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Home / Questions / Backyards, Inc., sells lawn furniture. Selected financial information for the most recent

Backyards, Inc., sells lawn furniture. Selected financial information for the most recent

Backyards, Inc., sells lawn furniture. Selected financial information for the most recent year follows.

Beginning merchandise inventory on January 1 was $32,000.

Ending merchandise inventory on December 31 was $37,000.

Purchases during the year were $101,000.

Selling and administrative expenses were $75,000.

Sales for year were $257,000.

What was the value of goods available for sale?

A) $138,000

B) $156,000

C) $133,000

D) $96,000

37) Selected financial information for Sunnydale Manufacturing is presented in the following table (000s omitted).

Sales revenue

  $4,000

Purchases of direct materials

500

Direct labor

450

Manufacturing overhead

620

Operating expenses

700

Beginning raw materials inventory

150

Ending raw materials inventory

170

Beginning work in process inventory

320

Ending work in process inventory

310

Beginning finished good inventory

250

Ending finished goods inventory

200

What was direct materials used?

A) $500

B) $480

C) $650

D) $520

38) Selected financial information for Sunnydale Manufacturing is presented in the following table (000s omitted).

Sales revenue

  $4,000

Purchases of direct materials

500

Direct labor

450

Manufacturing overhead

620

Operating expenses

700

Beginning raw materials inventory

150

Ending raw materials inventory

170

Beginning work in process inventory

320

Ending work in process inventory

310

Beginning finished good inventory

250

Ending finished goods inventory

200

What was cost of goods manufactured?

A) $1,560

B) $1,540

C) $1,580

D) $1,550

39) Selected financial information for Sunnydale Manufacturing is presented in the following table (000s omitted).

Sales revenue

  $4,000

Purchases of direct materials

500

Direct labor

450

Manufacturing overhead

620

Operating expenses

700

Beginning raw materials inventory

150

Ending raw materials inventory

170

Beginning work in process inventory

320

Ending work in process inventory

310

Beginning finished good inventory

250

Ending finished goods inventory

200

 

What was cost of goods sold?

A) $680

B) $1,570

C) $1,510

D) $1,610

40) Selected financial information for Sunnydale Manufacturing is presented in the following table (000s omitted).

Sales revenue

  $4,000

Purchases of direct materials

500

Direct labor

450

Manufacturing overhead

620

Operating expenses

700

Beginning raw materials inventory

150

Ending raw materials inventory

170

Beginning work in process inventory

320

Ending work in process inventory

310

Beginning finished good inventory

250

Ending finished goods inventory

200

 

What was operating income?

A) $1,690

B) $2,430

C) $3,300

D) $4,000

41) Selected information regarding a company's most recent quarter follows (all data in thousands).

Beginning work in process inventory

$130

Cost of goods manufactured

$320

Direct materials used

$170

Direct labor

$90

Ending work in process inventory

$140

 

What was manufacturing overhead for the quarter?

A) $70

B) $260

C) $310

D) $60

42) Selected information regarding a company's most recent quarter follows (all data in thousands).

Direct labor

$450

Beginning work in process inventory

$320

Ending work in process inventory

$310

Cost of goods manufactured

$1,560

Manufacturing overhead

$620

 

What was direct materials used for the quarter?

A) $770

B) $1,570

C) $460

D) $480

43) Selected information regarding a company's most recent quarter follows (all data in thousands).

Operating expenses

$700

Gross profit

$2,390

Sales revenue

$4,000

Ending finished goods inventory

$200

Cost of goods manufacture

$1,560

 

What was cost of goods sold?

A) $1,610

B) $1,740

C) $1,060

D) $860

44) Selected information regarding a company's most recent quarter follows (all data in thousands).

Operating expenses

$700

Gross profit

$2,390

Sales revenue

$4,000

Ending finished goods inventory

$200

Cost of goods manufacture

$1,560

 

What was the beginning finished goods inventory?

A) $1,740

B) $250

C) $1,060

D) $860

45) Selected information regarding a company's most recent quarter follows (all data in thousands).

Sales revenue

$4,000

Beginning raw materials inventory

$150

Direct materials used

$350

Purchases of direct materials

$500

Direct labor

$450

Manufacturing overhead

$620

 

What was the ending raw materials inventory?

A) $300

B) $970

C) $350

D) $850

Dec 07 2019 View more View Less

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