Create an Account

Already have account?

Forgot Your Password ?

Home / Questions / The difference between the sales price and the job cost is: A) cost of goods sold. B) g

The difference between the sales price and the job cost is: A) cost of goods sold. B) g

 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?

A) $10,800

B) $42,375

C) $36,300

D) $25,500

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?

A) 214,375

B) 245,000

C) 183,750

D) 210,000

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?

A) $12,000

B) $22,000

C) $24,500

D) $19,500

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?

A) $225,000

B) $234,000

C) $121,000

D) $216,000

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?

A) $167,000

B) $268,500

C) $251,500

D) $260,000

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?

A) $196,000

B) $16,000

C) $180,000

D) $164,000

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?

A) $120,000

B) $5,000

C) $115,000

D) $125,000

Dec 07 2019 View more View Less

Answer (UnSolved)

question Get Solution

Related Questions