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 Read more Less More

Answer (UnSolved)

question Get solution

Recent Questions

Chat Now

Welcome to Live Chat

Welcome to MyCourseHelp Services, World's leading Academic solutions provider with Millions of Happy Students.

Please fill in the form