Homework answers / question archive / Question 1 The following data (in thousands of dollars) have been taken from the accounting records of Karlana Corporation for the year just ended Sales $910 Raw materials inventory, beginning $80 Raw materials inventory, ending $20 Purchase of raw materials $100 Direct labour $130 Manufacturing overhead $200 Administrative expenses $160 Selling expenses $140 Work in progress inventory, beginning $40 Work in progress inventory, ending $10 finished goods inventory, beginning $130 finished goods inventory, ending $150   What was the cost of goods sold for the year (in thousands of dollar)?   Multiple Choice O $530 O $520 O $500 O $460 Question 3 An income statement for Crandall’s, Bookstore for the first quarter of the current year is presented below: CRANDALU’s BOOKSTORE Income Statement for the First Quarter of the Current Year Sales   $800,000 Less: Cost of Goods Sold all variable   560,000 Gross Margin   240,000 Less operating expenses     Selling $98,000   Administrative 98,000   Operating income   $44,000   On average, a book sells for $50

Question 1 The following data (in thousands of dollars) have been taken from the accounting records of Karlana Corporation for the year just ended Sales $910 Raw materials inventory, beginning $80 Raw materials inventory, ending $20 Purchase of raw materials $100 Direct labour $130 Manufacturing overhead $200 Administrative expenses $160 Selling expenses $140 Work in progress inventory, beginning $40 Work in progress inventory, ending $10 finished goods inventory, beginning $130 finished goods inventory, ending $150   What was the cost of goods sold for the year (in thousands of dollar)?   Multiple Choice O $530 O $520 O $500 O $460 Question 3 An income statement for Crandall’s, Bookstore for the first quarter of the current year is presented below: CRANDALU’s BOOKSTORE Income Statement for the First Quarter of the Current Year Sales   $800,000 Less: Cost of Goods Sold all variable   560,000 Gross Margin   240,000 Less operating expenses     Selling $98,000   Administrative 98,000   Operating income   $44,000   On average, a book sells for $50

Accounting

Share With

---

Question 1

The following data (in thousands of dollars) have been taken from the accounting records of Karlana Corporation for the year just ended

Sales	$910
Raw materials inventory, beginning	$80
Raw materials inventory, ending	$20
Purchase of raw materials	$100
Direct labour	$130
Manufacturing overhead	$200
Administrative expenses	$160
Selling expenses	$140
Work in progress inventory, beginning	$40
Work in progress inventory, ending	$10
finished goods inventory, beginning	$130
finished goods inventory, ending	$150

 

What was the cost of goods sold for the year (in thousands of dollar)?  

Multiple Choice

O $530

O $520

O $500

O $460

Question 3

An income statement for Crandall’s, Bookstore for the first quarter of the current year is presented below: CRANDALU’s BOOKSTORE

Income Statement for the First Quarter of the Current Year

Sales		$800,000
Less: Cost of Goods Sold all variable		560,000
Gross Margin		240,000
Less operating expenses
Selling	$98,000
Administrative	98,000
Operating income		$44,000

 

On average, a book sells for $50. Variable selling expenses are $5.50 per book, with the remaining selling expenses being fixed. The variable administrative expenses are 3% of sales, with the remainder being fixed.

What is the cost formula for operating expenses where X represents the number of books sold?

Multiple Choice