GNBExam02 - GNB 12e Practice Exam Chapter 2 Print these...

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GNB 12e Practice Exam – Chapter 2 Print these pages. Answer each of the following questions, explaining your answers or showing your work, as appropriate, and then compare your solutions to those provided at the end of the practice exam. 1. The following data (in thousands of dollars) have been taken from the accounting records of Kovach Corporation for the just completed year. Raw materials inventory, beginning $ 80 Raw materials inventory, ending 140 Work in process inventory, beginning 140 Work in process inventory, ending 100 Finished goods inventory, beginning 240 Finished goods inventory, ending 320 Administrative expenses 300 Direct labor 400 Manufacturing overhead 460 Purchases of raw materials 240 Sales 1,980 Selling expenses 280 Part (a) What was the cost of the raw materials used in production during the year (in thousands of dollars)? Part (b) What was the cost of goods manufactured (finished) for the year (in thousands of dollars)? Part (c) What was the cost of goods sold for the year (in thousands of dollars)?
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Part (d) What was the net income for the year (in thousands of dollars)? 2. For each of the following, indicate whether the cost would typically be variable or fixed. Variable
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GNBExam02 - GNB 12e Practice Exam Chapter 2 Print these...

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