15. Hasbrouck Corporation used $63,500 of direct materials, $46,000 of direct labor, and applied $94,500 of manufacturing overhead during October.  Cost of goods sold for October was $218,200.  Hasbrouck’s beginning and ending work-in-process and finished goods inventories were as follows:
Beginning inventory Ending inventory
Finished goods $70,000 $61,500
Work-in-process   47,000   41,300

What was Hasbrouck’s cost of goods manufactured for October?

A) $209,700
B) $212,500
C) $234,800
D) None of the above.

16. Halting, Inc. gathered the following direct labor cost information for the month of July:

Actual direct labor hours 68,500
Standard direct labor hours allowed
for actual production 67,200
Actual direct labor rate per hour $12.10
Standard direct labor rate per hour $11.75

The direct labor price variance is:

A) $15,730U
B) $23,975U
C) $15,275F
D) $23,520F

17. On December 31, 2009, Voyager Products, Inc. received a $20,000 deposit from a customer for a special order of merchandise to be manufactured and shipped in January 2010. Voyager Products, Inc. made the following journal entry on December 31, 2009:

The financial statements dated December 31, 2009 would be:
A) correctly stated
B) in error, understating liabilities and overstating assets
C) in error, overstating net income and understating liabilities
D) in error, understating net income and understating stockholders’ equity

18. Allowance for Uncollectible Accounts had a beginning and ending balance of $3,500 and $4,600, respectively.  If uncollectible accounts expense was $9,500 for the period, the total dollar amount of accounts written off during the period was:
A) $13,000
B) $8,400
C) $10,600
D) $9,500

19. Kozicek Corporation reported credit sales of $200,000, accounts receivable of
$110,000 at the beginning of the year and accounts receivable of $150,000 at the end of the year.  Cash receipts/collections from customers during the year were:
A) $160,000
B) $200,000
C) $240,000
D) $310,000

20. A cost that does not change in total as the activity changes is a:
A) Fixed cost
B) Variable cost
C) Mixed cost
D) None of the above
Use the following information for questions 21 and 22.
Hepler Enterprises began the year with $188,200 of finished goods inventory. During the year the company manufactured goods costing $712,000. At the end of the year, $207,500 of finished goods remained in inventory. Actual manufacturing overhead was $141,500 and applied manufacturing overhead totaled $143,900.
21. Prior to any adjustment for overhead application, cost of goods sold was:

A) $692,700
B) $731,300
C) $774,000
D) $900,200

22. Assuming the overapplied or underapplied manufacturing overhead was considered small and, therefore, closed out to Cost of Goods Sold, the cost of goods sold reported on the income statement for the period was:
A) $675,000
B) $690,300
C) $695,100
D) $728,900

23. The Manhattan Company sells its one and only product for $89.00 per unit.  Variable costs per unit amount to $63.50 and total fixed costs are $3,697,500.  If Manhattan increases its selling price to $95, how will this affect the breakeven point in units?
A) The breakeven point will increase 27,619 units.
B) The breakeven point will decrease 106,078 units.
C) The breakeven point will increase 41,300 units.
D) The breakeven point will decrease 27,619 units.

24. Bonita Enterprises purchased $42,000 of merchandise on account, terms 2/10, n/30. Assuming Bonita uses the net price method to account for purchase discounts, and it pays for the merchandise on the 30th day after the purchase, the journal entry to record the payment would include a:
A) credit to Cash for $41,160
B) credit to Inventory for $42,000
C) debit to Accounts Payable for $42,000
D) debit to Purchase Discounts Lost for $840

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