Chapter 3

Beginning finished goods inventory was $130,000. The cost of goods manufactured for the month was $760,000. And the ending finished goods inventory was $150,000. What was the cost of goods sold for the month? $ 20,000 $740,000 $780,000 $760,000

740,000

Direct materials used in production totaled $280,000. Direct labor was $375,000, and $180,000 of manufacturing overhead was added to production for the month. What were total manufacturing costs incurred for the month? $555,000 $835,000 $655,000 Cannot be determined.

835,000

Beginning work in process was $125,000. Manufacturing costs added to production for the month were $835,000. There were $200,000 of partially finished goods remaining in work in process inventory at the end of the month. What was the cost of goods manufactured during the month? $1,160,000 $ 910,000 $ 760,000 Cannot be determined.

$ 760,000

Beginning raw materials inventory was $32,000. During the month, $276,000 of raw material was purchased. A count at the end of the month revealed that $28,000 of raw material was still present. What is the cost of direct material used? $276,000 $272,000 $280,000 $ 2,000

$280,000

______________________ manufactured includes the manufacturing costs associated with the goods that were finished during the period.

Cost of goods

Manufacturing cost =

Direct Materials + Direct Labor + Manuf. Overhead

____________ include any materials that go into the final product.

Raw materials

When you debit Finished Goods, you always credit ______________

Work in Process

______________ consists of units of production that are only partially complete and will require further work before they are ready for sale to customers.

Work in process

_________________ consist of completed units of product that have not been sold to customers.

Finished goods