Question 1

What is the journal entry to record raw materials used in production?

Accepted Answer

A)    
B)    
C)    
D)    
A)    
B)    
C)    
D)

Question 2

Overapplied manufacturing overhead would result if:

Accepted Answer

A) the plant was operated at less than normal capacity. 
B) manufacturing overhead costs incurred were less than estimated manufacturing overhead costs. 
C) manufacturing overhead costs incurred were less than manufacturing overhead costs charged to production. 
D) manufacturing overhead costs incurred were greater than manufacturing overhead costs charged to production. 
A) the plant was operated at less than normal capacity. 
B) manufacturing overhead costs incurred were less than estimated manufacturing overhead costs. 
C) manufacturing overhead costs incurred were less than manufacturing overhead costs charged to production. 
D) manufacturing overhead costs incurred were greater than manufacturing overhead costs charged to production.

Question 3

How much is the unadjusted cost of goods sold on the Schedule of Cost of Goods Sold?

Accepted Answer

A) $171,000 
B) $123,000 
C) $117,000 
D) $136,000 
A) $171,000 
B) $123,000 
C) $117,000 
D) $136,000

Question 4

Tenneson Corporation's cost of goods manufactured for the just completed month was $151,000 and its inventories were as follows:   How much was the cost of goods available for sale on the Schedule of Cost of Goods Sold?

Accepted Answer

A) $137,000 
B) $185,000 
C) $151,000 
D) $136,000 
A) $137,000 
B) $185,000 
C) $151,000 
D) $136,000

Question 5

Advertising costs should NOT be charged to the Manufacturing Overhead account.

Accepted Answer

A) True 
 B)False

Question 6

In the Schedule of Cost of Goods Manufactured, Total direct materials = Raw materials used in production - Ending raw materials inventory.

Accepted Answer

A) True 
 B)False

Question 7

The manufacturing overhead was:

Accepted Answer

A) $200 overapplied 
B) $2,700 overapplied 
C) $200 underapplied 
D) $2,700 underapplied 
A) $200 overapplied 
B) $2,700 overapplied 
C) $200 underapplied 
D) $2,700 underapplied

Question 8

St.Johns Corporation uses a job-order costing system and has provided the following partially completed summary T-accounts for the just completed period:     Manufacturing overhead for the period was:

Accepted Answer

A) $7,000 Underapplied 
B) $73,000 Underapplied 
C) $73,000 Overapplied 
D) $7,000 Overapplied 
A) $7,000 Underapplied 
B) $73,000 Underapplied 
C) $73,000 Overapplied 
D) $7,000 Overapplied

Question 9

The predetermined overhead rate for the year was closest to:

Accepted Answer

A) $52.61 
B) $49.91 
C) $51.00 
D) $51.49 
A) $52.61 
B) $49.91 
C) $51.00 
D) $51.49

Question 10

How much is the direct materials cost for the month on the Schedule of Cost of Goods Manufactured?

Accepted Answer

A) $38,000 
B) $24,000 
C) $33,000 
D) $43,000 
A) $38,000 
B) $24,000 
C) $33,000 
D) $43,000

Question 11

How much is Kapanga's cost of goods manufactured for October?

Accepted Answer

A) $ 50,000 
B) $ 55,000 
C) $ 78,000 
D) $ 82,000 
A) $ 50,000 
B) $ 55,000 
C) $ 78,000 
D) $ 82,000

Question 12

Sefcovic Enterprises LLC recorded the following transactions for the just completed month.The company had no beginning inventories.
(1)Raw materials purchased for cash, $110,000
(2)Direct materials requisitioned for use in production, $79,000
(3)Indirect materials requisitioned for use in production, $15,000
(4)Direct labor wages incurred and paid, $125,000
(5)Indirect labor wages incurred and paid, $22,000
(6)Additional manufacturing overhead costs incurred and paid, $134,000
(7)Manufacturing overhead costs applied to jobs, $125,000
(8)All of the jobs in process were completed.
(9)All of the completed jobs were shipped to customers.
(10)Any underapplied or overapplied overhead for the period was closed out to Cost of Goods Sold.
Required:
a.Post the above transactions to the following T-accounts:             b.Determine the adjusted cost of goods sold for the month.

Accepted Answer

a.T-accounts @#IMG-DLM&_TB2627_00 @#IMG-DLM&_TB262

Question 13

The debits entered in the Raw Materials account during the month of November total:

Accepted Answer

A) $95,000 
B) $78,000 
C) $32,000 
D) $110,000 
A) $95,000 
B) $78,000 
C) $32,000 
D) $110,000

Question 14

The finished goods inventory at the end of January after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:

Accepted Answer

A) $30,660 
B) $30,664 
C) $30,296 
D) $30,300 
A) $30,660 
B) $30,664 
C) $30,296 
D) $30,300

Question 15

The entry to dispose of the underapplied or overapplied manufacturing overhead cost for the month would include a:

Accepted Answer

A) credit of $5,336 to Manufacturing Overhead. 
B) credit of $1,660 to Manufacturing Overhead. 
C) debit of $5,336 to Manufacturing Overhead. 
D) debit of $1,660 to Manufacturing Overhead. 
A) credit of $5,336 to Manufacturing Overhead. 
B) credit of $1,660 to Manufacturing Overhead. 
C) debit of $5,336 to Manufacturing Overhead. 
D) debit of $1,660 to Manufacturing Overhead.

