ACCY 207 Study Guide - Midterm Guide: Cost Accounting, Accounts Receivable, Variable Cost
Document Summary
Use the below information to answer questions 7 and 8: Manufacturing overhead = ,000: the prime cost is equal to: a. Use the following information to answer questions 10-13. Work in process inventory, jan 1 = ,000. Work in process inventory, dec 31 = ,350. Selling and administrative salaries = ,000 finished goods inventory, dec 31 = ,350. Raw materials, dec 31 = ,000: calculate the total manufacturing costs (use raw materials account): (5,000+70,000-30,000) + ,200 c. ,200 d. ,800: calculate the cogm (use wip account): (162,000+4,000) 6,350 a. ,650 c. ,850 d. ,350: calculate the cost of goods sold (use finished goods account): (8,900+159,650) 2,350 a. ,450 c. ,750 d. ,200: calculate net operating income/loss (need gross margin): Sales (8,000 x 30)= 240,000 cogs 166,200 = gross margin 73,800 34,000 5,000 3,200 a ,200 b. ,800 c. (,400) d. ,600: the abc company applies overhead to jobs using a predetermined overhead rates based on machine hours.
