Chapter 002, Managerial Accounting and Cost Concepts

| October 3, 2018

97. The cost of goods manufactured for August was: A. $191,000
B. $185,000
C. $182,000 D. $179,000

98.
The cost of goods sold for
August was:

A.
$175,000

B. $183,000

C.
$138,000

D.
$274,000

100. The net operating income for August was:

A.
$20,000
B.
$21,000

C. $87,000

D.
$83,000

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Chapter 002, Managerial Accounting and Cost Concepts

The
CFO of Stoffer Corporation has provided the following data for October. The
beginning balance in the raw materials inventory account was $39,000. During
the month, the company made raw materials purchases amounting to $68,000. At
the end of the month, the balance in the raw materials inventory account was
$28,000. Direct labor cost was $29,000 and manufacturing overhead was $78,000.
The beginning balance in the work in process account was $11,000 and the ending
balance was $13,000. The beginning balance in the finished goods account was
$37,000 and the ending balance was $47,000. Sales totaled $240,000. Selling
expense was $21,000 and administrative expense was $27,000.

101. The cost of goods sold for October was: A. $194,000
B. $230,000
C. $128,000 D. $174,000

102. The net operating income for October was: A. $85,000
B. $18,000
C. $17,000 D. $66,000

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Chapter 002, Managerial Accounting and Cost Concepts

Cromuel
Corporation has provided the following data for January. The beginning balance
in the raw materials inventory account was $27,000. During the month, the
company made raw materials purchases amounting to $50,000. At the end of the
month, the balance in the raw materials inventory account was $24,000. Direct
labor cost was $53,000 and manufacturing overhead was $70,000. The beginning
balance in the work in process account was $14,000 and the ending balance was
$12,000. The beginning balance in the finished goods account was $33,000 and
the ending balance was $51,000. Sales totaled $270,000. Selling expense was
$21,000 and administrative expense was $48,000.

103. The total manufacturing cost for January was: A. $70,000
B. $123,000
C. $176,000 D. $173,000

104. The net operating income for January was: A. $41,000
B. $78,000
C. $110,000 D. $28,000

Gluth Corporation has
provided the following data for the month of July. The beginning balance in the
finished goods inventory account was $56,000 and the ending balance was
$49,000. Sales totaled $290,000. Cost of goods manufactured was $147,000,
selling expense was $17,000, and administrative expense was $68,000.

105. The cost of goods sold for July was:

A.
$232,000

B. $140,000

C.
$154,000

D.
$147,000

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Chapter 002, Managerial Accounting and Cost Concepts

106. The net operating income for July was:

A.
$58,000
B.
$143,000

C. $150,000

D.
$51,000

Twichell
Inc., a local retailer, has provided the following data for the month of
December:
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107. The cost of goods sold for December was: A. $131,000
B. $128,000
C. $134,000 D. $200,000

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