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question 1 coronado industries reported the following year end information beginning 4279286


1)Coronado Industries reported the following year-end information: beginning work in process inventory, $82000; cost of goods manufactured, $760000; beginning finished goods inventory, $52000; ending work in process inventory, $72000; and ending finished goods inventory, $42000. How much is Coronado’s cost of goods sold for the year?

a) $760000

b) $750000

c) $770000

d) $780000

2)Sheridan Company has $21000 of ending finished goods inventory as of December 31, 2013. If beginning finished goods inventory was $15000 and cost of goods sold was $50000, how much would Sheridan report for cost of goods manufactured?

a) $56000

b) $44000

c) $71000

d) $15000

3)The following information is available for completed Job No. 402: Direct materials, $170000; direct labor, $230000; manufacturing overhead applied, $160000; units produced, 5000 units; units sold, 4000 units. The cost of the finished goods on hand from this job is

a) $448000.

b) $560000.

c) $80000.

d) $112000.

4)Crane Company uses job order costing for its brand new line of sewing machines. The cost incurred for production during 2017 totaled $20000 of materials, $16000 of direct labor costs, and $13000 of manufacturing overhead applied. The company ships all goods as soon as they are completed which results in no finished goods inventory on hand at the end of any year. Beginning work in process totaled $22000, and the ending balance is $16000. During the year, the company completed 25 machines. How much is the cost per machine?

a) $2840

b) $1960

c) $2200

d) $1720

5)Cost of goods manufactured equals $95000 for 2017. Finished goods inventory is $1000 at the beginning of the year and $2500 at the end of the year. Beginning and ending work in process for 2017 are $2000 and $3000, respectively. How much is cost of goods sold for the year?

a) $94000

b) $93500

c) $96500

d) $95500

6)Concord Corporation thinks machine hours is the best activity base for its manufacturing overhead. The estimate of annual overhead costs for its jobs was $1650000. The company used 1000 hours of processing on Job No. B12 during the period and incurred overhead costs totaling $1700000. The budgeted machine hours for the year totaled 20000. How much overhead should be applied to Job No. B12?

a) $1700

b) $82500

c) $85000

d) $1650

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