The cost of goods sold for Frye Manufacturing in the year was $297,000
The January 1 Finished Goods Inventory balance was $31,600, and the December 31 Finished Goods Inventory balance was $25,600. Calculate the cost of goods manufactured during the year.
A) $322,600
B) $57,200
C) $291,000
D) $6,000
C .C) Cost of goods manufactured = Cost of goods sold + Ending finished goods inventory - Beginning finished goods inventory = $297,000 + $25,600 - $31,600 = $291,000
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Alpine Productions uses a standard cost system for recording transactions
Alpine reported the following data for the year ended December 31: Sales revenues: $800,000 Cost of goods sold (standard costing): $382,000 Selling & admin expenses: $105,000 Variances: Sales revenue variance $4,100 F Direct materials cost variance 30 U Direct materials efficiency variance 300 F Direct labor cost variance 65 U Direct labor efficiency variance 10 F Variable overhead cost variance 300 U Variable overhead efficiency variance 80 F Fixed overhead cost variance 430 U Fixed overhead volume variance 100 F What is the standard net operating income? A) $312,665 B) $316,765 C) $421,765 D) $313,000
With which of the following does the indirect method of preparing the statement of cash flows begin?
A. Collections from customers B. Cash sales C. Net income D. Adjustments to reconcile net income to net cash provided by operating activities