If the cost of the beginning goods in process inventory is $70,000, costs of goods manufactured is $935,000,

| November 9, 2018

If the cost of the beginning goods in process inventory is $70,000, costs of goods manufactured is $935,000, direct materials cost is $339,000, direct labor cost is $219,000, and overhead cost is $324,000, calculate the ending goods in process inventory:$53,000. $123,000. $17,000. $377,000. $322,000.Refer to the following selected financial information from Fennie’s, LLC. Compute the company’s inventory turnover for Year 2. Year 2Year 1 Cash$ 38,900 $ 33,650 Short-term investments104,000 67,000 Accounts receivable, net92,500 86,500 Merchandise inventory128,000 132,000 Prepaid expenses13,500 11,100 Plant assets395,000 345,000 Accounts payable106,400 114,800 Net sales718,000 683,000 Cost of goods sold397,000 382,000 3.05. 3.10. 5.61. 3.01. 3.59.Refer to the following selected financial information from Fennie’s, LLC. Compute the company’s inventory turnover for Year 2.Year 2Year 1 Cash$ 38,900 $ 33,650 Short-term investments104,000 67,000 Accounts receivable, net92,500 86,500 Merchandise inventory128,000 132,000 Prepaid expenses13,500 11,100 Plant assets395,000 345,000 Accounts payable106,400 114,800 Net sales718,000 683,000 Cost of goods sold397,000 382,000 3.05.3.10.5.61.3.01.3.59.I need answers only to the following questions:A company’s sales in Year 1 were $350,000 and in Year 2 were $387,500. Using Year 1 as the base year, the sales trend percent for Year 2 is:100%.90%.111%.11%.10%.Selected current year company information follows: Net income$ 16,853 Net sales721,855 Total liabilities, beginning-year92,932 Total liabilities, end-of-year112,201 Total stockholders’ equity, beginning-year207,935 Total stockholders’ equity, end-of-year135,351 The total asset turnover is (Do not round intermediate calculations.):2.33 times.2.63 times.6.15 times.2.92 times.2.40 times.Use the following selected information from Farris, LLC to determine the Year 2 and Year 1 common size percents for cost of goods sold using net sales as the base.Year 2Year 1 Net sales$ 325,400 $ 269,800 Cost of goods sold165,400 130,760 Operating expenses60,190 58,010 Net earnings30,340 21,590 69.3% for Year 2 and 70.0% for Year 1.144.2% for Year 2 and 142.9% for Year 1.50.8% for Year 2 and 48.5% for Year 1.120.6% for Year 2 and 100.0% for Year 1.9.3% for Year 2 and 8.0% for Year 1.Use the following selected information from Farris, LLC to determine the Year 2 and Year 1 trend percents for cost of goods sold using Year 1 as the base.Year 2Year 1 Net sales$ 284,700 $ 233,100 Cost of goods sold150,200 131,290 Operating expenses53,540 51,540 Net earnings29,720 21,520 114.4% for Year 2 and 100.0% for Year 1.35.6% for Year 2 and 39.3% for Year 1.122.1% for Year 2 and 100.0% for Year 1.52.8% for Year 2 and 56.3% for Year 1.67.8% for Year 2 and 64.6% for Year 1.Refer to the following selected financial information from Fennie’s, LLC. Compute the company’s accounts receivable turnover for Year 2. Year 2Year 1 Cash$ 37,800 $ 32,550 Short-term investments93,000 61,500 Accounts receivable, net87,000 81,000 Merchandise inventory122,500 126,500 Prepaid expenses12,400 10,000 Plant assets389,500 339,500 Accounts payable111,900 109,300 Net sales712,500 677,500 Cost of goods sold391,500 376,500 8.80 times7.66 times5.82 times8.48 times8.19 timesRefer to the following selected financial information from Fennie’s, LLC. Compute the company’s inventory turnover for Year 2. Year 2Year 1 Cash$ 38,900 $ 33,650 Short-term investments104,000 67,000 Accounts receivable, net92,500 86,500 Merchandise inventory128,000 132,000 Prepaid expenses13,500 11,100 Plant assets395,000 345,000 Accounts payable106,400 114,800 Net sales718,000 683,000 Cost of goods sold397,000 382,000 3.01.3.10.5.61.3.05.3.59.Refer to the following selected financial information from Hansen’s, LLC. Compute the company’s return on total assets for Year 2. Year 2Year 1 Net sales$ 481,000 $ 426,750 Cost of goods sold276,800 250,620 Interest expense10,200 11,200 Net income before tax67,750 