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Which of the following is calculated before operating income can be determined for a manufacturer?
A) Cost of goods available for sale
B) Cost of goods manufactured
C) Cost of goods sold
D) All of the above
7) The only difference in the balance sheets of various types of businesses (for example, manufacturing vs. service) is:
A) current assets.
B) current liabilities.
C) investments.
D) equity.
8) Which of the following would be on the balance sheet of a service company?
A) Factory equipment depreciation
B) Cost of goods manufactured
C) Cost of goods sold
D) Accounts receivable
9) Which of the following would be on the income statement of a retailer?
A) Value of inventory
B) Cost of goods sold
C) Accounts payable
D) Accounts receivable
10) Which of the following costs would appear on the income statements for both a merchandiser and manufacturer?
A) Cost of goods manufactured
B) Direct labor incurred
C) Direct materials used
D) Operating expenses
11) A merchandiser's purchases are equivalent to a manufacturer's:
A) cost of goods manufactured.
B) cost of goods sold.
C) raw materials inventory.
D) work in process inventory.
12) Olde Tyme Beverage Company's operating activities for the year are listed below.
|
Purchases |
$132,000 |
|
Operating expenses |
80,000 |
|
Beginning Inventory |
12,000 |
|
Ending inventory |
16,000 |
|
Sales revenue |
275,000 |
What is the cost of goods available for sale?
A) $128,000
B) $132,000
C) $63,000
D) $144,000
13) Olde Tyme Beverage Company's operating activities for the year are listed below.
|
Purchases |
$132,000 |
|
Operating expenses |
80,000 |
|
Beginning Inventory |
12,000 |
|
Ending inventory |
16,000 |
|
Sales revenue |
275,000 |
What is the cost of goods sold for the year?
A) $144,000
B) $132,000
C) $128,000
D) $63,000
14) Olde Tyme Beverage Company's operating activities for the year are listed below.
|
Purchases |
$126,000 |
|
Operating expenses |
90,000 |
|
Beginning Inventory |
14,000 |
|
Ending inventory |
10,000 |
|
Sales revenue |
250,000 |
What is the gross profit for the year?
A) $120,000
B) $143,000
C) $63,000
D) $275,000
15) 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 available for sale?
A) $145,000
B) $150,000
C) $90,000
D) $177,000
Dec 07 2019 View more View Less
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