Bri Cheese Products Co. purchased 1,000 shares of its $5 par common stock at $10
ID: 2498020 • Letter: B
Question
Bri Cheese Products Co. purchased 1,000 shares of its $5 par common stock at $10 and subsequently sold 500 of the shares at $20. What is the amount of revenue realized by Bri from the sale?
a. $0
b. $5,000
c. $2,500
d. $10,000
Below are selected T accounts from Bri Cheese Dairy with incomplete information:
Work in Process
Oct. 1 Balance 20,000 | Oct. 31 Goods
31 Direct | finished X
materials 96,700 |
31 Direct |
labor 201,000 |
31 Factory |
overhead X |
Finished Goods
Oct. 1 Balance 52,000 |
31 Goods |
finished 360,000 |
If the balance of Work in Process at October 31 is $21,000, what was the amount of factory overhead applied in October by Bri?
a.
$63,300
b.
$21,300
c.
$42,300
d.
$11,300
a.
$63,300
b.
$21,300
c.
$42,300
d.
$11,300
Explanation / Answer
1)
The answer is D (10,000)
Total shares sold = 500
Sales price $20
Total sales or revenue $10,000 (500*20)
2)
The anwer is $ 42,300
Balance 20,000 finished goods endning 360,000 direct material 96,700 direct labor 201,000 317,700 360,000 Balance in factory overhead 42,300