Question 1

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

Accepted Answer

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

Question 2

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:

Accepted Answer

A) debit to Work in Process of $79,000 
B) debit to Work in Process of $83,000 
C) credit to Manufacturing Overhead of $4,000 
D) debit to Raw Materials of $83,000 
A) debit to Work in Process of $79,000 
B) debit to Work in Process of $83,000 
C) credit to Manufacturing Overhead of $4,000 
D) debit to Raw Materials of $83,000

Question 3

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?

Accepted Answer

a.The ending balance in Raw Materials is

Question 4

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:

Accepted Answer

A) True 
 B)False

Question 5

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?

Accepted Answer

@#IMG-DLM&_TB2627_00

Question 6

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

Accepted Answer

A) $301,410 
B) $299,790 
C) $299,600 
D) $301,600 
A) $301,410 
B) $299,790 
C) $299,600 
D) $301,600

Question 7

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:

Accepted Answer

A) credit to Cost of Goods Sold of $56,000 
B) debit to Finished Goods of $56,000 
C) credit to Work in Process of $50,000 
D) credit to Finished Goods of $50,000 
A) credit to Cost of Goods Sold of $56,000 
B) debit to Finished Goods of $56,000 
C) credit to Work in Process of $50,000 
D) credit to Finished Goods of $50,000

Question 8

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

Accepted Answer

A) debit to Finished Goods of $40,860 
B) credit to Finished Goods of $40,860 
C) credit to Finished Goods of $600 
D) debit to Finished Goods of $600 
A) debit to Finished Goods of $40,860 
B) credit to Finished Goods of $40,860 
C) credit to Finished Goods of $600 
D) debit to Finished Goods of $600

Question 9

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

Accepted Answer

The answer of Rochford Corporation has provided the following data...

Question 10

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

Accepted Answer

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

Question 11

The manufacturing overhead applied was:

Accepted Answer

A) $2,700 
B) $3,000 
C) $7,800 
D) $13,700 
A) $2,700 
B) $3,000 
C) $7,800 
D) $13,700

Question 12

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

Accepted Answer

A) $224,800 
B) $231,360 
C) $224,080 
D) $232,080 
A) $224,800 
B) $231,360 
C) $224,080 
D) $232,080

Question 13

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?

Accepted Answer

A) $164,000 
B) $154,000 
C) $132,000 
D) $168,000 
A) $164,000 
B) $154,000 
C) $132,000 
D) $168,000

Question 14

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:

Accepted Answer

A) $3,850 
B) $3,833 
C) $3,687 
D) $3,670 
A) $3,850 
B) $3,833 
C) $3,687 
D) $3,670

Question 15

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

Accepted Answer

A) $229,000 
B) $159,000 
C) $172,000 
D) $176,000 
A) $229,000 
B) $159,000 
C) $172,000 
D) $176,000

Question 16

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.

Accepted Answer

The answer of Stangl Inc.has provided the following data for...

Question 17

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:

Accepted Answer

A) $141,000 
B) $139,000 
C) $134,000 
D) $136,000 
A) $141,000 
B) $139,000 
C) $134,000 
D) $136,000

Question 18

The cost of goods manufactured is:

Accepted Answer

A) $82,000 
B) $64,000 
C) $71,000 
D) $62,000 
A) $82,000 
B) $64,000 
C) $71,000 
D) $62,000

Question 19

The overhead for the year was:

Accepted Answer

A) $714 overapplied 
B) $7,626 underapplied 
C) $714 underapplied 
D) $7,626 overapplied 
A) $714 overapplied 
B) $7,626 underapplied 
C) $714 underapplied 
D) $7,626 overapplied

Question 20

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

Accepted Answer

A) Payment of insurance for the upcoming period. 
B) Insurance cost incurred on the factory which is added to the Manufacturing Overhead account. 
C) Overhead cost applied to Work in Process. 
D) Overhead cost applied to Finished Goods. 
A) Payment of insurance for the upcoming period. 
B) Insurance cost incurred on the factory which is added to the Manufacturing Overhead account. 
C) Overhead cost applied to Work in Process. 
D) Overhead cost applied to Finished Goods.

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

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:

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?

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:

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

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:

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

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

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

The manufacturing overhead applied was:

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

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

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

The cost of goods manufactured is:

The overhead for the year was:

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

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

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

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:

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?

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:

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

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:

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

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

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

The manufacturing overhead applied was:

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

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

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

The cost of goods manufactured is:

The overhead for the year was:

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

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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