A controller is normally involved with:

Select one:

a. preparing financial statements

b. managing investments

c. raising capital

d. safeguarding assets

e. managing the firm's credit policy

Question 12

Which of the following equations is used to calculate cost of goods sold during the period?

Select one:

a. Beginning finished goods + cost of goods manufactured + ending finished goods

b. Beginning finished goods - ending finished goods

c. Beginning finished goods + cost of goods manufactured

d. Beginning finished goods + cost of goods manufactured - ending finished goods

e. Beginning finished goods + ending finished goods - cost of goods manufactured

Question 13

Work-in-process inventory is composed of:

Select one:

a. direct material and direct labor

b. direct labor and manufacturing overhead

c. direct material and manufacturing overhead

d. direct material, direct labor, and manufacturing overhead

e. direct material only

Question 14

Holden Industries began July with a finished-goods inventory of $48,000. The finished-goods inventory at the end of July was $56,000 and the cost of goods sold during the month was $125,000. The cost of goods manufactured during July was:

Select one:

a. $104,000

b. $125,000

c. $117,000

d. $133,000

e. some other amount

Question 15

Carolina Plating Company reported a cost of goods manufactured of $520,000, with the firm's year-end balance sheet revealing work in process and finished goods of $70,000 and $134,000, respectively. If supplemental information disclosed raw materials used in production of $80,000, direct labor of $140,000, and manufacturing overhead of $240,000, the company's beginning work in process must have been:

Select one:

a. $130,000

b. $10,000

c. $66,000

d. $390,000

e. some other amount