Chapter 8, Problem 8.5EYCT

Tang Company accumulates the following data concerning raw materials in making one gallon of the finished product: 1) Price-net purchase price $2.42, freight-in $0.58, and receiving and handling $0.29. 2) Quantity-required materials 2.80 pounds, allowance for waste and spoilage 0.88 pounds. Compute the following: a) Standard direct materials price per gallon. b) Standard direct materials quantity per gallon. c) Total standard materials cost per gallon.

If sales = $1,000 and COGS = $600, and operating expenses = $100, the gross profit percentage would be: a. 50%. b. 40%. c. 20%. d. 10%.

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MCQ

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If $8,400 was the beginning inventory, purchases were $14,000, and sales were $12,600, how much was the ending inventory last accounting period?

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