.

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Question 4

Marv's Furniture and Fixtures produces seats for movie theaters.Listed below are selected cost items for the seat production.Classify each cost as either fixed or variable,and either a product or a period cost by placing an x in the appropriate boxes.

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Question 5

___________________ is an activity that provides financial and nonfinancial information to an organization's managers and other internal decision makers.

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Question 6

Compute the ending work in process inventory for a manufacturer with the following information.

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Question 7

Information for Underwood Industries is presented below.Compute the cost of goods manufactured.

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Question 8

A manufacturing company's beginning finished goods inventory was $29,000;cost of goods manufactured was $316,000;and the ending finished goods inventory was $31,000.What is the cost of goods sold for that year?

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Question 9

The Langston Company manufactures coats.Costs for February were as follows:  Required:
Calculate the total manufacturing cost for February.

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Question 10

Duncan Crafts manufactures specialty key chains for tourist attractions.On January 1,the firm had 300 souvenir attraction disks used in the production of the chains that cost $3 each;and 600 completed key chains that cost $6 each.During the year Duncan Crafts purchased 1,500 souvenir disks costing $3 each and produced 1,100 key chains.Compute the total cost of raw materials inventory at December 31.

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Question 11

Use the following information to prepare the schedule of cost of goods manufactured for Graffstone Company for the month ended June 30.

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Question 12

A manufacturing company's finished goods inventory on January 1 was $68,000;cost of goods manufactured was $147,000;and the December 31 finished goods inventory was $77,000.What is the cost of goods sold for that year?

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Question 13

Information for Eastman Industries is presented below.Compute the cost of goods manufactured.

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Question 14

The Tacky Company manufactures staples.Costs for October were direct labor,$84,000;indirect labor,$36,700;direct materials,$55,900;factory maintenance,$4,800;factory utilities,$3,200;and insurance on plant and equipment,$700.What is Tacky Company's factory overhead for October?

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Question 15

Information for the Deuce Manufacturing Company follows.Compute the cost of goods manufactured for this company.

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Question 16

The following items for Neptune Company are used to compute the cost of goods manufactured and the cost of goods sold.Indicate how each item should be used in the calculations by filling in the blanks with "+" if the item is to be added,"-" if the item is to be subtracted,or "0" if the item is not used in the calculation.The first item is completed as an example.

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Question 17

Information for Jersey Metalworks as of December 31 follows.Prepare (a)the company's schedule of cost of goods manufactured for the year ended December 31; (b)prepare the company's income statement that reports separate categories for selling and general and administrative expenses.

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Question 18

Thornton Foods bakes and sells 2,000 dozen muffins each week to food service operations.Among the costs are bakers' salaries,$24,000;production management salaries,$16,000;production equipment operating costs,$32,000;and flour and ingredient costs,$15,000.Using this information,compute: (a)prime costs and (b)conversion costs.

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Question 19

Information for Stanton,Inc. ,as of December 31 follows.Prepare a schedule of cost of goods manufactured for the year ended December 31.

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Question 20

Information for Maxim Manufacturing is presented below.Compute both the cost of goods manufactured and the cost of goods sold for Maxim Manufacturing.

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Quiz 18: Managerial Accounting Concepts and Principles