6. Which of the following is not considered a manufacturing cost? a. Wages paid

Question

6. Which of the following is not considered a manufacturing cost? a. Wages paid to assembly workers in an automobile factory b. Rubber purchased for the manufacturing of tires. c. Commissions paid to salespersons. d. Property taxes paid on factory equipment. QUESTIONS 7-10 ARE BASED ON THE FOLLOWING The Anthony Company reports the following information pertaining to its operating activities for the year: Ending Balance $10,000 $29,000 $52,000 Beginning Balance ning Balance Ending Balance Raw Material Work in Process Finished Goods $40,000 $60,000 $42,000 Direct Materials Purchased Direct Labor Costs Applied Manufacturing Overhead Applied $40,000 $21,000 $18,000 7. What is the direct material used during the year? a. $70,000 b. $40,000 c. $79,000 d. $109,000 8. What are the total manufacturing costs? a. $70,000 b. $40,000 c. $79,000 d. $109,000 9. What is the cost of finished goods manufactured during the year? a. $109,000 b. $140,000 c. $130,000 d. $70,000

Explanation / Answer

Cost of Goods Manufactured Schedule Work in Process Inventory Opening 60000 Direct material Opening Stock of Raw material 40000 Raw material purchase 40000 Total material Availble for use 80000 less Raw material closing inventory -10000 Direct material used 70000 Direct labor 21000 Manufacturing Overhead 18000 Total maufacturing Cost 109000 Total Cost of WIP 169000 Less Closing WIP 29000 Cost of Finished Goods 140000 Question NO Answer 6 Commision Paid to salesperson 7 Direct material used 70000 8 Total maufacturing Cost 109000 9 Cost of Finished Goods 140000

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