53,180 Net income after tax46,550 40,400 Total assets318,100 291,000 Total liabilities178,900 167,800 Total equity139,200 123,200 9.7%.14.6%.15.3%.2.7%.22.2%.Refer to the following selected financial information from Hansen’s, LLC. Compute the company’s times interest earned for Year 2.Year 2Year 1 Net sales$ 484,000 $ 427,350 Cost of goods sold277,400 251,220 Interest expense10,800 11,800 Net income before tax68,350 53,780 Net income after tax47,150 41,000 Total assets319,300 294,600 Total liabilities175,900 168,400 Total equity143,400 126,200 13.3 times5.4 times6.3 times4.4 times7.3 timesIf the cost of the beginning goods in process inventory is $70,000, costs of goods manufactured is $935,000, direct materials cost is $339,000, direct labor cost is $219,000, and overhead cost is $324,000, calculate the ending goods in process inventory:$123,000.$322,000.$53,000.$17,000.$377,000.Calculate the cost of goods sold using the following information: Direct materials$ 299,500 Direct labor133,000 Factory overhead costs265,000 General and administrative expenses86,500 Selling expenses49,800 Goods in process inventory, January 1119,500 Goods in process inventory, December 31126,900 Finished goods inventory, January 1233,100 Finished goods inventory, December 31239,700 $683,500.$704,900.$690,100.$697,500.$776,600.Canoe Company uses a job order cost accounting system and allocates its overhead on the basis of direct labor costs. Canoe Company’s production costs for the year were: direct labor, $30,000; direct materials, $50,000; and factory overhead applied $6,000. The overhead application rate was:5.0%. 12.0%. 20.0%. 500.0%. 16.7%.Which of the following statements is most accurate?In process costing, estimating the degree of completion of units is usually more accurate for conversion costs than for direct materials. The weighted average method uses the stage of completion of the current period’s beginning goods in process inventory account in calculating equivalent units. The weighted average method focuses on the total costs and total equivalent units completed to date; this is the major difference between the weighted average method and the FIFO method of calculating equivalent units of production. The FIFO method of calculating equivalent units of production merges the work and the costs of the beginning inventory with the work and the costs done during the current period. It is not possible for there to be a significant difference between the cost of completed units between the weighted average and the FIFO methods.Medina Corp. uses the weighted average method for inventory costs and had the following information available for the year. Equivalent units of production for the year are: 3,200 units. 3,320 units. 3,240 units. 3,520 units. 3,800 units.A company uses the weighted average method for inventory costing. During a period, a production department had 20,000 units in beginning goods in process inventory which were 40% complete; the department completed and transferred 165,000 units. At the end of the period, 22,000 units were in the ending goods in process inventory and are 75% complete. All of these are with respect to labor. The production department had labor costs in the beginning goods is process inventory of $99,000 and total labor costs added during the period are $726,825. Compute the equivalent cost per unit for labor.$4.40. $4.76. $4.19. $4.55. $4.61.A company uses the FIFO method for inventory costing. During a period, a production department had 20,000 units in beginning goods in process inventory which were 40% complete; the department completed and transferred 165,000 units. At the end of the period, 22,000 units were in the ending goods in process inventory and are 75% complete. All of these are with respect to labor. The production department had labor costs in the beginning goods is process inventory of $99,000 and total labor costs added during the period are $726,825. Compute the equivalent cost per unit for labor.$4.40. $4.76. $4.19. $4.55. $4.61.

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