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

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?

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 manufacturing overapplied or underapplied for the year?

The Simkins Corporation uses a job-order costing system.The following activities took place during the month of May: Required: Prepare journal entries to record the information given above.Key your entries by the letters a through i.

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?

During June,Buttrey Corporation incurred $67,000 of direct labor costs and $7,000 of indirect labor costs.The journal entry to record the accrual of these wages would include a:

On November 1, Arvelo Corporation had $32,000 of raw materials on hand. During the month, the company purchased an additional $78,000 of raw materials. During November, $95,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $3,000. Prepare journal entries to record these events. Use those journal entries to answer the following questions: -The debits to the Manufacturing Overhead account as a consequence of the raw materials transactions in November total:

Koczela Inc. has provided the following data for the month of May: Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. -The adjusted cost of goods sold that appears on the income statement for May is:

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:

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

In October,Raddatz Inc.incurred $73,000 of direct labor costs and $6,000 of indirect labor costs.The journal entry to record the accrual of these wages would include a:

At the beginning of the year,manufacturing overhead for the year was estimated to be $670,700.At the end of the year,actual direct labor-hours for the year were 36,200 hours,the actual manufacturing overhead for the year was $665,700,and manufacturing overhead for the year was overapplied by $22,100.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:

In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold,the cost of goods manufactured is computed according to which of the following equations?

Caple Corporation applies manufacturing overhead on the basis of machine-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $16,660. Actual manufacturing overhead for the year amounted to $25,000 and actual machine-hours were 1,460. The company's predetermined overhead rate for the year was $11.90 per machine-hour. -The predetermined overhead rate was based on how many estimated machine-hours?

Acheson Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its most recent year of operations. The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year. -The predetermined overhead rate is closest to:

Caple Corporation applies manufacturing overhead on the basis of machine-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $16,660. Actual manufacturing overhead for the year amounted to $25,000 and actual machine-hours were 1,460. The company's predetermined overhead rate for the year was $11.90 per machine-hour. -The overhead for the year was:

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

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

Refer to the T-account below: Entry (4)could represent which of the following except?

When manufacturing overhead is applied to production,it is added to:

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: