1 What was the beginning work in progress inventory Raw Materials used in Production $800,000 Direct Labor $700,000 Total Overhead Costs $900,000 Ending work in process Inventory $400,000 Cost of Goods Manufactured $2,500,000 a) $300,000 b) $500,000 c) $1,300,000 d) $100,000 2 Which of the followin...

1 Total Manufacturing Costs 800000700000900000 2400000 Beg ...

1. What was the beginning work in progress inventory? Raw Materials used in Production $800,000 Direct Labor...

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Question:

1. What was the beginning work in progress inventory?

Raw Materials used in Production	$800,000
Direct Labor	$700,000
Total Overhead Costs	$900,000
Ending work in process Inventory	$400,000
Cost of Goods Manufactured	$2,500,000

a) $300,000

b) $500,000

c) $1,300,000

d) $100,000

2. Which of the following best defines an opportunity cost?

a) The difference in total cost from selecting one alternative instead of another

b) The benefit forgone by selecting one alternative instead of another

c) A cost that may be saved by NOT adopting an alternative

d) A cost that may be shifted to the future with little or no effect on current operations

3. The beginning work in progress inventory is $16,000 and the ending work in progress inventory is $9,000. What is the cost of goods manufactured for the month?

Direct Materials Used	$27,000
Direct Labor	$34,000
Sales Salaries	$14,000
Indirect Labor	$10,000
Indirect Materials	$15,000
General Corporation Administrative Cost	$12,000
Taxes on Manufacturing Facility	$2,000
Rent on Factory	$17,000