Ruddick Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year: $\begin{array}{lr} \text {Cost of goods manufactured. }&\$1,486,000\\ \text {Cost of goods sold (unadjusted). }&\$1,337,000\\ \end{array}$ The journal entry to record the transfer of completed goods from Work in Process to Finished Goods is:

A) $\begin{array}{lr} \text {Finished Goods . }&1,337,000\\ \text {Work in Process }&&1,337,000\\ \end{array}$ B) $\begin{array}{lr} \text { Finished Goods.}&1,486,000\\ \text {Work in Process }&&1,486,000\\ \end{array}$ C) $\begin{array}{lr} \text {Work in Process }&1,337,000\\ \text {Finished Goods }&&1,337,000\\ \end{array}$ D) $\begin{array}{lr} \text {Work in Process }&1,486,000\\ \text {Finished Goods }&&1,486,000\\ \end{array}$ A) $\begin{array}{lr} \text {Finished Goods . }&1,337,000\\ \text {Work in Process }&&1,337,000\\ \end{array}$ B) $\begin{array}{lr} \text { Finished Goods.}&1,486,000\\ \text {Work in Process }&&1,486,000\\ \end{array}$ C) $\begin{array}{lr} \text {Work in Process }&1,337,000\\ \text {Finished Goods }&&1,337,000\\ \end{array}$ D) $\begin{array}{lr} \text {Work in Process }&1,486,000\\ \text {Finished Goods }&&1,486,000\\ \end{array}$

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

Gurtner 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?

(Multiple Choice)

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Question 21

Weyant Corporation has provided the following data concerning last month's operations. The company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold.How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold?

(Multiple Choice)

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Question 22

Haver Corporation has provided the following data concerning last month's operations. How much is the cost of goods available for sale on the Schedule of Cost of Goods Sold?

(Multiple Choice)

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Question 23

During September at Renfro Corporation,$65,000 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 $4,000.The journal entry to record this requisition would include a debit to Manufacturing Overhead of:

(Multiple Choice)

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Question 24

On December 1,Mogro Corporation had $26,000 of raw materials on hand.During the month,the Corporation purchased an additional $60,000 of raw materials.During December,$62,000 of raw materials were requisitioned from the storeroom for use in production.The debits entered in the Raw Materials account during the month of December total:

(Multiple Choice)

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Question 25

In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold,the "Total raw materials available" is computed by adding together the "Beginning raw materials inventory" and:

(Multiple Choice)

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Question 26

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 the direct and indirect labor costs incurred during the year?

(Multiple Choice)

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Question 27

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 total manufacturing cost for the month on the Schedule of Cost of Goods Manufactured?

(Multiple Choice)

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Question 28

Fossil Manufacturing uses a predetermined overhead rate of $17.80 per direct labor-hour.This predetermined rate was based on 11,000 estimated direct-labor-hours and $195,800 of estimated total manufacturing overhead.The company incurred actual manufacturing overhead costs of $194,000 and 10,500 direct labor-hours. Required: a.Determine the amount of underapplied or overapplied manufacturing overhead for the period. b.Assuming that the company closed manufacturing overhead to cost of goods sold,make the journal entry to close manufacturing overhead. c.What is the effect of this entry on the company's gross margin?

(Essay)

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Question 29

Rist Corporation uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs.The Corporation estimated that it would incur $255,000 in manufacturing overhead during the year and that it would work 100,000 machine-hours.The Corporation actually worked 105,000 machine-hours and incurred $270,000 in manufacturing overhead costs.By how much was manufacturing overhead underapplied or overapplied for the year?

(Multiple Choice)

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Question 30

Niles Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Results of operations: -The amount of direct material purchased during the year was:

(Multiple Choice)

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Question 31

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 cost of goods available for sale on the Schedule of Cost of Goods Sold?

(Multiple Choice)

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Question 32

Rieb Inc.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 overapplied by $7,000. 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: Provide the journal entry that would record the allocation of underapplied or overapplied among work in process,finished goods,and cost of goods sold.

