Question 1

The total amount of manufacturing overhead actually incurred was:

Accepted Answer

A) $200,000 
B) $284,000 
C) $219,000 
D) $242,000 
A) $200,000 
B) $284,000 
C) $219,000 
D) $242,000

Question 2

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

Accepted Answer

A) the Cost of Goods Sold account. 
B) the Raw Materials account. 
C) the Work in Process account. 
D) the Finished Goods inventory account. 
A) the Cost of Goods Sold account. 
B) the Raw Materials account. 
C) the Work in Process account. 
D) the Finished Goods inventory account.

Question 3

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

Accepted Answer

A) $136,000 
B) $141,000 
C) $144,000 
D) $185,000 
A) $136,000 
B) $141,000 
C) $144,000 
D) $185,000

Question 4

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?

Accepted Answer

A) Manufacturing overhead applied to Work in Process for the month was $69,000. 
B) Manufacturing overhead for the month was underapplied by $16,000. 
C) Manufacturing overhead transferred from Finished Goods to Cost of Goods Sold during the month was $53,000. 
D) Actual manufacturing overhead incurred during the month was $69,000. 
A) Manufacturing overhead applied to Work in Process for the month was $69,000. 
B) Manufacturing overhead for the month was underapplied by $16,000. 
C) Manufacturing overhead transferred from Finished Goods to Cost of Goods Sold during the month was $53,000. 
D) Actual manufacturing overhead incurred during the month was $69,000.

Question 5

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.

Accepted Answer

A) True 
 B)False

Question 6

The total amount of manufacturing overhead applied to production is:

Accepted Answer

A) $1,755,000 
B) $546,000 
C) $606,000 
D) $611,000 
A) $1,755,000 
B) $546,000 
C) $606,000 
D) $611,000

Question 7

The direct materials cost was:

Accepted Answer

A) $8,000 
B) $5,700 
C) $3,600 
D) $4,700 
A) $8,000 
B) $5,700 
C) $3,600 
D) $4,700

Question 8

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

Accepted Answer

A) $22,000 
B) $5,000 
C) $74,000 
D) $27,000 
A) $22,000 
B) $5,000 
C) $74,000 
D) $27,000

Question 9

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?

Accepted Answer

A) $186,000 
B) $145,000 
C) $144,000 
D) $138,000 
A) $186,000 
B) $145,000 
C) $144,000 
D) $138,000

Question 10

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

Accepted Answer

A) $200,700 
B) $260,600 
C) $200,200 
D) $187,200 
A) $200,700 
B) $260,600 
C) $200,200 
D) $187,200

Question 11

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.

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A) credit to Work in Process of $21,450 
B) credit to Work in Process of $70 
C) debit to Work in Process of $21,450 
D) dedit to Work in Process of $70 
A) credit to Work in Process of $21,450 
B) credit to Work in Process of $70 
C) debit to Work in Process of $21,450 
D) dedit to Work in Process of $70

Question 13

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

Accepted Answer

A) Underapplied overhead. 
B) Manufacturing overhead that will be carried over to the next period. 
C) Overapplied overhead. 
D) A bookkeeping error. 
A) Underapplied overhead. 
B) Manufacturing overhead that will be carried over to the next period. 
C) Overapplied overhead. 
D) A bookkeeping error.

Question 14

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

Accepted Answer

A) $206,000 
B) $214,000 
C) $208,000 
D) $210,000 
A) $206,000 
B) $214,000 
C) $208,000 
D) $210,000

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

A) $170,000 
B) $167,000 
C) $203,000 
D) $163,000 
A) $170,000 
B) $167,000 
C) $203,000 
D) $163,000

Question 17

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:

Accepted Answer

A) $231,000 
B) $190,000 
C) $234,000 
D) $212,000 
A) $231,000 
B) $190,000 
C) $234,000 
D) $212,000

Question 18

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?

Accepted Answer

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

Question 19

The actual direct labor-hours worked during May totaled:

Accepted Answer

A) 2,800 hours 
B) 3,500 hours 
C) 3,300 hours 
D) 3,600 hours 
A) 2,800 hours 
B) 3,500 hours 
C) 3,300 hours 
D) 3,600 hours

Question 20

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?

Accepted Answer

A) $1,215,000 
B) $1,803,000 
C) $1,498,500 
D) $2,023,500 
A) $1,215,000 
B) $1,803,000 
C) $1,498,500 
D) $2,023,500

The total amount of manufacturing overhead actually incurred was:

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

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

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.

The total amount of manufacturing overhead applied to production is:

The direct materials cost was:

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

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?

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

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

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

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

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

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

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?

The actual direct labor-hours worked during May totaled:

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?

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

The total amount of manufacturing overhead actually incurred was:

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

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

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.

The total amount of manufacturing overhead applied to production is:

The direct materials cost was:

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

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?

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

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

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

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

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

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

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?

The actual direct labor-hours worked during May totaled:

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?

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