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Towpath Tennis & Recreations operating activities for the year are listed below. Pur

Towpath Tennis & Recreations operating activities for the year are listed below. Pur

Towpath Tennis & Recreation's operating activities for the year are listed below.

Purchases

$150,000

Operating expenses

62,000

Beginning Inventory

27,000

Ending inventory

32,000

Sales revenue

302,000

What is the cost of goods sold for the year?

A) $177,000

B) $150,000

C) $145,000

D) $90,000

17) Towpath Tennis & Recreation's operating activities for the year are listed below.

Purchases

$150,000

Operating expenses

62,000

Beginning Inventory

27,000

Ending inventory

32,000

Sales revenue

302,000

What is the gross profit for the year?

A) $157,000

B) $152,000

C) $90,000

D) $302,000

18) Which of the following, in addition to cost of goods manufactured, is needed to compute the cost of goods sold for a manufacturer?

A) Beginning work in process inventory less ending work in process inventory

B) Ending work in process inventory less beginning work in process inventory

C) Beginning finished goods less ending finished goods

D) Ending finished goods less beginning finished goods

19) For a manufacturer, beginning work in process would be equal to:

A) cost of goods manufactured + ending work in process inventory - manufacturing costs

incurred in the period.

B) cost of goods manufactured - ending work in process inventory + manufacturing costs

incurred in the period.

C) ending work in process inventory + manufacturing costs incurred in the period.

D) manufacturing costs incurred in the period — ending work in process inventory.

20) Express Company reports the following data for its first year of operation.

Cost of goods manufactured

$475,000

Work in process inventory, beginning

0

Work in process inventory, ending

140,000

Direct materials used

110,000

Manufacturing overhead

185,000

Finished goods inventory, ending

101,000

What are the total manufacturing costs for the year?

A) $615,000

B) $475,000

C) $770,000

D) $529,000

21) Express Company reports the following data for its first year of operation.

Cost of goods manufactured

$475,000

Work in process inventory, beginning

0

Work in process inventory, ending

140,000

Direct materials used

110,000

Manufacturing overhead

185,000

Finished goods inventory, ending

101,000

What is the cost of goods sold?

A) $475,000

B) $374,000

C) $770,000

D) $514,000

22) Active Apparel Company reports the following data for its first year of operation.

Cost of goods manufactured

$500,000

Work in process inventory, beginning

0

Work in process inventory, ending

120,000

Direct materials used

85,000

Manufacturing overhead

100,000

Finished goods inventory, ending

72,000

What are the total manufacturing costs for the year?

A) $620,000

B) $500,000

C) $685,000

D) $493,000

23) Active Apparel Company reports the following data for its first year of operation.

Cost of goods manufactured

$500,000

Work in process inventory, beginning

0

Work in process inventory, ending

120,000

Direct materials used

85,000

Manufacturing overhead

100,000

Finished goods inventory, ending

72,000

What is the cost of goods sold?

A) $500,000

B) $428,000

C) $685,000

D) $548,000

24) Direct labor for a company was $132,000; manufacturing overhead was $275,000; and direct materials were $253,000. Conversion costs would total:

A) $385,000.

B) $660,000.

C) $407,000.

D) $528,000.

25) Direct labor for a company was $132,000; manufacturing overhead was $275,000; and direct materials were $253,000. Prime costs would total:

A) $407,000.

B) $385,000.

C) $660,000.

D) $528,000.

Tripti 07-Dec-2019

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