The Juarez Corporation incurred the following transactions during its first year of operations. (Assume all transactions involve cash).1) Acquired $1,000 of capital from the owners.
2) Purchased $400 of direct raw materials.
3) Used $300 of these direct raw materials in the production process.
4) Paid production workers $400 cash.
5) Paid $200 for manufacturing overhead (applied and actual overhead are the same).
6) Started and completed 200 units of inventory.
7) Sold 50 units at a price of $6 each.
8) Paid $40 for selling and administrative expenses.
The amount of cost of goods manufactured would be:
A. $800.
B. $1,000.
C. $900.
D. $600.
Answer: C
You might also like to view...
A survey of an entire population is called
A. population analysis. B. population survey. C. census. D. target population survey.
The account that should be credited for the total income tax withheld from employee's earnings is
a. FICA Tax Payable; b. FICA Tax Expense; c. Employees Income Tax Payable; d. Employees Income Tax Expense; e. Cash.
The production schedule is
a. the expected demand for the firm's finished goods for a given year b. the formal plan and authority to begin production c. a description of the type and quantity of raw materials and subassemblies used to produce a single unit of finished product d. the sequence of operations during manufacturing
An activity's crash cost includes ________ costs.
A. Normal B. Total C. Direct D. Overhead E. Indirect