Kline Manufacturing has the following labor costs: \[\begin{array} { l r } \text { Factory-Gross wages } & \$ 500,000 \\ \text { Factory-Net wages } & 420,000 \\ \text { Employer Payroll Taxes Payable } & 50,000 \end{array}\] The amount recorded as an increase to Factory Labor will be

A) $550000. B) $500000. C) $470000. D) $450000. A) $550000. B) $500000. C) $470000. D) $450000.

Norman Company manufactures customized desks.The following pertains to Job No.953: $\begin{array}{lr} \text { Direct materials used } & \$ 22,800 \\ \text { Direct labor hours worked } & 600 \\ \text { Direct labor rate per hour } & \$ 16.00 \\ \text { Machine hours used } & 400 \\ \text { Predetermined overhead rate per machine hour } & \$ 30.00 \end{array}$ What is the total manufacturing cost for Job No.953?

A) $41200 B) $44400 C) $47200 D) $50400 A) $41200 B) $44400 C) $47200 D) $50400

Kimble Company applies overhead on the basis of machine hours.Given the following data compute overhead applied and the under- or overapplication of overhead for the period: $\begin{array}{lr} \text { Estimated annual overhead cost } & \$ 1,600,000 \\ \text { Actual annual overhead cost } & \$ 1,575,000 \\ \text { Estimated machine hours } & 400,000 \\ \text { Actual machine hours } & 390,000 \end{array}$

A) $1560000 applied and $15000 overapplied B) $1600000 applied and $15000 overapplied C) $1560000 applied and $15000 underapplied D) $1575000 applied and neither under-nor overapplied A) $1560000 applied and $15000 overapplied B) $1600000 applied and $15000 overapplied C) $1560000 applied and $15000 underapplied D) $1575000 applied and neither under-nor overapplied

Greer Company developed the following data for the current year: $\begin{array}{lr} \text { Beginning work in process inventory } & 136,000 \\ \text { Direct materials used } & 208,000 \\ \text { Actual overhead } & 176,000 \\ \text { Overhead applied } & 184,000 \\ \text { Cost of goods manufactured } & 900,000 \\ \text { Total manufacturing costs } & 856,000 \end{array}$ How much is Greer Company's direct labor cost for the year?

A) $508000 B) $600000 C) $464000 D) $328000 A) $508000 B) $600000 C) $464000 D) $328000

Gulick Company developed the following data for the current year: $\begin{array}{lr} \text { Beginning work in process inventory } & \$ 240,000 \\ \text { Direct materials used } & 144,000 \\ \text { Actual overhead } & 288,000 \\ \text { Overhead applied } & 216,000 \\ \text { Cost of goods manufactured } & 264,000 \\ \text { Total manufacturing costs } & 720,000 \end{array}$ Gulick Company's ending work in process inventory is

A) $696000. B) $480000. C) $456000. D) $216000. A) $696000. B) $480000. C) $456000. D) $216000.

Exam 11: Incremental Analysis

Kline Manufacturing has the following labor costs: Factory-Gross wages \ 500,000 Factory-Net wages 420,000 Employer Payroll Taxes Payable 50,000 The amount recorded as an increase to Factory Labor will be

(Multiple Choice)

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Question 121

As of December 31 2022 Nilsen Company had $2000 of raw materials inventory.At the beginning of 2022 there was $1600 of materials on hand.During the year the company purchased $354000 of materials; however it paid for only $314000.How much inventory was requisitioned for use on jobs during 2022?

(Multiple Choice)

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Question 122

Overhead application is recorded as a(n)

(Multiple Choice)

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Question 123

Norman Company manufactures customized desks.The following pertains to Job No.953: Direct materials used \ 22,800 Direct labor hours worked 600 Direct labor rate per hour \ 16.00 Machine hours used 400 Predetermined overhead rate per machine hour \ 30.00 What is the total manufacturing cost for Job No.953?

(Multiple Choice)

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Question 124

Kinney Company applies overhead on the basis of 150% of direct labor cost.Job No.176 is increased with $150000 of direct materials costs and $180000 of manufacturing overhead.The total manufacturing costs for Job No.176 is

(Multiple Choice)

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Question 125

Manufacturing overhead applied plus direct labor incurred and what other item equals total manufacturing costs for the period?

