WorksheetsMidterm Exam
Total questions: 10
Worksheet time: 18mins
The company recorded sales for the month amounting to 500,000 with 30% gross margin on sales. Total manufacturing cost was 100,000 and operating expenses amounted to 30,000. Calculate the operating income for the period.
100,
120,000
150,000
220,000
Which of the following vary with the level of activity:
Total fixed costs
fixed cost per unit
variable cost per unit
total costs
The accounting records of Mita company shows the following information for the year ended December 31, 2015:
Raw materials purchases 150,000
Direct Labor 100,000
Factory Overhead 100,000
Increase in raw materials inventory 20,000
Decrease in work in process inventory 20,000
Increase in finished goods inventory 30,000
How much is the cost of goods manufactured?
350,000
370,000
330,000
390,000
The accounting records of Mita company shows the following information for the year ended December 31, 2015:
Raw materials purchases 110,000
Direct Labor 80,000
Factory Overhead 120,000
Increase in raw materials inventory 15,000
Decrease in work in process inventory 19,000
Increase in finished goods inventory 26,000
How much is the cost of goods sold?
250,000
288,000
318,000
332,000
The company recorded sales for the month amounting to 800,000 with 40% gross margin on sales. Total manufacturing cost was 300,000 and operating expenses amounted to 50,000.
How much is the cost of goods sold?
480,000
320,000
370,000
430,000
Anya Company manufactures tools to customer specifications. The following data pertain Job 222 for the month of February:
Direct materials used P4,200
Direct Labor hours worked 300
Direct Labor rate per hour P8.00
Machine hours used 200
Applied overhead rate per machine hour P15.00
What is the total manufacturing cost recorded on Job 222 for February?
8,800
9,600
10,300
11,100
Which of the following is an expense account?
Factory payroll
factory overhead
work in process
cost of goods sold
Which of the following is not a costing method?
actual or historical costing
standard costing
normal costing
perpetual system
Orange company showed the following information as of June 1, 2015:
Raw materials inventory P320,000
Goods in process inventory P400,000
Finished goods P350,000
During the month of June, The following were incurred:
Materials Purchased 170,000
Materials used 200,000
Direct Labor 400,000
Factory Overhead 210,000
After reviewing the quantities on hand, ending inventories were:
Goods in process inventory 280,000
Finished goods 430,000
Required: Calculate the Following:
a. Raw materials inventory as of June 30,2015
b. Total goods manufactured during the month
c. Goods available for sale
d. Cost of goods sold
The company recorded sales for the month amounting to 800,000 with 40% gross margin on sales. Total manufacturing cost was 300,000 and operating expenses amounted to 50,000. Calculate the operating income for the period.
270,000
220,000
250,000
260,000
