Given the following information, determine the cost of goods sold. \[\begin{array} { | l | r | } \hline \text { Direct Labor Incurred } & \$ 63,000 \\ \hline \text { Manufacturing Overhead Incurred } & 179,500 \\ \hline \text { Direct Materials Used } & 150,000 \\ \hline \text { Finished Goods Inventory, 1/1/2015 } & 197,500 \\ \hline \text { Finished Goods Inventory, } 12 / 31 / 2015 & 221,000 \\ \hline \text { Work-in-Process Inventory, } 1 / 1 / 2015 & 96,500 \\ \hline \text { Work-in-Process Inventory, 12/31/2015 } & 109,000 \\ \hline \end{array}\]

A) $380,000 B) $1,016,500 C) $356,500 D) $414,000 A) $380,000 B) $1,016,500 C) $356,500 D) $414,000

Crystal Inc. is a merchandiser of stone ornaments. It sold 15,000 units in 2015. The company has provided the following information: \[\begin{array} { | l | r | } \hline \text { Sales Revenue } & \$ 557,000 \\ \hline \text { Purchases (excluding freight in) } & 300,000 \\ \hline \text { Selling and Administrative Expenses } & 69,000 \\ \hline \text { Freight In } & 15,000 \\ \hline \text { Beginning Merchandise Inventory } & 45,000 \\ \hline \text { Ending Merchandise Inventory } & 55,700 \\ \hline \end{array}\] How much is the gross profit for 2015?

A) $183,700 B) $304,300 C) $252,700 D) $257,000 A) $183,700 B) $304,300 C) $252,700 D) $257,000

The following information has been provided by Nugget Company: \[\begin{array} { | l | r | } \hline \text { Direct Labor } & \$ 25,000 \\ \hline \text { Direct Materials Used } & 10,000 \\ \hline \text { Raw Materials Purchased } & 16,750 \\ \hline \text { Cost of Goods Manufactured } & 49,750 \\ \hline \text { Ending Work-in-Process Inventory } & 11,500 \\ \hline \text { Corporate Headquarters' Property Taxes } & 1,500 \\ \hline \text { Manufacturing Overhead } & 19,750 \\ \hline \end{array}\] Calculate the beginning balance of the Work-in-Process Inventory account.

A) $5,000 B) $10,500 C) $6,500 D) $16,500 A) $5,000 B) $10,500 C) $6,500 D) $16,500

Evanston Manufacturing Company reported the following information for the year 2015: \[\begin{array} { | l | r | } \hline \text { Number of Units Produced } & 4,800 \\ \hline \text { Number of Units Sold } & 5,250 \\ \hline \text { Cost of Goods Manufactured } & \$ 460,800 \\ \hline \text { Cost of Goods Sold } & \$ 488,250 \\ \hline \text { Sales Revenue } & \$ 1,260,000 \\ \hline \text { Gross Profit } & \$ 771,750 \\ \hline \text { Operating Expense } & \$ 724,900 \\ \hline \end{array}\] What was the unit product cost?

A) $87.77 B) $262.50 C) $93.00 D) $96.00 A) $87.77 B) $262.50 C) $93.00 D) $96.00

Kyanite Corporation reports costs for 2015 as follows: \[\begin{array} { | l | r | } \hline \text { Raw Materials } & \$ 50,000 \\ \hline \text { Wages to Line Workers } & 25,000 \\ \hline \text { Office Rent } & 14,000 \\ \hline \text { Indirect Materials } & 30,000 \\ \hline \end{array}\] How much is the total product costs for 2015?

A) $30,000 B) $105,000 C) $119,000 D) $75,000 A) $30,000 B) $105,000 C) $119,000 D) $75,000

Crabapples Inc. purchases and sells dry fruit boxes. The following information summarizes its operating activities for 2015: \[\begin{array} { | l | r | } \hline \text { Selling Expenses } & \$ 9,375 \\ \hline \text { Inventory on December 31, 2015 } & 32,500 \\ \hline \text { Inventory on January 1, 2015 } & 46,875 \\ \hline \text { Purchases of merchandise } & 84,375 \\ \hline \text { Rent for store } & 12,500 \\ \hline \text { Sales commissions } & 7,031 \\ \hline \text { Sales revenue } & 168,750 \\ \hline \end{array}\] If Crabapples sold 5,000 boxes of dry fruits during the year, what is the cost per box of dry fruits?

A) $72.28 B) $32.75 C) $10.55 D) $19.75 A) $72.28 B) $32.75 C) $10.55 D) $19.75

Partial income statements of Company A and Company B are provided below: \[\begin{array}{l} \begin{array} { | l r r | } \hline { \text { Company A } } \\ \hline & & \\ \text { Revenue } && \$ 80,000 \\ \text { Expenses: } & \$ 5,000 & \\ \text { Utilities Expense } & 15,500 & \\ \text { Salaries Expense } & \underline{3,200} & \\ \text { Rent Expense } & & \underline{23,700} \\ \text { Total Expenses } & &\underline{ \$ 56,300} \\ \hline \end{array}\\\\ \begin{array} { | l r r | } \hline { \text { Company B } } & \\ \hline & & \\ \text { Revenue } && \$ 50,000 \\ \text { Cost of Goods Sold: } & & \\ \text { Beginning Inventory } & \$ 4,000 & \\ \text { Purchases and Freight In } & 23,000 & \\ \text { Ending Inventory } &\underline{ - 5,500 }& \\ \text { Cost of Goods Sold } & & \underline{21,500} \\ \text { Gross Profit } & & \underline{\$ 28,500} \\ \hline \end{array} \end{array}\] Which of the following statements is true?

A) Company A is a merchandising company. B) Company B is a manufacturing company. C) Company A is a manufacturing company. D) Company A is a service company. A) Company A is a merchandising company. B) Company B is a manufacturing company. C) Company A is a manufacturing company. D) Company A is a service company.