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:
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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.
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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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