1. In the income statement of a manufacturing company what replaces purchases

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    1. In the income statement of a manufacturing company what replaces purchases in the cost of goods section of a retail company?

    a.finished goods

    b. cost of merchandise available

    c. cost of gods manufactured

    d. work in process completed

    2. Compute conversion costs given the following data: Direct Materials $452700; Direct Labor $186300; Factory Overhead $175600 Selling Expense $45290

    a. $639000

    b. $175600

    c. $816600

    d. $361900

    3. The cost f a manufactured product generally consists of which of the following costs?

    a. direct materials cost and factory overhead cost

    b. direct labor cost and factory overhead cost

    c. direct labor cost direct materials costs and factory overhead cost

    direct materials cost and direct labor cost

    4. what is the purpose of the Statement of Cost of Goods anufactured?

    a. to determine the ending materials inventory

    b. to determine the ending work in process inventory

    c. to determine the amounts trasferred to finished goods

    d. all of the answers are true

    5 One on the following will not befound on the balance sheet of a manufacturin company.

    a. cost of goods sold

    b. materials

    c. work in process

    d. finished goods

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