Tuesday, May 24, 2011

What is gross margin for February?

ACCOUNTING

Multiple Choice

Gilley Incorporated reported the following information:



On January 31, 20x3:

Job #101 was the only job in process with accumulated costs of $3,000.



During February the following costs were added to production:

Job #101 $10,000

Job #102 $ 8,000

Job #103 $ 7,000



On February 28, 20x3:

Job #101 was completed and sold for $18,000.

Job #102 was completed but not sold.

Job #103 remains in production.





What is gross margin for February?

a. $5,000

b. $18,000

c. $8,000

d. $13,000

Click here for the SOLUTION

No comments:

Post a Comment