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Questions and Answers
What was the amount of direct manufacturing labor cost for Carolina Corporation in 2017?
The finished-goods inventory at the end of 2017 was higher than at the beginning of 2017.
False
What was the total amount of purchases of direct materials in 2017?
$262,000
The amount of indirect manufacturing labor recorded for Carolina Corporation in 2017 was ____.
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Match the following expenses with their amounts for Carolina Corporation in 2017:
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Study Notes
Carolina Corporation's Beginning and End Balances for 2017
- Direct Materials Inventory: Beginning balance of $124,000 and ending balance of $73,000
- Work-in-Process Inventory: Beginning balance of $173,000 and ending balance of $145,000
- Finished-Goods Inventory: Beginning balance of $240,000 and ending balance of $206,000
- Purchases of Direct Materials: $262,000
- Direct Manufacturing Labor: $217,000
- Indirect Manufacturing Labor: $97,000
- Plant Insurance: $9,000
- Depreciation—Plant, Building, and Equipment: $45,000
- Plant Utilities: $26,000
Carolina Corporation Beginning Balance 2017
- Repairs and Maintenance-Plant: $12,000
- Equipment Leasing Costs: $65,000
- Marketing, Distribution, and Customer-Service Costs: $125,000
- General and Administrative Costs: $71,000
Carolina Corporation - 2017
- Revenue (In Thousands): $1,300,000
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Description
Explore the financial balances and costs of Carolina Corporation for the year 2017. The quiz covers aspects like inventory balances, direct materials, labor costs, and overall revenue, providing insights into the company's economic performance. Test your knowledge of financial management concepts applied in a corporate context.
