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1. Absolute Genius Professor Mullen, Inc has beginning and ending Raw Materials inventories of (BI) $96,000...

1. Absolute Genius Professor Mullen, Inc has beginning and ending Raw Materials inventories of (BI) $96,000 and (EI) $120,000, respectively. If Direct Materials (DM) used were $390,000, what was the cost of Raw Materials (RM) Purchases?
A) $390,000.

B) $420,000. C) $366,000. D) $414,000.

2. Most Worthy CCSF Professor, Inc has beginning and ending work in process (WIP) inventories of (BI) $130,000 and (EI) $145,000 respectively. If total manufacturing costs (TMC) are $620,000, what is the total cost of goods manufactured (CGM) ?
A) $750,000.

B) $765,000. C) $605,000. D) $635,000.

3. For a manufacturing company, which of the following is an example of a period cost rather

than a product cost?

  1. A) Depreciation on factory equipment

  2. B) Wages of salespersons

  3. C) Wages of factory machine operators

  4. D) Insurance on factory equipment

4. As of December 31, 2015, Most Brilliant Professor Mullen, Inc had (EI) $2,000 of raw materials inventory. At the beginning of 2015, there was (BI) $1,600 of materials on hand. During the year, the company accrued purchases expense of $274,000 of materials; however it paid for only $264,000 to date. How much raw materials (RM-Prod) were used on jobs during 2015?

A) $274,400 B) $264,400 C) $263,600 D) $273,600

5. Cost of goods manufactured (CGM) equals $55,000 for 2015. Finished goods (FG) inventory is (BI) $2,000 at the beginning of the year and (EI) $5,500 at the end of the year. Beginning and ending work in process (WIP) for 2015 are (BI) $4,000 and (EI) $5,000, respectively. How much is cost of goods sold (CGS) for the year?

A) $57,500 B) $53,000 C) $51,500 D) $58,500

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solutions D Raw material purchase Ending saw material + Direct raw material used - Be Beginning raw material used = 120000 +

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