# If the cost of goods manufactured for the year was \$396,000, what was

[The following information applies to the questions displayed below.]

Finished goods inventory, January 1, 2011

\$ 30,400

Finished goods inventory, December 31, 2011

\$ 25,200

If the cost of goods manufactured for the year was \$396,000, what was the cost of goods sold for the year?

[removed]

\$401,200.

[removed]

None of these.

[removed]

\$396,000.

[removed]

\$406,400.

[removed]

\$411,600.

Yang Corporation recently computed total product costs of \$579,000 and total period costs of \$480,000, excluding \$41,000 of sales commissions that were overlooked by the company’s administrative assistant. On the basis of this information, Yang’s income statement should reveal operating expenses of:

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\$41,000.

[removed]

\$620,000.

[removed]

\$579,000.

[removed]

\$480,000.

[removed]

\$521,000.

The accounting records of Diego Company revealed the following costs, among others:

Factory insurance

\$ 35,000

Raw material used

258,000

Customer entertainment

17,000

Indirect labor

48,000

Depreciation on salespersons’ cars

31,000

Production equipment rental costs

74,000

Calculate the total manufacturing overhead for the company.

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\$157,000.

[removed]

\$463,000.

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None of these.

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\$188,000.

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\$205,000.

Carolina Plating Company reported a cost of goods manufactured of \$523,000, with the firm’s year-end balance sheet revealing work in process and finished goods of \$76,000 and \$140,000, respectively. If supplemental information disclosed raw materials used in production of \$87,000, direct labor of \$141,000, and manufacturing overhead of \$241,000, the company’s beginning work in process must have been:

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None of these.

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\$22,000.

[removed]

\$393,000.

[removed]

\$130,000.

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\$55,000.

The accounting records of Dolphin Company revealed the following information:

Total manufacturing costs

\$ 760,000

Work-in-process inventory, Jan. 1

79,000

Work-in-process inventory, Dec. 31

101,000

Finished-goods inventory, Jan. 1

169,000

Finished-goods inventory, Dec. 31

146,000

Dolphin’s cost of goods sold is:

[removed]

None of these.

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\$761,000.

[removed]

\$759,000.

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\$783,000.

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\$738,000.

[The following information applies to the questions displayed below.]

Raw materials inventory, January 1, 2011

\$ 34,000

Raw materials inventory, December 31, 2011

\$ 28,200

10_29_2012
If purchases of raw materials were \$150,000 during the year, what was the amount of raw materials used during the year?

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\$150,000.

[removed]

\$155,800.

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\$161,600.

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\$144,200.

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None of these

Hot’lanta, Inc., which uses the high-low method to analyze cost behavior, has determined that machine hours best explain the company’s utilities cost. The company’s relevant range of activity varies from a low of 600 machine hours to a high of 1,100 machine hours, with the following data being available for the first six months of the year:

Month

Utilities

Machine Hours

January

\$9,200

850

February

8,860

770

March

9,450

860

April

9,860

970

May

10,240

1,000

June

9,650

950

Using the high-low method, the utilities cost associated with 1,030 machine hours would be:

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\$10,420.

[removed]

\$10,140.

[removed]

\$10,330.

[removed]

\$10,290.

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an amount other than those listed above.

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