# Chapter 002, Managerial Accounting and Cost Concepts

| October 3, 2018

48. Last month a manufacturing company had the following operating
results:
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What was the cost of goods manufactured for the month?

A.
\$350,000

B. \$385,000

C.
\$377,000

D.
\$323,000

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Chapter 002, Managerial Accounting and Cost Concepts

49. The following inventory balances relate to Lequin
Manufacturing Corporation at the beginning and end of the year:
.0/msohtmlclip1/01/clip_image002.jpg”>

Lequin’s total manufacturing cost was \$543,000. What was Lequin’s
cost of goods sold?

A.
\$517,000

B. \$545,000

C.
\$569,000

D.
\$567,000

50. Gabrisch Inc. is a merchandising company. Last month the company’s
merchandise purchases totaled \$90,000. The company’s beginning merchandise
inventory was \$13,000 and its ending merchandise inventory was \$22,000. What
was the company’s cost of goods sold for the month?

A. \$90,000
B. \$99,000 C. \$125,000 D. \$81,000

51. Haan Inc. is a merchandising company. Last month the company’s
cost of goods sold was \$66,000. The company’s beginning merchandise inventory
was \$14,000 and its ending merchandise inventory was \$16,000. What was the
total amount of the company’s merchandise purchases for the month?

A. \$68,000
B. \$96,000 C. \$64,000 D. \$66,000

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Chapter 002, Managerial Accounting and Cost Concepts

52. During August, the cost of goods manufactured was \$73,000. The
beginning finished goods inventory was \$15,000 and the ending finished goods
inventory was \$21,000. What was the cost of goods sold for the month?
A. \$79,000
B. \$109,000 C. \$67,000 D. \$73,000

53.
Walton Manufacturing Company
gathered the following data for the month.
.0/msohtmlclip1/01/clip_image003.jpg”>

How much net operating income will be reported for the period?

A.
\$54,000

B. \$17,000

C.
\$52,000

D.
Cannot be determined.

54. Using the following data for August, calculate the cost of
goods manufactured:
.0/msohtmlclip1/01/clip_image004.jpg”>

The cost of goods manufactured was:

A.
\$106,000

B. \$92,000

C.
\$95,000

D.
\$89,000

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Chapter 002, Managerial Accounting and Cost Concepts

55. The following inventory balances relate to Bharath
Manufacturing Corporation at the beginning and end of the year:
.0/msohtmlclip1/01/clip_image005.jpg”>

Bharath’s cost of goods sold was \$653,000. What was Bharath’s cost
of goods manufactured?

A.
\$660,000

B. \$670,000

C.
\$682,000

D.
\$689,000

56. The following data have been provided by a company for a
recent accounting period:
.0/msohtmlclip1/01/clip_image006.jpg”>

The cost of goods manufactured for the period was:

A.
\$147,000
B.
\$151,000

C. \$153,000

D.
\$154,000

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Chapter 002, Managerial Accounting and Cost Concepts

57. Direct materials used in production totaled \$330,000. Direct labor
was \$415,000 and manufacturing overhead was \$220,000. What were the total
manufacturing costs incurred for the month?
A. \$530,000
B. \$965,000 C. \$745,000 D. \$635,000

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