(Essay)

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Question 33

In a job-order costing system,manufacturing overhead applied is recorded as a debit to:

(Multiple Choice)

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Question 34

The following partially completed T-accounts are for Stanford Corporation: -The cost of goods sold (after adjustment for underapplied or overapplied manufacturing overhead)is:

(Multiple Choice)

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Question 35

Kahanaoi 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: Required: a.What is the journal entry to record raw materials used in production? b.What is the ending balance in Raw Materials? c.What is the journal entry to record the direct and indirect labor costs incurred during the year? d.What is the total amount of manufacturing overhead applied to production during the year? e.What is the total manufacturing cost added to Work in Process during the year? f.What is the journal entry to record the transfer of completed goods from Work in Process to Finished Goods? g.What is the ending balance in Work in Process? h.Is manufacturing overhead overapplied or underapplied for the year? By how much? i.What is the cost of goods available for sale during the year? j.What is the journal entry to record the unadjusted cost of goods sold? k.What is the adjusted cost of goods sold for the year? l.What is the gross margin for the year? m.What is the net operating income for the year?

(Essay)

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Question 36

Seuell Inc.has provided the following data for the month of December.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 overapplied by $12,000. The Corporation allocates any underapplied or overapplied manufacturing overhead among work in process,finished goods,and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts. The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for December would include the following:

(Multiple Choice)

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Question 37

Hardigree Corporation uses a job-order costing system. The following data relate to the just completed month's operations. Where appropriate, post the above transactions to the Work in Process and Manufacturing Overhead T-accounts below. -The ending balance in the Work in Process account is closest to:

(Multiple Choice)

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Question 38

The entire difference between the actual manufacturing overhead cost for a period and the applied manufacturing overhead cost is typically closed to the Work In Process account.

(True/False)

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Question 39

Ruddick Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year: Cost of goods manufactured. \1 ,486,000 Cost of goods sold (unadjusted). \1 ,337,000 The journal entry to record the transfer of completed goods from Work in Process to Finished Goods is:

(Multiple Choice)

4.9/5

(33)

Question 40

Showing 21 - 40 of 255

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

Gurtner 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?

Weyant Corporation has provided the following data concerning last month's operations. The company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold.How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold?

Haver Corporation has provided the following data concerning last month's operations. How much is the cost of goods available for sale on the Schedule of Cost of Goods Sold?

In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold,the "Total raw materials available" is computed by adding together the "Beginning raw materials inventory" and:

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 the direct and indirect labor costs incurred during the year?

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 total manufacturing cost for the month on the Schedule of Cost of Goods Manufactured?

Niles Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Results of operations: -The amount of direct material purchased during the year was:

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 cost of goods available for sale on the Schedule of Cost of Goods Sold?

In a job-order costing system,manufacturing overhead applied is recorded as a debit to:

The following partially completed T-accounts are for Stanford Corporation: -The cost of goods sold (after adjustment for underapplied or overapplied manufacturing overhead)is:

The entire difference between the actual manufacturing overhead cost for a period and the applied manufacturing overhead cost is typically closed to the Work In Process account.

Managerial Accounting and Cost Concepts

Job-Order Costing: Calculating Unit Production Costs

Process Costing

Cost-Volume-Profit Relationships

Variable Costing and Segment Reporting: Tools for Management

Super-Variable Costing

Master Budgeting

Flexible Budgets and Performance Analysis

Standard Costs and Variances

Performance Measurement in Decentralized Organizations

Differential Analysis: The Key to Decision Making

Capital Budgeting Decisions

Statement of Cash Flows

Financial Statement Analysis

Cost of Quality

Activity-Based Absorption Costing

The Predetermined Overhead Rate and Capacity

Job-Order Costing: a Microsoft Excel-Based Approach

Fifo Method

Service Department Allocations

Analyzing Mixed Costs

Time-Driven Activity-Based Costing: a Microsoft Excel-Based Approach

Predetermined Overhead Rates and Overhead Analysis in a Standard Costing System

Standard Cost Systems: a Financial Reporting Perspective Using Microsoft Excel

Transfer Pricing

Service Department Charges

Pricing Decisions

The Concept of Present Value

Income Taxes and the Present Value Method

the Direct Method of Determining the Net Cash Provided by Operating Activities

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