Question 16

In a job-order costing system, indirect labor cost is usually recorded as a debit to:

Accepted Answer

A) Manufacturing Overhead. 
B) Finished Goods. 
C) Work in Process. 
D) Cost of Goods Sold. 
A) Manufacturing Overhead. 
B) Finished Goods. 
C) Work in Process. 
D) Cost of Goods Sold.

What is the journal entry to record raw materials used in production?

Overapplied manufacturing overhead would result if:

How much is the unadjusted cost of goods sold on the Schedule of Cost of Goods Sold?

Tenneson Corporation's cost of goods manufactured for the just completed month was $151,000 and its inventories were as follows: How much was the cost of goods available for sale on the Schedule of Cost of Goods Sold?

Advertising costs should NOT be charged to the Manufacturing Overhead account.

In the Schedule of Cost of Goods Manufactured, Total direct materials = Raw materials used in production - Ending raw materials inventory.

The manufacturing overhead was:

St.Johns Corporation uses a job-order costing system and has provided the following partially completed summary T-accounts for the just completed period: Manufacturing overhead for the period was:

The predetermined overhead rate for the year was closest to:

How much is the direct materials cost for the month on the Schedule of Cost of Goods Manufactured?

How much is Kapanga's cost of goods manufactured for October?

The debits entered in the Raw Materials account during the month of November total:

The finished goods inventory at the end of January after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:

The entry to dispose of the underapplied or overapplied manufacturing overhead cost for the month would include a:

In a job-order costing system, indirect labor cost is usually recorded as a debit to:

Managerial Accounting and Cost Concepts

Job-Order Costing: Calculating Unit Product Costs

Activity-Based Costing

Process Costing6 Cost-Volume-Profit Relationships

Cost-Volume-Profit Relationships

Variable Costing and Segment Reporting: Tools for Management

Master Budgeting

Performance Measurement in Decentralized Organizations

Differential Analysis: The Key to Decision Making

Capital Budgeting Decisions

Flexible Budgets Standard Costs and Variance Analysis

Statement of Cash Flows

Financial Statement Analysis

Job-Order Costing: Cost Flows and External Reporting

Process Costing6 Cost-Volume-Profit Relationships

Cost-Volume-Profit Relationships

Flexible Budgets, Standard Costs, and Variance Analysis

Flexible Budgets, Standard Costs, and Variance Analysis

A Capital Budgeting Decisions

A Statement of Cash Flows

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

What is the journal entry to record raw materials used in production?

Overapplied manufacturing overhead would result if:

How much is the unadjusted cost of goods sold on the Schedule of Cost of Goods Sold?

Tenneson Corporation's cost of goods manufactured for the just completed month was $151,000 and its inventories were as follows: How much was the cost of goods available for sale on the Schedule of Cost of Goods Sold?

Advertising costs should NOT be charged to the Manufacturing Overhead account.

In the Schedule of Cost of Goods Manufactured, Total direct materials = Raw materials used in production - Ending raw materials inventory.

The manufacturing overhead was:

St.Johns Corporation uses a job-order costing system and has provided the following partially completed summary T-accounts for the just completed period: Manufacturing overhead for the period was:

The predetermined overhead rate for the year was closest to:

How much is the direct materials cost for the month on the Schedule of Cost of Goods Manufactured?

How much is Kapanga's cost of goods manufactured for October?

The debits entered in the Raw Materials account during the month of November total:

The finished goods inventory at the end of January after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:

The entry to dispose of the underapplied or overapplied manufacturing overhead cost for the month would include a:

In a job-order costing system, indirect labor cost is usually recorded as a debit to:

Managerial Accounting and Cost Concepts

Job-Order Costing: Calculating Unit Product Costs

Activity-Based Costing

Process Costing6 Cost-Volume-Profit Relationships

Cost-Volume-Profit Relationships

Variable Costing and Segment Reporting: Tools for Management

Master Budgeting

Performance Measurement in Decentralized Organizations

Differential Analysis: The Key to Decision Making

Capital Budgeting Decisions

Flexible Budgets Standard Costs and Variance Analysis

Statement of Cash Flows

Financial Statement Analysis

Job-Order Costing: Cost Flows and External Reporting

Process Costing6 Cost-Volume-Profit Relationships

Cost-Volume-Profit Relationships

Flexible Budgets, Standard Costs, and Variance Analysis

Flexible Budgets, Standard Costs, and Variance Analysis

A Capital Budgeting Decisions

A Statement of Cash Flows

Filters