The difference between the sales price and the job cost is:
A) cost of goods sold.
B) gross profit.
C) net income.
D) operating income.
12) The cost-plus price is determined as:
A) cost + markup on cost.
B) cost - markup on cost.
C) cost × markup on cost.
D) cost ÷ markup on cost.
13) When using cost-plus pricing, the markup is added to the job cost to help:
A) cover operating expenses.
B) generate a profit.
C) determine the price to charge for the job.
D) do all of the above.
14) Wesley Corporation charged Job 110 with $12,000 of direct materials and $13,500 of direct labor. Allocation for manufacturing overhead is 80% of direct labor costs. What is the total cost of Job 110?
15) Fulton Corporation uses estimated direct labor hours of 210,000 and estimated manufacturing overhead costs of $840,000 in establishing manufacturing overhead rates. Actual manufacturing overhead was $960,000, and allocated manufacturing overhead was $980,000. What were the number of actual direct hours worked?
16) Job 241 has an ending balance of $26,000. It has been charged manufacturing overhead costs of $6,000. The rate is 75% of direct labor. What was the amount of direct materials charged to the job?
17) Sales revenue is $600,000; actual manufacturing overhead is $104,000; allocated manufacturing overhead is $95,000; and cost of goods sold before adjustment is $375,000. What is the actual gross profit?
18) Sykes Company has sales revenue of $610,000. Cost of goods sold before adjustment is $350,000. The company's actual manufacturing overhead is $93,000, while allocated manufacturing overhead is $101,500. What is the actual gross profit?
19) Manufacturing overhead has an underallocated balance of $16,000; raw materials inventory balance is $150,000; work in process inventory is $130,000; finished goods inventory is $120,000; and cost of goods sold is $180,000. After adjusting for the underallocated manufacturing overhead, what is cost of goods sold?
20) Manufacturing overhead has an overallocated balance of $5,000; raw materials inventory balance is $55,000; work in process inventory is $32,000; finished goods inventory is $27,000; and cost of goods sold is $120,000. After adjusting for the overallocated manufacturing overhead, what is cost of goods sold?
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