Exam 9: Recording and Evaluating Conversion Process Activities

The journal entry to record depreciation on production equipment would include a:

If a firm tried to use actual overhead instead of applied overhead in determining product costs,what would be the result.

Use the following to answer questions Giltronics, Inc. applies materials handling manufacturing overhead on the basis of the number of moves required. The following information is available: -The amount of over- underapplied manufacturing overhead is:

Use the following to answer questions Dodd Corporation used $90,000 of direct material, $112,000 of direct labor, and applied $104,000 of manufacturing overhead during July. Its beginning and ending work-in-process and finished goods inventories were as follows: -The standard cost for facility sustaining manufacturing overhead is $536,000 if the company produces 78,000 units of product.Actual facility sustaining manufacturing overhead to produce 79,500 units of product was $531,500.What is the standard cost of sustaining manufacturing overhead at the actual level of production?

Using the numbers 1-6 indicate the correct order the steps in developing and applying ABC application rates that are listed below. _____ A.Determine the appropriate cost driver for each activity. _____ B.Determine the predetermined overhead rate for each cost driver. _____ C.Estimate the amount of overhead related to each cost driver. _____ D.Identify and classify production activities by level. _____ E.Estimate the amount of each cost driver to be used. _____ _____ F.Apply manufacturing overhead to Work-in-Process Inventory using the

Which of the following is not an inventory account for a manufacturer?

Use the following to answer questions Hurricane, Inc. manufactures hurricane lamps. Selected data regarding standard costs follow: Selected actual results for the month of August are shown below: -Which of the following statements about variance analysis is correct?

Use the following to answer questions Keowee Enterprises began the year with $165,700 of finished goods inventory. During the year the company manufactured goods costing $689,200. At the end of the year, $194,100 of finished goods remained in inventory. Actual manufacturing overhead was $235,800, estimated manufacturing overhead was $230,000, and manufacturing overhead applied totaled $221,500. -The cost of goods available for sale was:

The estimated amount of overhead per cost driver is referred to as the:

When a product has completed the manufacturing process what is the journal entry to record the transfer of its cost?

Underapplied manufacturing overhead exists when:

Reynolds Company has estimated its finished goods inventory-handling costs at $240,000.It has determined that an appropriate cost driver is the number of units completed.It estimates that 500,000 units will be completed this year.If 40,000 units are completed during the current month,what amount of inventory-handling cost should be recognized?

Depreciation on factory equipment is a(n):

Suranden Company manufacturers oil-drilling equipment.The utilities costs incurred in machining the drilling equipment is an example of what kind of cost?

Hunter Corporation,a computer manufacturer,tests each completed computer before shipping it.This is an example of what kind of cost?

Use the following to answer questions Dodd Corporation used $90,000 of direct material, $112,000 of direct labor, and applied $104,000 of manufacturing overhead during July. Its beginning and ending work-in-process and finished goods inventories were as follows: -What was Lange's cost of goods sold for July?

The journal entry to record wages earned by the factory maintenance personnel would include a:

Hokies Industries gathered the following direct labor and direct materials cost information for the month of June: Calculate the following ratios and tell what they mean: ( A)direct labor price variance (b)direct labor usage variance (c)direct materials price variance (d)direct materials usage variance (e)direct materials inventory variance