Given the Following Data for Glennon Company Compute (A) Total

question 103

Short Answer

Given the following data for Glennon Company compute (A) total manufacturing costs and (B) costs of goods manufactured: $\begin{array}{lrlr}\text { Direct materials used } & \$ 270,000 & \text { Beginning work in process } & \$ 40,000 \\\text { Direct labor } & 200,000 & \text { Ending work in process } & 20,000\\\text { Manufacturing overhead } & 250,000 & \text { Beginning finished goods } & 50,000 \\\text { Operating expenses } & 350,000 & \text { Ending finished goods } & 30,000\\\end{array}$

$\begin{array}{lll} &(A) &(B) \\\text { a. } & \$ 700,000 & \$ 740,000 \\\text { b. } & \$ 720,000 & \$ 700,000 \\\text { c. } & \$ 720,000 & \$ 740,000 \\\text { d. } & \$ 740,000 & \$ 760,000\end{array}$

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Definitions:

Cash Receipts

The total amount of money, including cash, checks, and credit card payments, received by a business during a specific period.

Authority and Responsibility

The granting of power to make decisions and the accountability that comes with those decisions within an organization.

Budgeted Cash Receipts

An estimation of the cash inflows that the organization anticipates receiving during a particular period, often as part of a budgeting process.

Bad Debts

Unrecoverable accounts receivable that a business deems uncollectible, similar to bad debt expense but focused on the receivable aspect.