Reference: 03-03
Meyers Company Had the Following Inventory Balances at the Beginning

question 99

Multiple Choice

Reference: 03-03
Meyers Company had the following inventory balances at the beginning and end of November: $$\begin{array} { | l | l | l | } \hline & \text { November 1 } & \text { November } 30 \\\hline \text { Raw Materials } & \$ 17,000 & \$ 20,000 \\\hline \text { Finished Goods } & \$ 50,000 & \$ 44,000 \\\hline \text { Work in Process } & \$ 9,000 & \$ 11,000 \\\hline\end{array}$$ During November, $39,000 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $8 per direct labour-hour, and it paid its direct labour workers $10 per hour. A total of 300 hours of direct labour time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $4,700 of direct materials cost. The Company incurred $28,000 of actual manufacturing overhead cost during the month and applied $26,400 in manufacturing overhead cost.
-The raw materials purchased during November totalled:

• A)$42,000.
• B)$45,000.
• C)$36,000.
• D)$39,000.

Understand and calculate total manufacturing costs incurred.

Apply cost principles to specific manufacturing and service sector scenarios.

Identify and classify different types of costs in a manufacturing environment.

Differentiate between product costs and period costs.

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