(Multiple Choice)

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Question 126

Actual manufacturing overhead costs should be recorded to the Work in Process Inventory account as they are incurred.

(True/False)

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Question 127

The predetermined overhead rate is

(Multiple Choice)

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Question 128

Which of the following is not a control account?

(Multiple Choice)

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Question 129

Kimble Company applies overhead on the basis of machine hours.Given the following data compute overhead applied and the under- or overapplication of overhead for the period: Estimated annual overhead cost \ 1,600,000 Actual annual overhead cost \ 1,575,000 Estimated machine hours 400,000 Actual machine hours 390,000

(Multiple Choice)

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Question 130

Actual manufacturing overhead costs are assigned to each job by tracing each overhead cost to a specific job.

(True/False)

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Question 131

Manufacturing overhead is applied to each job

(Multiple Choice)

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Question 132

Greer Company developed the following data for the current year: Beginning work in process inventory 136,000 Direct materials used 208,000 Actual overhead 176,000 Overhead applied 184,000 Cost of goods manufactured 900,000 Total manufacturing costs 856,000 How much is Greer Company's direct labor cost for the year?

(Multiple Choice)

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Question 133

A copy of the materials requisition slip would not include the

(Multiple Choice)

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Question 134

The cost of raw materials purchased is recorded as a decrease to Raw Materials Inventory when materials are received.

(True/False)

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Question 135

A materials requisition slip showed that direct materials requested were $66000 and indirect materials requested were $9000.This transaction will

(Multiple Choice)

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Question 136

Simmons Inc.applies overhead to production at a predetermined rate of 90% based on direct labor cost.Job No.250 the only job still in process at the end of August has been increased with manufacturing overhead of $8100.What was the amount of direct materials added to Job 250 assuming the balance in Work in Process inventory is $30000?

(Multiple Choice)

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Question 137

Job order cost sheets constitute the subsidiary ledger of the control account Work In Process Inventory.

(True/False)

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Question 138

Gulick Company developed the following data for the current year: Beginning work in process inventory \ 240,000 Direct materials used 144,000 Actual overhead 288,000 Overhead applied 216,000 Cost of goods manufactured 264,000 Total manufacturing costs 720,000 Gulick Company's ending work in process inventory is

(Multiple Choice)

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Question 139

Which of the following are control accounts?

(Multiple Choice)

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Question 140

Kline Manufacturing has the following labor costs: Factory-Gross wages \ 500,000 Factory-Net wages 420,000 Employer Payroll Taxes Payable 50,000 The amount recorded as an increase to Factory Labor will be

As of December 31 2022 Nilsen Company had $2000 of raw materials inventory.At the beginning of 2022 there was $1600 of materials on hand.During the year the company purchased $354000 of materials; however it paid for only $314000.How much inventory was requisitioned for use on jobs during 2022?

Overhead application is recorded as a(n)

Kinney Company applies overhead on the basis of 150% of direct labor cost.Job No.176 is increased with $150000 of direct materials costs and $180000 of manufacturing overhead.The total manufacturing costs for Job No.176 is

Manufacturing overhead applied plus direct labor incurred and what other item equals total manufacturing costs for the period?

Actual manufacturing overhead costs should be recorded to the Work in Process Inventory account as they are incurred.

The predetermined overhead rate is

Which of the following is not a control account?

Actual manufacturing overhead costs are assigned to each job by tracing each overhead cost to a specific job.

Manufacturing overhead is applied to each job

A copy of the materials requisition slip would not include the

The cost of raw materials purchased is recorded as a decrease to Raw Materials Inventory when materials are received.

A materials requisition slip showed that direct materials requested were $66000 and indirect materials requested were $9000.This transaction will

Job order cost sheets constitute the subsidiary ledger of the control account Work In Process Inventory.

Which of the following are control accounts?

Introduction to Financial Statements

A Further Look at Financial Statements

The Accounting Information System

Accrual Accounting Concepts

Fraud, Internal Control, and Cash

Reporting and Analyzing Long-Lived Assets

Reporting and Analyzing Liabilities and Stockholders Equity

Financial Analysis: the Big Picture

Managerial Accounting

Cost-Volume-Profit

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Planning for Capital Investments

Activity Based Costing

Cost-Volume Profit Analysis: Additional Issues

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