4. Bartlow, Inc had the folling income statement for the month of May. Sales Rev

Question

4.
Bartlow, Inc had the folling income statement for the month of May.

Sales Revenue                                 428,000
Cost of goods sold                           205,440
Gross Margin                                  222,560
Less:
    Selling Expenses                         81,320
    Administrative Expenses             72,760
Operating Income                           68,480

What was the sales revenue percent?

1. 100%
2. 48%
3. 52%
4. 16%

5.
Junko company makes typewriters. During the year Junko manufactured 97,000 typewriters. Finished goods Inventory had the following units on hand:

January 1         1,260
December 31    1,040

How many typewriters did Junko sell during the year?
1. 96,780
2. 97,220
3. 97,000
4. 98,260

6.
In July, Econo company purchased materials costing 21,000 dollars and incurred direct labor costs of 18,000 dollars. Overhead totaled 32,000 dollars for the month. Information on the inventories was a follows:

                                              July 1          July 31
Materials                                6,200           7,100
Work in Process                         700           1,200
Finished goods                        3,300           2,700

What is the cost of direct materials used in July?
1. 21,000
2. 20,100
3. 21,900
4. 20,500

Explanation / Answer

4. The sales revenue % is just the proportion of sales relative to revenue, which is the same as sales. $428,000/$428,000 = 100% or 1)

5. Beg Finished goods + manufactured typewriters - amount sold during year = End finished goods

That is 1260 + 97,000 - sold = 1040 and # sold was 97,220 or 2)

6. Beg Materials + materials bought - direct materials used = End Materials

that is 6200 + 21000 - direct materials used = 7100 which ends up being 20,100 or 2)

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