Quiz 8 - 1. Figure 8-9 Gentry Company produces speaker...

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1.   Figure 8-9 Gentry Company produces speaker systems for trucks. Estimated sales (in units) in January are 20,000; in February 25,000; and in March 22,000. Each unit is priced at $45. Gentry wants to have 25% of the following month’s sales in ending inventory. That requirement was met on January 1. Each speaker system requires 2 boxes and 10 yards of wire. Boxes cost $5 each and wire is $0.90 per yard. Gentry wants to have 30% of the following month’s production needs in ending raw materials inventory. On January 1, Gentry had 9,000 boxes and 100,000 yards of wire in inventory. Refer to Figure 8-9. How many units does Gentry expect to produce in February?   Student  Response Value Correct  Answer Feedback 1.  24,250 100%       2.  30,500      3.  25,000      4.  23,750      5.  20,000      General  Feedback:   January February Sales 20,000 25,000 + Desired ending inventory (25%) 6,250 5,500 Units needed 26,250 30,500 - Beginning inventory* (25%) -5,000 -6,250 Production 21,250 24,250 *Jan. 1 beginning inventory = Dec. 31 ending inventory = (0.25)(20,000) = 5,000 Score: 0.5/0.5    2.
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  Galvern Company provided the following data for July: Direct materials $50,000 Direct labor $25,000 Overhead $90,000 Beginning finished goods $15,000 Ending finished goods $34,000 Production in units 10,000 What is the cost of goods sold?   Student  Response Value Correct  Answer Feedback 1.  $165,000      2.  $214,000      3.  $75,000      4.  $184,000      5.  $146,000 100%       General  Feedback: Cost of goods manufactured = $50,000 + $25,000 + $90,000 = $165,000 Cost of goods sold = $165,000 + $15,000 - $34,000 = $146,000 Score: 0.5/0.5    3.
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  A company provided the following information on sales for the coming year:   1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Units 40,000 40,000 30,000 80,000 Average selling price $5 $5
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This homework help was uploaded on 04/15/2008 for the course ACCT 2020 taught by Professor Lui during the Spring '08 term at North Texas.

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Quiz 8 - 1. Figure 8-9 Gentry Company produces speaker...

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