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

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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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During July at Loeb Corporation, $83,000 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 the requisition from the storeroom would include a:

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Mcie Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year: Mcie Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year:   Results of operations:   Required: a.What is the ending balance in Raw Materials? b.What is the ending balance in Work in Process? Results of operations: Mcie Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year:   Results of operations:   Required: a.What is the ending balance in Raw Materials? b.What is the ending balance in Work in Process? Required: a.What is the ending balance in Raw Materials? b.What is the ending balance in Work in Process?

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The following entry would be used to record the transfer of $40,000 of direct material and $10,000 of indirect material from the storeroom to production: The following entry would be used to record the transfer of $40,000 of direct material and $10,000 of indirect material from the storeroom to production:

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Wears Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. Wears Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year.   The Cost of Goods Manufactured for the year was $537,000. Required: What was the Cost of Goods Sold for the year? The Cost of Goods Manufactured for the year was $537,000. Required: What was the Cost of Goods Sold for the year?

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The cost of goods sold for June after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:

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During March, Zea Inc.transferred $50,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $56,000.The journal entries to record these transactions would include a:

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

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Rochford Corporation has provided the following data concerning last month's operations. Rochford Corporation has provided the following data concerning last month's operations.     Required: Determine the cost of goods manufactured for the month. Rochford Corporation has provided the following data concerning last month's operations.     Required: Determine the cost of goods manufactured for the month. Required: Determine the cost of goods manufactured for the month.

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

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The manufacturing overhead applied was:

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The cost of goods sold for November after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:

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The following accounts are from last year's books of Sharp Manufacturing: The following accounts are from last year's books of Sharp Manufacturing:           Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs.What is the amount of direct materials used for the year? The following accounts are from last year's books of Sharp Manufacturing:           Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs.What is the amount of direct materials used for the year? The following accounts are from last year's books of Sharp Manufacturing:           Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs.What is the amount of direct materials used for the year? The following accounts are from last year's books of Sharp Manufacturing:           Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs.What is the amount of direct materials used for the year? The following accounts are from last year's books of Sharp Manufacturing:           Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs.What is the amount of direct materials used for the year? Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs.What is the amount of direct materials used for the year?

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The work in process inventory at the end of June after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:

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How much is the cost of goods manufactured for the month on the Schedule of Cost of Goods Manufactured?

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Stangl 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. Stangl 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 underapplied by $3,000.  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: Determine the cost of work in process, finished goods, and cost of goods sold AFTER allocation of the underapplied or overapplied overhead for the period. Manufacturing overhead for the month was underapplied by $3,000. 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: Determine the cost of work in process, finished goods, and cost of goods sold AFTER allocation of the underapplied or overapplied overhead for the period.

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Rediger Inc., a manufacturing Corporation, has provided the following data for the month of June.The balance in the Work in Process inventory account was $22,000 at the beginning of the month and $17,000 at the end of the month.During the month, the Corporation incurred direct materials cost of $55,000 and direct labor cost of $28,000.The actual manufacturing overhead cost incurred was $53,000.The manufacturing overhead cost applied to Work in Process was $51,000.The cost of goods manufactured for June was:

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The cost of goods manufactured is:

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The overhead for the year was:

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Refer to the T-account below: Refer to the T-account below:   Entry (8)could represent which of the following? Entry (8)could represent which of the following?

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