Chapter 2—Basic Managerial Accounting Concepts
41. Refer to Figure 2-1. The total per unit prime cost was:
|
a. |
$263.75 |
|
b. |
$62.50 |
|
c. |
$162.50 |
|
d. |
$156.25 |
42. Refer to Figure 2-1. What was the amount of cost of goods manufactured last month?
|
a. |
$1,750,000 |
|
b. |
$1,250,000 |
|
c. |
$1,300,000 |
|
d. |
$2,110,000 |
Figure 2-5.
In July, Econo Company purchased materials costing $21,000 and incurred direct labor cost of $18,000. Overhead totaled $32,000 for the month. Information on inventories was as follows:
|
July 1 |
July 31 | |
|
Materials |
$6,200 |
$7,100 |
|
Work in process |
$ 700 |
$1,200 |
|
Finished goods |
$3,300 |
$2,700 |
43. Refer to Figure 2-5. What was the cost of direct materials used in July?
|
a. |
$21,000 |
|
b. |
$20,100 |
|
c. |
$21,900 |
|
d. |
$20,500 |
44. Refer to Figure 2-5. What were the total manufacturing costs in July?
|
a. |
$71,000 |
|
b. |
$50,000 |
|
c. |
$69,600 |
|
d. |
$70,100 |
NOT: 2 min.
45. Refer to Figure 2-5. What was the cost of goods manufactured for July?
|
a. |
$70,500 |
|
b. |
$70,700 |
|
c. |
$69,600 |
|
d. |
$69,100 |
46. Refer to Figure 2-5. What was the cost of goods sold for July?
|
a. |
$70,200 |
|
b. |
$69,600 |
|
c. |
$71,300 |
|
d. |
$71,100 |
47. Refer to Figure 2-5. If Econo Company sold 10,000 units during July and gross margin totaled $29,800, what was the sales price per unit?
|
a. |
$9.94 |
|
b. |
$10.00 |
|
c. |
$10.09 |
|
d. |
$10.11 |
Figure 2-7.
Gateway Company produces a product with the following per-unit costs:
|
Direct materials |
$11 |
|
Direct labor |
8 |
|
Overhead |
15 |
Last year, Gateway produced and sold 750 units at a sales price of $68 each. Total selling and administrative expense was $22,000.
48. Refer to Figure 2-7. Prime cost per-unit was?
|
a. |
$19 |
|
b. |
$23 |
|
c. |
$34 |
|
d. |
$11 |
49. Refer to Figure 2-7. Cost of goods sold last year was?
|
a. |
$47,500 |
|
b. |
$25,500 |
|
c. |
$14,250 |
|
d. |
$51,000 |
50. Refer to Figure 2-7. Total operating income last year was?
|
a. |
$29,000 |
|
b. |
$51,000 |
|
c. |
$25,500 |
|
d. |
$3,500 |
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Rating:
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Solution: Chapter 2—Basic Managerial Accounting Concepts