Chat with AIExam 2: Managerial Accounting Concepts and Cost Flows
Tender Tissues, a manufacturer of consumer paper products, had the following information for production last period:
Assuming that all manufacturing overhead is applied to Work in Process inventory, what were Total Manufacturing Costs for the period?
Assuming that all manufacturing overhead is applied to Work in Process inventory, what were Total Manufacturing Costs for the period?
(42) 
VerifiedTotal Manufacturing Costs = Direct Materials Used + Direct Labor + Manufacturing Overhead
Total Materials Used =
Beginning Materials Inventory + Materials Purchased - Ending Materials Inventory
= 5,000 + 100,000 - 4,000 = $101,000
Direct Materials Used = Total Materials Used - Indirect Materials Used
= $101,000 - 20,000 = $81,000
Manufacturing Overhead =
Indirect Labor + Indirect Materials Used + Other Production costs (Rent, Utilities)
= $3,000 + 20,000 + 2,000 +500 = $25,500
Total Manufacturing Costs = $81,000 + 15,000 + 25,500 = $121,500
Countertops Unlimited, a manufacturer of kitchen and bath countertops, had the following information for production last period:
Assuming that all manufacturing overhead was applied to Work in Process inventory, Total Manufacturing Costs for the period was:
Assuming that all manufacturing overhead was applied to Work in Process inventory, Total Manufacturing Costs for the period was: (29) VerifiedC
Fantastic Floors Co., a manufacturer of tile and hardwood flooring, had the following information for production last period:
Assuming that all manufacturing overhead is applied to Work in Process inventory, what were Total Manufacturing Costs for the period?
Assuming that all manufacturing overhead is applied to Work in Process inventory, what were Total Manufacturing Costs for the period? (36) VerifiedTotal Manufacturing Costs = Direct Materials Used + Direct Labor + Manufacturing Overhead
Total Materials Used = Beginning Materials Inventory + Materials Purchased - Ending Materials Inventory = $22,000 + $400,000 - $18,000 = $404,000
Direct Materials Used = Total Materials Used - Indirect Materials Used
= $404,000 - 100,000 = $304,000
Manufacturing Overhead = Indirect Labor + Indirect Materials Used + Other Production costs (Rent, Utilities)
= $30,000 + 100,000 + 60,000 + 20,000 = $210,000
Total Manufacturing Costs = $304,000 + 120,000 + 210,000 = $634,000
Perfect Popcorn manufactures bulk snack foods. Last month, PP reported the following:
Assume that all manufacturing overhead is applied to Work in Process Inventory.
What was the Cost of Goods Manufactured for the period?
Assume that all manufacturing overhead is applied to Work in Process Inventory.
What was the Cost of Goods Manufactured for the period? (46) Beginning Materials Inventory was $3,000. Ending Materials Inventory was $3,300. Materials used in production was $25,000, which included $2,000 of Indirect Materials. All purchases of inventory are on Account.
In the entry to record the purchase of Inventory, how much was the credit to Accounts Payable?
(43) When a product is completed, the costs associated with production are debited to the Finished Goods Inventory.
(34) What is the correct order of the flow of product costs through the inventory system?
(37) The journal entry to record indirect labor includes a debt to Manufacturing Overhead.
(40) Harmonics Mfg. manufactures electronic musical instruments. They reported the following data for the year:
Assume that all manufacturing overhead is applied to Work in Process Inventory.
What was the Cost of Goods Sold for Harmonics?
Assume that all manufacturing overhead is applied to Work in Process Inventory.
What was the Cost of Goods Sold for Harmonics? (34) Which of the following entries correctly reflects the entry for the requisition of materials (direct and indirect) for use in production?
(43) TypeRight is a keyboard manufacturing company, specializing in ergonomic designs that reduce typing fatigue and decrease the risk of injuries related to office work. TypeRight reported the following information for last month:
What was TypeRight's Ending Work in Process Inventory for the period?
What was TypeRight's Ending Work in Process Inventory for the period? (41) Settees Inc. manufactures furniture. They reported the following data for the year:
What was the Cost of Goods Sold for Settees?
What was the Cost of Goods Sold for Settees? (35) Because customers can so quickly compare prices, a business cannot simply raise their prices, but must be able to control costs in order to realize a reasonable profit.
(40) If production increases within a given range, fixed costs per unit will:
(29) The following data is available for a manufacturing company:
What is the total amount debited to manufacturing overhead for the period?
What is the total amount debited to manufacturing overhead for the period? (37) Which of the following would not be considered product costs?
(36) 
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