The following information pertains to the Cannady Corporation:
Beginning work-in-process inventory 50,000
Ending work-in-process inventory 48,000
Beginning finished goods inventory 180,000
Ending finished goods inventory 195,000
Cost of goods manufactured 1,220,000
What is cost of goods sold?
A) $1,205,000 B) $1,222,000 C) $1,235,000 D) $1,218,000
6) For last year, Lewisburn Manufacturing reported the following:
|
Revenue
|
$420,000
|
|
Beginning inventory of direct materials, January 1
|
22,000
|
|
Purchases of direct materials
|
146,000
|
|
Ending inventory of direct materials, December 31
|
16,000
|
|
Direct manufacturing labor
|
18,000
|
|
Indirect manufacturing costs
|
40,000
|
|
Beginning inventory of finished goods, January 1
|
35,000
|
|
Cost of goods manufactured
|
104,000
|
|
Ending inventory of finished goods, December 31
|
36,000
|
|
Operating costs
|
140,000
|
What was Lewisburn's gross margin (or gross profit)?
A) $152,000 B) $103,000 C) $268,000 D) $317,000
7) For last year, Lewisburn Manufacturing reported the following:
|
Revenue
|
$420,000
|
|
Beginning inventory of direct materials, January 1
|
22,000
|
|
Purchases of direct materials
|
146,000
|
|
Ending inventory of direct materials, December 31
|
16,000
|
|
Direct manufacturing labor
|
18,000
|
|
Indirect manufacturing costs
|
40,000
|
|
Beginning inventory of finished goods, January 1
|
35,000
|
|
Cost of goods manufactured
|
104,000
|
|
Ending inventory of finished goods, December 31
|
36,000
|
|
Operating costs
|
140,000
|
What was Lewisburn's gross margin (or gross profit)?
A) $152,000 B) $268,000 C) $317,000 D) $103,000