Please do 7 through 10 6. Which of the following is not considered a manufacturi

Question

Please do 7 through 10

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

Answer 7. a. $70,000 Diret Material Used Op. Balance            40,000 Add: Purchases            40,000 Less: Ending Balance          (10,000) Direct Material Used            70,000 Answer 8. $109,000 Calculation of Manufacturing Cost Direct material Used            70,000 Direct Labour Cost            21,000 MOH            18,000 Total Manufacturing Costs          109,000 Answer 9. b. $140,000 Cost of Finished Goods Manufactured WIP in Beginning            60,000 Add: Manufacturing Costs          109,000 Less: WIP in the end          (29,000) Cost of Finished Goods Manufactured          140,000 Answer 10. c. $130,000 Cost of Goods Sold Finished Goods in Beginning            42,000 Add: Cost of Goods Manufactured          140,000 Less: Finished Goods in the end          (52,000) Cost of Goods Sold          130,000

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