Hi, I am having trouble figuring these out. Can someone help me out here? Please provide the answer and how to get the answer. Thank you in advance.
1. Amy company produces and sells bikes. It expects to sell 15,000 bikes in march 2004 and had 1200 bikes in finished goods inventory at the end of February 2004. Amy company would like to complete operations in march with at least 1500 completed bikes in inventory. The bikes sell for $100 each.
What would be the total sales in march 2004?
2. walter company uses job order costing system to account for product costs. The following information pertains to 2011:
factory overhead is $18 per direct labor hour.
What is the total amount debited to finished goods inventory?
a. $490,000
b. $510,000
c. 450,000
d. 550,000
What is the total amount credited to materials?
3. Jordan Manufacturing Company expects to incur the following per unit costs for 1,000 units of production:
Direct materials 3lb. @ $5=$15
Direct labor 1hr @ $6=6
Variable overhead 75% of direct labor costs
Fixed overhead 50% of direct labor costs
What is the total amount of overhead included in the overhead budget?
a. 4500
b. 3000
c. 11250
d. 7500
4. Judy's Company has a sales budget for next month of $150,000. Cost of goods sold is expected to be 40 percent of sales. All goods are purchased in the month used and paid for in the month following purchase. The beginning inventory of merchandise is $5,000, and an ending inventory of $6,000 is desired. Beginning accounts payable is $38,000.
The cost of goods sold for next month is expected to be
a. $40,000.
b. $60,000.
c. $89,000.
d. $90,000.
How much merchandise inventory will Judy's need to purchase next month?
a. 61,000
b. 60,000
c. 65000
d. 59,000
1. Amy company produces and sells bikes. It expects to sell 15,000 bikes in march 2004 and had 1200 bikes in finished goods inventory at the end of February 2004. Amy company would like to complete operations in march with at least 1500 completed bikes in inventory. The bikes sell for $100 each.
What would be the total sales in march 2004?
2. walter company uses job order costing system to account for product costs. The following information pertains to 2011:
factory overhead is $18 per direct labor hour.
What is the total amount debited to finished goods inventory?
a. $490,000
b. $510,000
c. 450,000
d. 550,000
What is the total amount credited to materials?
3. Jordan Manufacturing Company expects to incur the following per unit costs for 1,000 units of production:
Direct materials 3lb. @ $5=$15
Direct labor 1hr @ $6=6
Variable overhead 75% of direct labor costs
Fixed overhead 50% of direct labor costs
What is the total amount of overhead included in the overhead budget?
a. 4500
b. 3000
c. 11250
d. 7500
4. Judy's Company has a sales budget for next month of $150,000. Cost of goods sold is expected to be 40 percent of sales. All goods are purchased in the month used and paid for in the month following purchase. The beginning inventory of merchandise is $5,000, and an ending inventory of $6,000 is desired. Beginning accounts payable is $38,000.
The cost of goods sold for next month is expected to be
a. $40,000.
b. $60,000.
c. $89,000.
d. $90,000.
How much merchandise inventory will Judy's need to purchase next month?
a. 61,000
b. 60,000
c. 65000
d. 59,000