Reference no: EM13788619
1. Cost of goods manufactured equals $65,000 for 2012. Finished goods inventory is $2,000 at the beginning of the year and $5,500 at the end of the year. Beginning and ending work in process for 2012 are $4,000 and $5,000, respectively. How much is cost of goods sold for the year?
a. $67,500
b. $63,000
c. $61,500
d. $68,500
2. A company expected its annual overhead costs to be $1,800,000 and direct labor costs to be $1,000,000. Actual overhead was $1,740,000, and actual labor costs totaled $1,100,000. How much is the company's predetermined overhead rate to the nearest cent?
a. $1.74
b. $1.57
c. $1.80
d. $1.64
3. During 2012, Cotte Manufacturing expected Job No. 59 to cost $600,000 of overhead, $1,000,000 of materials, and $400,000 in labor. Cotte applied overhead based on direct labor cost. Actual production required an overhead cost of $560,000, $1,100,000 in materials used, and $440,000 in labor. All of the goods were completed. How much is the amount of over- or underapplied overhead?
a. $40,000 underapplied
b. $40,000 overapplied
c. $100,000 underapplied
d. $100,000 overapplied
4. A process with no beginning work in process, completed and transferred out 95,000 units during a period and had 50,000 units in the ending work in process inventory that were 30% complete. The equivalent units of production for the period were:
a. 95,000 equivalent units.
b. 145,000 equivalent units.
c. 110,000 equivalent units.
d. 47,500 equivalent units.
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