1. Duggan Company reported total manufacturing costs of $305,000, manufacturing overhead totaling $58,000, and direct materials totaling $62,000. How much is direct labor cost?
   

   	A.	$425,000
   	B.	$185,000
   	C.	Cannot be determined from the information provided.
   	D.	$120,000

3.75 points   

Question 22

1.   Thorpe Manufacturing Inc.’s accounting records reflect the following inventories:
   
   

   Dec. 31, 2013

   Dec. 31, 2014

   Raw materials inventory	$180,000	$145,000
   Work in process inventory	260,000	235,000
   Finished goods inventory	225,000	207,000

   During 2014, Thorpe purchased $1,400,000 of raw materials, incurred direct labor costs of $230,000, and incurred manufacturing overhead totaling $290,000.

   How much would Thorpe Manufacturing report as cost of goods manufactured for 2014?

   	A.	$1,859,000
   	B.	$1,980,000
   	C.	$1,955,000
   	D.	$1,885,000

3.75 points   

Question 23

1.   Gruffin Manufacturing Company reported the following year-end information:
   
   

   Beginning work in process inventory	$1,420,000
   Beginning raw materials inventory	400,000
   Ending work in process inventory	1,200,000
   Ending raw materials inventory	640,000
   Raw materials purchased	1,250,000
   Direct labor	1,300,000
   Manufacturing overhead	960,000

   Gruffin Manufacturing Company’s cost of goods manufactured for the year is

   	A.	$3,270,000.
   	B.	$4,690,000.
   	C.	$3,490,000.
   	D.	$2,900,000.

3.75 points   

Question 24

1.   Assuming that the cost of goods manufactured is $2,590,000 compute the cost of goods Sold using the following information.
   
   

   Raw materials inventory, January 1	$     35,000
   Raw materials inventory, December 31	50,000
   Work in process, January 1	18,000
   Work in process, December 31	27,000
   Finished goods, January 1	48,000
   Finished goods, December 31	60,000
   Raw materials purchases	1,100,000
   Direct labor	700,000
   Factory utilities	225,000
   Indirect labor	105,000
   Factory depreciation	500,000
   Operating expenses	630,000

    

   	A.	$2,638,000.
   	B.	$2,578,000.
   	C.	$2,530,000.
   	D.	$2,602,000.

3.75 points   

Question 25

1.   Using the following information, compute the direct materials used.
   
   

   Raw materials inventory, January 1	$     40,000
   Raw materials inventory, December 31	20,000
   Work in process, January 1	18,000
   Work in process, December 31	12,000
   Finished goods, January 1	40,000
   Finished goods, December 31	32,000
   Raw materials purchases	1,200,000
   Direct labor	560,000
   Factory utilities	150,000
   Indirect labor	50,000
   Factory depreciation	400,000
   Operating expenses	420,000

    

   	A.	$1,220,000.
   	B.	$1,200,000.
   	C.	$1,180,000.
   	D.	$1,240,000. ……. …..

 

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Two parents agree to invest equal amounts in their business. One will contribute $10000 immediately. The other plans to contribute an equivalent amount in 3 years, when she expects to acquire a large sum of money. How much should she contribute at that time to match her parent’s investment now, assuming an interest rate of 6% compounded semiannually?

 

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A 70-year-old man complains of aching lower back pain that radiates to his buttocks and upper thighs over the past few months. He does not recall any trauma and has no past medical history except for allergic rhinitis. He notes that the pain worsens with walking, especially downhill, and gets better with sitting or leaning forward. On physical examination, bilateral straight-leg raise test is negative and his deep tendon reflexes are normal in his lower extremities. He has slight proximal thigh weakness with flexion at the hip but his upper extremity strength is 5/5 in all muscle groups bilaterally. His dorsalis pedis and posterior tibial pulses are 2+ in both legs. What is the most likely diagnosis? a. Sciatica b. Lumbar disk herniation c. Claudication d. Polymyalgia rheumatica e. Lumbar spinal stenosis

 

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