Exam 3: Job-Order Costing: Cost Flows and External Reporting
Exam 1: Managerial Accounting and Cost Concepts299 Questions
Exam 2: Job-Order Costing: Calculating Unit Product Costs292 Questions
Exam 3: Job-Order Costing: Cost Flows and External Reporting256 Questions
Exam 4: Activity-Based Costing230 Questions
Exam 5: Process Costing6 Cost-Volume-Profit Relationships139 Questions
Exam 6: Cost-Volume-Profit Relationships260 Questions
Exam 7: Variable Costing and Segment Reporting: Tools for Management291 Questions
Exam 8: Master Budgeting236 Questions
Exam 10: Performance Measurement in Decentralized Organizations180 Questions
Exam 11: Differential Analysis: The Key to Decision Making203 Questions
Exam 12: Capital Budgeting Decisions179 Questions
Exam 9: Flexible Budgets Standard Costs and Variance Analysis461 Questions
Exam 13: Statement of Cash Flows132 Questions
Exam 14: Financial Statement Analysis289 Questions
Exam 15: Job-Order Costing: Cost Flows and External Reporting28 Questions
Exam 16: Process Costing6 Cost-Volume-Profit Relationships100 Questions
Exam 17: Cost-Volume-Profit Relationships82 Questions
Exam 18:Flexible Budgets, Standard Costs, and Variance Analysis177 Questions
Exam 19: Flexible Budgets, Standard Costs, and Variance Analysis140 Questions
Exam 20: A Capital Budgeting Decisions16 Questions
Exam 21: A Statement of Cash Flows56 Questions
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During December, Moulding Corporation incurred $76,000 of actual Manufacturing Overhead costs.During the same period, the Manufacturing Overhead applied to Work in Process was $74,000.
Required:
Prepare journal entries to record the incurrence of manufacturing overhead and the application of manufacturing overhead to Work in Process.
(Essay)
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The balance in the Finished Goods inventory account at the beginning of the year was:
(Multiple Choice)
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The cost of goods sold (after adjustment for underapplied or overapplied manufacturing overhead)is:
(Multiple Choice)
4.7/5
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When closing overapplied manufacturing overhead to Cost of Goods Sold, which of the following would be true?
(Multiple Choice)
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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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The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for January would include the following:
(Multiple Choice)
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Testor Products uses a job-order costing system with a predetermined overhead rate based on machine-hours.The company closes out any underapplied or overapplied overhead to Cost of Goods Sold.
Required:
If overhead is overapplied, what adjustment does the company make to Cost of Goods Sold? Is Cost of Goods Sold increased or decreased? Why?
(Essay)
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The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for January would include the following:
(Multiple Choice)
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The balance in the raw materials inventory account on May 30 was:
(Multiple Choice)
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The journal entry to record the transfer of completed goods from Work in Process to Finished Goods is:
(Multiple Choice)
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In the Schedule of Cost of Goods Manufactured, Raw materials used in production = Beginning raw materials inventory + Purchases of raw materials - Ending raw materials inventory.
(True/False)
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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:
(Multiple Choice)
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Leelanau Corporation uses a job-order costing system.The following data are for last year:
Leelanau applies overhead using a predetermined rate.What amount of overhead was applied to work in process last year?

(Multiple Choice)
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Fisher Corporation uses a predetermined overhead rate based on direct labor cost to apply manufacturing overhead to jobs.The following information about Fisher Corporation's Work in Process inventory account has been provided for the month of May:
During the month, Fisher Corporation's Work in Process inventory account was credited for $120,500, which represented the Cost of Goods Manufactured for the month.Only one job remained in process on May 31; this job had been charged with $9,600 of applied overhead cost.The amount of direct materials cost in the unfinished job would be:

(Multiple Choice)
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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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The ending balance in the Work in Process account is closest to:
(Multiple Choice)
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How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold?
(Multiple Choice)
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