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

Cai Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. The cost of indirect materials requisitioned for use in production during the year was:

During June, Briganti Corporation purchased $85,000 of raw materials on credit to add to its raw materials inventory. A total of $70,000 of raw materials was requisitioned from the storeroom for use in production. These requisitioned raw materials included $10,000 of indirect materials.Required:Prepare journal entries to record the purchase of materials and their use in production.

The following partially completed T-accounts are for Stanford Corporation: The cost of direct materials used is:

Boursaw Corporation has provided the following data concerning last month's operations. Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. How much is the unadjusted cost of goods sold on the Schedule of Cost of Goods Sold?

Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: The journal entry to record the transfer of completed goods from Work in Process to Finished Goods is:

Stangl Incorporated has provided the following data for the month of September. 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 underapplied by $3,000.The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts.Required:Determine the cost of work in process, finished goods, and cost of goods sold AFTER allocation of the underapplied or overapplied overhead for the period.

Vogel Corporation's cost of goods manufactured last month was $136,000. The beginning finished goods inventory was $35,000 and the ending finished goods inventory was $48,000. Overhead was overapplied by $6,000. Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.How much is the unadjusted cost of goods sold on the Schedule of Cost of Goods Sold?

Refer to the T-account below: Entry (5) could represent which of the following?

The actual manufacturing overhead incurred at Gutekunst Corporation during March was $53,000, while the manufacturing overhead applied to Work in Process was $73,000. The Corporation's Cost of Goods Sold was $451,000 prior to closing out its Manufacturing Overhead account. The Corporation closes out its Manufacturing Overhead account to Cost of Goods Sold. Which of the following statements is true?

The following accounts are from last year's books at Sharp Manufacturing: Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the amount of cost of goods manufactured for the year?

The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: The direct labor cost was:

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

Gonzalez, Inc. manufactures stereo speakers in two factories; one in Vandalia, Illinois and another in Modesto, California. The Vandalia factory uses direct labor cost (DL$) for its overhead rate and the Modesto factory uses machine-hours (MHs) for its overhead rate. Information related to both plants for last year is presented below: Required: Fill in the lettered blanks above. SHOW YOUR CALCULATIONS.

Saint Johns Corporation uses a job-order costing system and has provided the following partially completed summary T-accounts for the just completed period: Manufacturing overhead for the period was:

Easterling Corporation uses a job-order costing system. The following data relate to the just completed month's operations. Required: a. Where appropriate, post the above transactions to the Work in Process and Manufacturing Overhead T-accounts. b. Determine the underapplied or overapplied overhead for the month.

Wessendorf Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on January 1 appears below: Summaries of the transactions completed during January appear below: Required:a. Completely fill in the spreadsheet below. b. Prepare a Balance Sheet for the company for January 31.

Shane 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?

Dagostino Corporation uses a job-order costing system.The following data relate to the just completed month's operations.(1) Direct materials requisitioned for use in production, $154,000(2) Indirect materials requisitioned for use in production, $45,000(3) Direct labor wages incurred, $94,000(4) Indirect labor wages incurred, $119,000(5) Depreciation recorded on factory equipment, $44,000(6) Additional manufacturing overhead costs incurred, $83,000(7) Manufacturing overhead costs applied to jobs, $236,000(8) Cost of jobs completed and transferred from Work in Process to Finished Goods, $458,000Use the following T-accounts to answer the following question. The manufacturing overhead was:

Solt Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. The Cost of Goods Manufactured for the year was $415,000. The unadjusted Cost of Goods Sold for the year was:

In the Schedule of Cost of Goods Manufactured, Raw materials used in production = Beginning raw materials inventory + Purchases of raw materials − Ending raw materials inventory.