Venus International makes customized furniture and uses job order costing. During a period, its beginning raw materials inventory was $10,000. It purchased raw materials of $20,000 and ended the period with ending raw materials inventory of $3,000. What is the cost of raw materials transferred to Work in Process Inventory?
multiple choice 1
$27,000
$33,000
$30,000
$20,000
Knowledge Check 03
Smith and Stein Incorporated is a jeweler specialized in making exclusive designs for its customers. Its unadjusted cost of goods sold in a period is $150,000 and the period's sales revenue is $225,000. If the underapplied manufacturing overhead is $5,000, calculate the gross profit.
multiple choice 2
$70,000
$85,000
$80,000
$75,000