1) Martinez Corporation reported Net sales of $770,000 and Net income of $137,00
ID: 2459018 • Letter: 1
Question
1) Martinez Corporation reported Net sales of $770,000 and Net income of $137,000. The Profit margin is:
562.0%.
5.62%.
82.21%.
1.78%.
17.79%.
2) Jones Corp. reported current assets of $190,000 and current liabilities of $135,500 on its most recent balance sheet. The working capital is:
140%.
71%.
($54,500).
$54,500.
40%.
3) A corporation reported cash of $14,700 and total assets of $179,000 on its balance sheet. Its common-size percent for cash equals:
20.55%.
12.18%.
6.21%.
8.21%.
14.34%.
4) Refer to the following selected financial information from Graceworks, Corp. Compute the company's days' sales in inventory for Year 2. (Use 365 days a year.)
227.7.
257.1.
241.7
214.0
234.3
5) Zhang Company reported Cost of goods sold of $845,000, beginning Inventory of $39,200 and ending Inventory of $47,300. The average Inventory amount is:
$39,200.
$47,300.
$86,500.
$43,250.
$8,100.
6) Use the following data to compute total manufacturing costs for the month.
$142,900.
$126,700.
$46,200.
$86,000.
$58,900.
7) The following information is available for the year ended December 31:
$88,640.
$76,200.
$88,040.
$86,600.
$87,800.
8) Using the information below for Singing Dolls, Inc., determine the total manufacturing costs incurred during the year:
$14,600.
$49,300.
$102,500.
$95,400.
$63,900.
9) A manufacturing company has a beginning finished goods inventory of $27,600, cost of goods manufactured of $57,800, and an ending finished goods inventory of $26,900. The cost of goods sold for this company is:
$112,300.
$57,100.
$3,300.
$84,700.
$58,500.
10) Use the following data to compute total factory overhead costs for the month.
$143,800.
$127,400.
$46,700.
$86,600.
$59,200.
11) Using the information below for Sundar Company; determine the cost of goods manufactured during the current year:
$93,500.
$46,900.
$92,900.
$46,300.
$72,200.
12) Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation requisitioned $3,000 of direct materials and used $4,500 of direct labor. The job was not finished by the end of the month, but needed an additional $3,500 of direct materials and additional direct labor of $7,000 to finish the job in October. The company applies overhead at the end of each month at a rate of 100% of the direct labor cost incurred. What is the total cost of the job when it is completed in October?
$18,000
$17,500
$29,500
$22,000
$28,500
13) Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation requisitioned $1,700 of direct materials and used $3,200 of direct labor. The job was not finished by the end of the month, but needed an additional $2,200 of direct materials and additional direct labor of $4,900 to finish the job in October. The company applies overhead at the end of each month at a rate of 200% of the direct labor cost incurred. What is the balance in the Work in Process account at the end of September relative to Job A3B?
$7,100
$11,300
$3,900
$8,100
$4,900
14) Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation requisitioned $2,400 of direct materials and used $3,900 of direct labor. The job was not finished by the end of the month, but needed an additional $2,900 of direct materials in October and additional direct labor of $6,400 to finish the job. The company applies overhead at the end of each month at a rate of 100% of the direct labor cost. What is the amount of job costs added to Work in Process Inventory during October?
$15,600
$15,700
$25,900
$19,600
$24,900
15) The B&T Company's production costs for May are: direct labor, $17,000; indirect labor, $5,900; direct materials, $14,300; property taxes on production equipment, $850; heat, lights and power, $930; and insurance on plant and equipment, $130. B&T Company's factory overhead incurred for May is:
$39,110.
$5,900.
$1,910.
$20,200.
$7,810.
16) Dallas Company uses a job order costing system. The company's executives estimated that direct labor would be $3,990,000 (190,000 hours at $21/hour) and that factory overhead would be $1,490,000 for the current period. At the end of the period, the records show that there had been 170,000 hours of direct labor and $1,190,000 of actual overhead costs. Using direct labor hours as a base, what was the predetermined overhead rate? (Round your answer to two decimal places.)
$6.93 per direct labor hour.
$7.84 per direct labor hour.
$6.26 per direct labor hour.
$7.34 per direct labor hour.
$8.76 per direct labor hour.
Year 2 Year 1 Merchandise inventory $291,000 $273,500 Cost of goods sold $466,400 $413,100Explanation / Answer
1. 17.79%.
2. $54,500.
3. 8.21%.
4. 227.7.
5. $43,250
6. $126,700.
7 $87,800.
8 $49,300.
9 $58,500.
10 $127,400.
11 $46,900.
12 $29,500
13 $11,300
14 $19,600
15 $39,110.
16 $6.93 per direct labor hour.
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