The accounting records of Omar Corporation contained the following information for last year: BeginningEndingDirect materials inventory$9,000 $7,000 Work in process inventory$17,000 $31,000 Finished goods inventory$10,000 $15,000 Manufacturing Costs IncurredDirect materials used$72,000Overhead applied$24,000Direct labor cost (10,000 hours)$80,000Depreciation$10,000Rent$12,000Taxes$8,000Unadjusted cost of goods sold (does not includeoverapplied or underapplied overhead)$157,000 Selling, General, andAdministrative Costs IncurredAdvertising$35,000 Rent$20,000 Clerical$25,000 The amount of direct material purchased during the year was:
A. $65,000
B. $66,000
C. $74,000
D. $70,000
Answer: D
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Prime Computing, an auditing firm, purchases a management information system called Gamma Dot. Most of Prime Computing's employees are unfamiliar with the functional aspects of Gamma Dot, and management decides to approach external trainers to train its employees. Melinda, the company's training coordinator, is tasked with finding suitable trainers. Melinda sends an e-mail, with a document outlining the company's training requirements, to multiple vendors and asks them to provide suitable trainer profiles and cost quotes. What is the document called that Melinda sends out to training vendors?
A. an organization analysis report B. instructional design C. a request for proposal D. a needs assessment form E. articles of incorporation
The ability to utilize financial resources and to adapt to changes in the business environment is referred to as a company's financial flexibility
Indicate whether the statement is true or false
The major disadvantage of an empty shell solution as a second site backup is
a. the host site may be unwilling to disrupt its processing needs to process the critical applications of the disaster stricken company b. recovery depends on the availability of necessary computer hardware c. maintenance of excess hardware capacity d. the control of the shell site is an administrative drain on the company
Why is using a single plantwide predetermined overhead allocation rate not always accurate?
What will be an ideal response?