21/Asteroid Industries accumulated the following cost information for the year:

Question

21/Asteroid Industries accumulated the following cost information for the year:

Using the above information, total factory overhead costs would be:

Multiple Choice

$73,800.

$22,600.

$11,900.

$15,000.

$51,200.

22/Using the information below, calculate gross profit for the period:

Multiple Choice

$694,000.

$482,000.

$1,002,000.

$181,000.

$707,000.

23/Use the following data to determine the cost of goods manufactured:

Multiple Choice

$111,300.

$97,600.

$101,200.

$114,900.

$102,500.

24/Using the information below for Laurels Company; determine the cost of goods manufactured during the current year:

Multiple Choice

$16,900.

$20,400.

$14,200.

$22,500.

$18,300.

25/Use the following data to compute total factory overhead costs for the month:

Multiple Choice

$142,000.

$126,000.

$45,700.

$85,400.

$58,600.

Direct materials $ 15,100 Indirect materials 3,100 Indirect labor 7,600 Factory depreciation 11,900 Direct labor 36,100

Explanation / Answer

21. Factory overhead = Indirect material + Indirect labour + Factory depreciation = 3100 + 7600 + 11900 = $ 22,600

Option B: $ 22,600

22. Gross profit = Sales revenues for the period - Cost of Goods Sold for the period + Ending Raw Materials Inventory + Ending Work in Process Inventory + Ending Finished Goods Inventory - Beginning Raw Materials Inventory - Beginning Work in Process Inventory - Beginning Finished Goods Inventory = 1,214,000- 520,000+ 28,000+ 60,000+ 63,000- 23,000- 51,000- 76,000 = $695,000

Though there is no such option there as $695,000 but it will be the answer as per the calculation.

23. Cost of Goods Manufactured = Beginning work in process inventory+ Direct materials used+ Direct labor+ Indirect materials+ Indirect labor+ Depreciation—factory equipment - Ending work in process inventory = 7400+ 40,700+ 30800+ 13700+ 7700- 9200 = $97,600

Cost of goods manufactired for the year = $ 97,600

24. Cost of Goods Manufactured = Beginning work in process+ Direct materials used+ Direct Labor+ Total Factory overhead- Ending work in process = 4100+ 6100+ 8100+ 6200- 6200 = $ 18,300

Cost of goods manufactired for the year = $ 18,300

25. Total Factory Overhead cost = Indirect materials+ Factory manager salaries+ Factory supplies+ Indirect labor+ Depreciation—factory equipment = 15300+ 7300+ 9100+6400+ 7600 = $ 45,700

Total factory overhead costs for the month = $ 45,700

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