4. Bartlow, Inc had the folling income statement for the month of May. Sales Rev
ID: 2383106 • Letter: 4
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) Hope this helps!
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