Solved

At the Beginning of the Year, Berkshire Manufacturing Had the Following

Question 147

Multiple Choice

At the beginning of the year, Berkshire Manufacturing had the following account balances: At the beginning of the year, Berkshire Manufacturing had the following account balances: The following additional details are provided for the year: \begin{array} { | l | l| } \hline \text { Direct materials placed in production } & \$ 81,000 \\ \hline \text { Direct labor incurred } & 190,000 \\ \hline \text { Manufacturing overhead incurred } & 302,000 \\ \hline \text { Manufacturing overhead allocated to production } & 293,000 \\ \hline \text { Cost of jobs completed and transferred } & 506,000 \\ \hline \text { Total revenue } & 751,000 \\ \hline \text { Cost of goods sold (before adjustment) } & 444,400 \\ \hline \end{array} Calculate the gross profit Berkshire will report for the year. A) $245,000 B) $297,600 C) $306,600 D) $453,400 At the beginning of the year, Berkshire Manufacturing had the following account balances: The following additional details are provided for the year: \begin{array} { | l | l| } \hline \text { Direct materials placed in production } & \$ 81,000 \\ \hline \text { Direct labor incurred } & 190,000 \\ \hline \text { Manufacturing overhead incurred } & 302,000 \\ \hline \text { Manufacturing overhead allocated to production } & 293,000 \\ \hline \text { Cost of jobs completed and transferred } & 506,000 \\ \hline \text { Total revenue } & 751,000 \\ \hline \text { Cost of goods sold (before adjustment) } & 444,400 \\ \hline \end{array} Calculate the gross profit Berkshire will report for the year. A) $245,000 B) $297,600 C) $306,600 D) $453,400 At the beginning of the year, Berkshire Manufacturing had the following account balances: The following additional details are provided for the year: \begin{array} { | l | l| } \hline \text { Direct materials placed in production } & \$ 81,000 \\ \hline \text { Direct labor incurred } & 190,000 \\ \hline \text { Manufacturing overhead incurred } & 302,000 \\ \hline \text { Manufacturing overhead allocated to production } & 293,000 \\ \hline \text { Cost of jobs completed and transferred } & 506,000 \\ \hline \text { Total revenue } & 751,000 \\ \hline \text { Cost of goods sold (before adjustment) } & 444,400 \\ \hline \end{array} Calculate the gross profit Berkshire will report for the year. A) $245,000 B) $297,600 C) $306,600 D) $453,400 At the beginning of the year, Berkshire Manufacturing had the following account balances: The following additional details are provided for the year: \begin{array} { | l | l| } \hline \text { Direct materials placed in production } & \$ 81,000 \\ \hline \text { Direct labor incurred } & 190,000 \\ \hline \text { Manufacturing overhead incurred } & 302,000 \\ \hline \text { Manufacturing overhead allocated to production } & 293,000 \\ \hline \text { Cost of jobs completed and transferred } & 506,000 \\ \hline \text { Total revenue } & 751,000 \\ \hline \text { Cost of goods sold (before adjustment) } & 444,400 \\ \hline \end{array} Calculate the gross profit Berkshire will report for the year. A) $245,000 B) $297,600 C) $306,600 D) $453,400 At the beginning of the year, Berkshire Manufacturing had the following account balances: The following additional details are provided for the year: \begin{array} { | l | l| } \hline \text { Direct materials placed in production } & \$ 81,000 \\ \hline \text { Direct labor incurred } & 190,000 \\ \hline \text { Manufacturing overhead incurred } & 302,000 \\ \hline \text { Manufacturing overhead allocated to production } & 293,000 \\ \hline \text { Cost of jobs completed and transferred } & 506,000 \\ \hline \text { Total revenue } & 751,000 \\ \hline \text { Cost of goods sold (before adjustment) } & 444,400 \\ \hline \end{array} Calculate the gross profit Berkshire will report for the year. A) $245,000 B) $297,600 C) $306,600 D) $453,400 The following additional details are provided for the year:
 Direct materials placed in production $81,000 Direct labor incurred 190,000 Manufacturing overhead incurred 302,000 Manufacturing overhead allocated to production 293,000 Cost of jobs completed and transferred 506,000 Total revenue 751,000 Cost of goods sold (before adjustment)  444,400\begin{array} { | l | l| } \hline \text { Direct materials placed in production } & \$ 81,000 \\\hline \text { Direct labor incurred } & 190,000 \\\hline \text { Manufacturing overhead incurred } & 302,000 \\\hline \text { Manufacturing overhead allocated to production } & 293,000 \\\hline \text { Cost of jobs completed and transferred } & 506,000 \\\hline \text { Total revenue } & 751,000 \\\hline \text { Cost of goods sold (before adjustment) } & 444,400 \\\hline\end{array} Calculate the gross profit Berkshire will report for the year.


A) $245,000
B) $297,600
C) $306,600
D) $453,400

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q141: What causes manufacturing overhead to be overallocated?

Q142: At the end of the year,Martin,Inc.has an

Q146: SES Manufacturing has finished production activities for

Q146: What causes manufacturing overhead to be underallocated?

Q147: Underallocated overhead occurs when _.
A) allocated overhead

Q150: The journal entry for adjustment of underallocated

Q152: At the beginning of the year,

Q156: At the end of the year,Beta,Inc.has an

Q157: On January 1 Primary Manufacturing had a

Q159: At the end of the year,Metro,Inc.has an

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents