1) Worth Company reported the following year-end information: beginning work in process inventory, $180,000; cost of goods manufactured, $816,000; beginning finished goods inventory, $252,000; ending work in process inventory, $220,000; and ending finished goods inventory, $264,000

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1) Worth Company reported the following year-end information: beginning work in process inventory, $180,000; cost of goods manufactured, $816,000; beginning finished goods inventory, $252,000; ending work in process inventory, $220,000; and ending finished goods inventory, $264,000. Worth Company's cost of goods sold for the year is:

 

 

 

2) The Raw Materials Inventory account is:

 

a) debited for invoice costs and freight costs chargeable to the purchaser.

 

b) debited for purchase discounts taken.

 

c) debited for purchase returns and allowances.

 

d) a subsidiary account.

 

 

 

3) For Wilton Company, the predetermined overhead rate is 70% of direct labor cost. During the month, $360,000 of factory labor costs are incurred of which $100,000 is indirect labor. Actual overhead incurred was $180,000. The amount of overhead debited to Work in Process Inventory should be:

 

4: Greer Company developed the following data for the current year:

beginning work in process inventory: 102,000

direct materials used: 156000

actual overhead 132000

overhead applied 138000

cost of goods manuf. 675000

total manuf. costs 642000

How much is Greer Company's direct labor cost for the year?

5: Weatherspoon Company has a product with a selling price per unit of $200, the unit variable cost is $90, and the total monthly fixed costs are $300,000. How much is Weatherspoon's contribution margin ratio?