1.Hardigan Manufacturing Company reported the following year-end information: beginning work in process inventory, $80,000; cost of goods manufactured, $980,000; beginning finished goods inventory, $50,000; ending work in process inventory, $70,000; and ending finished goods inventory, $40,000. How much is Hardigan's cost of goods sold for the year?
a.$980,000
b.$990,000
c.$970,000
d.$1,000,000
2.Hollern Combines, Inc. has $10,000 of ending finished goods inventory as of December 31, 2008. If beginning finished goods inventory was $5,000 and cost of goods sold was $20,000, how much would Hollern report for cost of goods manufactured?
a.$22,500
b.$5,000
c.$25,000
d.$15,000
3.Overapplied manufacturing overhead exists when overhead assigned to work in process is
a.more than overhead incurred and there is a debit balance in Manufacturing Overhead at the end of a period.
b.less than overhead incurred and there is a debit balance in Manufacturing Overhead at the end of a period.
c.more than overhead incurred and there is a credit balance in Manufacturing Overhead at the end of a period.
d.less than overhead incurred and there is a credit balance in Manufacturing Overhead at the end of a period.
4.Manufacturing costs include
a.direct materials and direct labor only.
b.direct materials and manufacturing overhead only.
c.direct labor and manufacturing overhead only.
d.direct materials, direct labor, and manufacturing overhead.