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1.) ABC Company manufactures picture frames. During the year the company had the following costs:...

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Accounting

1.) ABC Company manufactures picture frames. During the year the company had the following costs: direct materials used $40,000, Direct labor $25,000, factory rent $12,000, factory utilities $3000, factory equipment depreciation $6,000, office equipment depreciation $4,000, selling expense $5,000, and administrative expenses $40,000. ABC Company had no beginning inventory balances and completed 45,000 frames. What is their cost for one frame?

A.

$1.77

B.

$1.91

C.

$3.00

D.

$2.00

If direct materials used is $10,000, overhead applied is $21,000, beginning WIP is $5,000 and ending WIP is $3,000, direct labor is $7,000, beginning and ending FG inventory is $15,000 and $12,000 respectively, what is the cost of goods sold?

A.

$40,000

B.

none of these

C.

$43,000

D.

$41,000

E.

$38,000

If the direct materials used is $10,000, overhead applied is $21,000, beginning WIP is $5000 and ending WIP is $3,000, direct labor is $7,000, beginning and ending FG inventory is $15,000 and $12,000 respectively, what is the cost of goods manufactured?

A.

$38,000

B.

$43,000

C.

$41,000

D.

$40,000

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