Bri Cheese Products Co. purchased 1,000 shares of its $5 par common stock at $10

Question

Bri Cheese Products Co. purchased 1,000 shares of its $5 par common stock at $10 and subsequently sold 500 of the shares at $20. What is the amount of revenue realized by Bri from the sale?

a. $0

b. $5,000

c. $2,500

d. $10,000

Below are selected T accounts from Bri Cheese Dairy with incomplete information:

                    Work in Process                  

Oct. 1 Balance    20,000 | Oct. 31 Goods

    31 Direct            |          finished       X

         materials 96,700 |

    31 Direct            |

         labor    201,000 |

    31 Factory           |

         overhead       X |

                    Finished Goods                

Oct. 1 Balance    52,000 |

    31 Goods             |

         finished 360,000 |

If the balance of Work in Process at October 31 is $21,000, what was the amount of factory overhead applied in October by Bri?

a.

$63,300

b.

$21,300

c.

$42,300

d.

$11,300

a.

$63,300

b.

$21,300

c.

$42,300

d.

$11,300

Explanation / Answer

1)

The answer is D (10,000)

Total shares sold = 500

Sales price $20

Total sales or revenue $10,000 (500*20)

2)

The anwer is $ 42,300

Balance            20,000 finished goods endning          360,000 direct material            96,700 direct labor          201,000          317,700          360,000 Balance in factory overhead            42,300

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