1 MC16054 For which of the following businesses would the pr

1. MC.16-054 For which of the following businesses would the process cost system be appropriate? a. a paper mill b. a cater c. a cus d. d. shown with current liabilities on the balance sheet 2. MC wh 13. MC.15-118 Jensen Company reports the following: Direct materials used $345,000 Direct labor incurred Operating expenses Jensen Company\'s period costs are ncu 175,000 a. $400,000 $175,000 C. $345,000 d. $250,000 14. MC.15-133 Cost of goods sold for a manufacturer equals cost of goods manufactured plus a. ending finished goods inventory less beginning finished goods inventory b. ending work in process inventory less beginning work in process inventory c. beginning finished goods inventory less ending finished goods inventory d. beginning work in process inventory less ending work in process inventory

Solution

15-118

Jensen company period costs are $175000

Period costs are general and administrative expenses, such as rent, office depreciation, office supplies, and utilities.Therefore period cost = operating expense 175000

15-133

Ans c

beginning finished goods inventory less ending finished goods inventory

COGS = Beginning Inventory + Purchases Made During the Reporting Period - Ending Inventory.