BUS105 Managerial Accounting Direct Credit Final Exam Attempt review FALL 2025 questions and
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Started on Saturday, July 29, 5:23 PM
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Completed on Saturday, July 29, 6:26 PM
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Grade 3.20 out of 10.00 (32%)
,Question
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This is select financial statement data for Binks Corporation. What is the inventory turnover ratio for year 2?
Sales $2,335,000
Cost of Goods Sold 1,525,000
Gross Profit 810,000
Ending inventory, year 1 300,000
Ending inventory, year 2 350,000
Accounts Payable 160,000
a. 2.3
b. 4.4
c. 4.7
d. 7.2
Your answer is correct.
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Wycliff Corporation manufactured Job #3 during the month of May. On May 29, 100% of the product was finished and sold on
account for $150. These journal entries were recorded during production:
Debit Credit
Manufacturing overhead 31
Materials 10
Wages payable 21
Work in process 19
Materials 19
Work in process 26
Wages payable 26
Work in process 30
Manufacturing overhead 30
Finished goods 75
Work in process 75
, On May 31, Wycliff determined that the amount remaining in the manufacturing overhead account was immaterial and closed it out.
What was the amount of gross profit before closing the manufacturing account, and what effect did closing the manufacturing
account have on gross profit?
Gross profit was $44; gross profit decreased by $1.00 after closing manufacturing overhead
Gross profit was $44; gross profit increased by $1.00 after closing manufacturing overhead
Gross profit was $75; gross profit decreased by $1.00 after closing manufacturing overhead
Gross profit was $75; gross profit increased by $1.00 after closing manufacturing overhead
Your answer is incorrect.
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