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

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The total amount of manufacturing overhead actually incurred was:

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

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

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Matthias Corporation has provided data concerning the Corporation's Manufacturing Overhead account for the month of May.Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $53,000 and the total of the credits to the account was $69,000.Which of the following statements is true?

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Two of the reasons why manufacturing overhead may be underapplied are: (1)the estimated total manufacturing overhead cost may have been too high; and (2)the estimated total amount of the allocation base may have been too low.

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The total amount of manufacturing overhead applied to production is:

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The direct materials cost was:

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The ending balance in the Raw Materials account is closest to:

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

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If the applied manufacturing overhead was $223,900, the actual manufacturing overhead cost for the year was:

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The schedule of cost of goods manufactured contains three elements of product costs-direct materials, direct labor, and manufacturing overhead-and it summarizes the portions of those costs that remain in ending Work in Process inventory and that are transferred out of Work in Process into Finished Goods.

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The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for June would include the following:

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Refer to the T-account below: Refer to the T-account below:   The ending balance of $8,000 represents which of the following? The ending balance of $8,000 represents which of the following?

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The adjusted cost of goods sold that appears on the income statement for May is:

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The $10,000 balance in the T-account below represents overapplied manufacturing overhead for the period. The $10,000 balance in the T-account below represents overapplied manufacturing overhead for the period.

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

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Luebke Inc.has provided the following data for the month of November.The balance in the Finished Goods inventory account at the beginning of the month was $52,000 and at the end of the month was $30,000.The cost of goods manufactured for the month was $212,000.The actual manufacturing overhead cost incurred was $55,000 and the manufacturing overhead cost applied to Work in Process was $58,000.The company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold.The adjusted cost of goods sold that would appear on the income statement for November is:

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Firebaugh Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year: Firebaugh 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? What is the journal entry to record raw materials used in production?

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The actual direct labor-hours worked during May totaled:

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Brendal Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year: Brendal Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year:   Results of operations:   How much is the total manufacturing cost added to Work in Process during the year? Results of operations: Brendal Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year:   Results of operations:   How much is the total manufacturing cost added to Work in Process during the year? How much is the total manufacturing cost added to Work in Process during the year?

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