Exam 3: Job-Order Costing: Cost Flows and External Reporting

If a company closes any underapplied or overapplied manufacturing overhead to the Cost of Goods Sold account, then Cost of Goods Sold will be debited if manufacturing overhead is overapplied for the period.

Bocchini Corporation has provided the following data concerning last month's operations. How much is the unadjusted cost of goods sold on the Schedule of Cost of Goods Sold?

Dacosta Corporation had only one job in process on May 1. The job had been charged with $1,800 of direct materials, $6,966 of direct labor, and $9,936 of manufacturing overhead cost. The company assigns overhead cost to jobs using the predetermined overhead rate of $18.40 per direct labor-hour. During May, the following activity was recorded: Work in process inventory on May 30 contains $3,741 of direct labor cost. Raw materials consist solely of items that are classified as direct materials.The entry to dispose of the underapplied or overapplied manufacturing overhead cost for the month would include a:

Tevebaugh Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year: Results of operations: The net operating income is:

Heathcote Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year: Results of operations: The total amount of manufacturing overhead applied to production is:

Chavez Corporation reported the following data for the month of July: Inventories: Additional information: Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.The cost of goods manufactured for July is:

Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: What is the journal entry to record raw materials used in production?

Compute the amount of raw materials used during November if $30,000 of raw materials were purchased during the month and if the inventories were as follows:

At the beginning of the year, manufacturing overhead for the year was estimated to be $994,125. At the end of the year, actual direct labor-hours for the year were 36,370 hours, the actual manufacturing overhead for the year was $940,000, and manufacturing overhead for the year was overapplied by $60,175. If the predetermined overhead rate is based on direct labor-hours, then the estimated direct labor-hours at the beginning of the year used in the predetermined overhead rate must have been: (Do not round intermediate calculations.)

Farrel Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: What is the journal entry to record the direct and indirect labor costs incurred during the year?

Coatney Incorporated has provided the following data for the month of October. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Manufacturing overhead for the month was overapplied by $7,000.The Corporation allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts.The finished goods inventory at the end of October after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:

The following partially completed T-accounts are for Stanford Corporation: The ending Work in Process account balance would be:

Dipaola Corporation has provided the following data concerning last month's operations. How much is the direct materials cost for the month on the Schedule of Cost of Goods Manufactured?

Molin Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year: Results of operations: Required: a. What is the total amount of manufacturing overhead applied to production during the year? b. Is manufacturing overhead overapplied or underapplied for the year? By how much? c. What is the adjusted cost of goods sold for the year?

Leelanau Corporation uses a job-order costing system. The following data are for last year: Leelanau applies overhead using a predetermined rate. What amount of overhead was applied to work in process last year?

Chavez Corporation reported the following data for the month of July:Inventories: Additional information: Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.The direct materials cost for July is:

The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: The manufacturing overhead was:

Tenneson Corporation's cost of goods manufactured for the just completed month was $151,000 and its inventories were as follows: How much was the cost of goods available for sale on the Schedule of Cost of Goods Sold?

Forbes Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. At the beginning of the period, the Corporation estimated manufacturing overhead would be $18,000 and direct labor-hours would be 15,000. The actual figures were $19,500 for manufacturing overhead and 16,000 direct labor-hours. The cost records for the period will show:

Niles Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Results of operations: The ending balance in the Work in Process inventory account is: