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1) Martinez Corporation reported Net sales of $770,000 and Net income of $137,000. The Profit margin is:

562.0%.

5.62%.

82.21%.

1.78%.

17.79%.

2) Jones Corp. reported current assets of $190,000 and current liabilities of $135,500 on its most recent balance sheet. The working capital is:

140%.

71%.

($54,500).

$54,500.

40%.

3) A corporation reported cash of $14,700 and total assets of $179,000 on its balance sheet. Its common-size percent for cash equals:

20.55%.

12.18%.

6.21%.

8.21%.

14.34%.

4) Refer to the following selected financial information from Graceworks, Corp. Compute the company's days' sales in inventory for Year 2. (Use 365 days a year.)

	Year 2	Year 1
Merchandise inventory	$291,000	$273,500
Cost of goods sold	$466,400	$413,100

227.7.

257.1.

241.7

214.0

234.3

5) Zhang Company reported Cost of goods sold of $845,000, beginning Inventory of $39,200 and ending Inventory of $47,300. The average Inventory amount is:

$39,200.

$47,300.

$86,500.

$43,250.

$8,100.

6) Use the following data to compute total manufacturing costs for the month.

Sales commissions	$11,000
Direct labor	39,800
Indirect materials	15,400
Factory manager salaries	7,400
Factory supplies	9,200
Indirect labor	6,500
Depreciationoffice equipment	5,200
Direct materials	40,700
Corporate office salaries	42,700
Depreciationfactory equipment	7,700

$142,900.

$126,700.

$46,200.

$86,000.

$58,900.

7) The following information is available for the year ended December 31:

Beginning raw materials inventory	$11,600
Raw materials purchases	87,200
Ending raw materials inventory	11,000
Manufacturing supplies expense	840

The amount of raw materials used in production for the year is:

$88,640.

$76,200.

$88,040.

$86,600.

$87,800.

8) Using the information below for Singing Dolls, Inc., determine the total manufacturing costs incurred during the year:

Work in Process, January 1	$53,200
Work in Process, December 31	38,600
Direct materials used	14,100
Total Factory overhead	7,100
Direct labor used	28,100

$14,600.

$49,300.

$102,500.

$95,400.

$63,900.

9) A manufacturing company has a beginning finished goods inventory of $27,600, cost of goods manufactured of $57,800, and an ending finished goods inventory of $26,900. The cost of goods sold for this company is:

$112,300.

$57,100.

$3,300.

$84,700.

$58,500.

10) Use the following data to compute total factory overhead costs for the month.

Sales commissions	$11,100
Direct labor	39,900
Indirect materials	15,500
Factory manager salaries	7,500
Factory supplies	9,300
Indirect labor	6,600
Depreciationoffice equipment	5,300
Direct materials	40,800
Corporate office salaries	42,800
Depreciationfactory equipment	7,800

$143,800.

$127,400.

$46,700.

$86,600.

$59,200.

11) Using the information below for Sundar Company; determine the cost of goods manufactured during the current year:

Direct materials used	$20,700
Direct labor used	26,200
Factory overhead	46,600
Beginning work in process	12,400
Ending work in process	13,000

$93,500.

$46,900.

$92,900.

$46,300.

$72,200.

12) Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation requisitioned $3,000 of direct materials and used $4,500 of direct labor. The job was not finished by the end of the month, but needed an additional $3,500 of direct materials and additional direct labor of $7,000 to finish the job in October. The company applies overhead at the end of each month at a rate of 100% of the direct labor cost incurred. What is the total cost of the job when it is completed in October?

$18,000

$17,500

$29,500

$22,000

$28,500

13) Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation requisitioned $1,700 of direct materials and used $3,200 of direct labor. The job was not finished by the end of the month, but needed an additional $2,200 of direct materials and additional direct labor of $4,900 to finish the job in October. The company applies overhead at the end of each month at a rate of 200% of the direct labor cost incurred. What is the balance in the Work in Process account at the end of September relative to Job A3B?

$7,100

$11,300

$3,900

$8,100

$4,900

14) Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation requisitioned $2,400 of direct materials and used $3,900 of direct labor. The job was not finished by the end of the month, but needed an additional $2,900 of direct materials in October and additional direct labor of $6,400 to finish the job. The company applies overhead at the end of each month at a rate of 100% of the direct labor cost. What is the amount of job costs added to Work in Process Inventory during October?

$15,600

$15,700

$25,900

$19,600

$24,900

15) The B&T Company's production costs for May are: direct labor, $17,000; indirect labor, $5,900; direct materials, $14,300; property taxes on production equipment, $850; heat, lights and power, $930; and insurance on plant and equipment, $130. B&T Company's factory overhead incurred for May is:

$39,110.

$5,900.

$1,910.

$20,200.

$7,810.

16) Dallas Company uses a job order costing system. The company's executives estimated that direct labor would be $3,990,000 (190,000 hours at $21/hour) and that factory overhead would be $1,490,000 for the current period. At the end of the period, the records show that there had been 170,000 hours of direct labor and $1,190,000 of actual overhead costs. Using direct labor hours as a base, what was the predetermined overhead rate? (Round your answer to two decimal places.)

$6.93 per direct labor hour.

$7.84 per direct labor hour.

$6.26 per direct labor hour.

$7.34 per direct labor hour.

$8.76 per direct labor hour.

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