Home / Questions / 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.
Dec 07 2019 View more View Less
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