Question 1

The overhead for the year was:

Accepted Answer

A) $2,792 underapplied 
B) $3,842 overapplied 
C) $2,792 overapplied 
D) $3,842 underapplied 
A) $2,792 underapplied 
B) $3,842 overapplied 
C) $2,792 overapplied 
D) $3,842 underapplied

Question 2

Falkenstein Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year.     Required:
What was the cost of indirect materials requisitioned for use in production during the year?

Accepted Answer

The answer of Falkenstein Corporation uses a job-order costing system...

Question 3

Cai Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year.     The cost of indirect materials requisitioned for use in production during the year was:

Accepted Answer

A) $74,000 
B) $10,000 
C) $40,000 
D) $13,000 
A) $74,000 
B) $10,000 
C) $40,000 
D) $13,000

Question 4

Faughn Corporation has provided the following data concerning manufacturing overhead for July:   The company's Cost of Goods Sold was $243,000 prior to closing out its Manufacturing Overhead account.The company closes out its Manufacturing Overhead account to Cost of Goods Sold.Which of the following statements is true?

Accepted Answer

A) Manufacturing overhead was underapplied by $10,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $233,000 
B) Manufacturing overhead was overapplied by $10,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $233,000 
C) Manufacturing overhead was overapplied by $10,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $253,000 
D) Manufacturing overhead was underapplied by $10,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $253,000 
A) Manufacturing overhead was underapplied by $10,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $233,000 
B) Manufacturing overhead was overapplied by $10,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $233,000 
C) Manufacturing overhead was overapplied by $10,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $253,000 
D) Manufacturing overhead was underapplied by $10,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $253,000

Question 5

In the Schedule of Cost of Goods Manufactured, Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory - Ending work in process inventory.

Accepted Answer

A) True 
 B)False

Question 6

Blasi Corporation is a manufacturer that uses job-order costing.The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year.The company has supplied the following data for the just completed year:   Results of operations:   Required:
a.What is the total manufacturing cost added to Work in Process during the year?
b.What is the cost of goods available for sale during the year?
c.What is the net operating income for the year?

Accepted Answer

a.The total manufacturing cost added to

Question 7

Rodenberger Corporation has provided the following data concerning last month's operations.     Required:
Determine the direct materials cost for the month.

Accepted Answer

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

Question 8

Able Corporation uses a job-order costing system.In reviewing its records at the end of the year, the company has discovered that $2,000 of raw materials has been drawn from the storeroom and used in the production of Job 110, but that no entry has been made in the accounting records for the use of these materials.Job 110 has been completed but it is unsold at year end.This error will cause:

Accepted Answer

A) Work in Process to be understated by $2,000 at year end. 
B) Cost of Goods Manufactured to be overstated by $2,000 for the year. 
C) Finished Goods to be understated by $2,000 at the end of the year. 
D) Cost of Goods Sold to be overstated by $2,000 for the year. 
A) Work in Process to be understated by $2,000 at year end. 
B) Cost of Goods Manufactured to be overstated by $2,000 for the year. 
C) Finished Goods to be understated by $2,000 at the end of the year. 
D) Cost of Goods Sold to be overstated by $2,000 for the year.

Question 9

Sagon Corporation has provided data concerning the Corporation's Manufacturing Overhead account for the month of September.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 $76,000 and the total of the credits to the account was $66,000.Which of the following statements is true?

Accepted Answer

A) Manufacturing overhead transferred from Finished Goods to Cost of Goods Sold during the month was $76,000. 
B) Actual manufacturing overhead incurred during the month was $66,000. 
C) Manufacturing overhead applied to Work in Process for the month was $76,000. 
D) Manufacturing overhead for the month was underapplied by $10,000. 
A) Manufacturing overhead transferred from Finished Goods to Cost of Goods Sold during the month was $76,000. 
B) Actual manufacturing overhead incurred during the month was $66,000. 
C) Manufacturing overhead applied to Work in Process for the month was $76,000. 
D) Manufacturing overhead for the month was underapplied by $10,000.

Question 10

Tusa Corporation is a manufacturer that uses job-order costing.The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year.The company has supplied the following data for the just completed year:   Results of operations:   The adjusted Cost of Goods Sold for the year is:

Accepted Answer

A) $1,518,000 
B) $1,506,500 
C) $1,642,000 
D) $1,529,500 
A) $1,518,000 
B) $1,506,500 
C) $1,642,000 
D) $1,529,500

Question 11

The journal entry to record the application of Manufacturing Overhead to Work in Process would include a:

Accepted Answer

A) credit to Manufacturing Overhead of $62,000 
B) debit to Work in Process of $60,000 
C) credit to Work in Process of $60,000 
D) debit to Manufacturing Overhead of $62,000 
A) credit to Manufacturing Overhead of $62,000 
B) debit to Work in Process of $60,000 
C) credit to Work in Process of $60,000 
D) debit to Manufacturing Overhead of $62,000

Question 12

In the Schedule of Cost of Goods Sold, Cost of goods available for sale = Ending finished goods inventory + Cost of goods manufactured.

Accepted Answer

A) True 
 B)False

Question 13

Lister Corporation is a manufacturer that uses job-order costing.The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year.The company has supplied the following data for the just completed year:   Results of operations:   The total amount of manufacturing overhead applied to production is:

Accepted Answer

A) $1,547,000 
B) $576,000 
C) $624,000 
D) $674,000 
A) $1,547,000 
B) $576,000 
C) $624,000 
D) $674,000

Question 14

Weatherhead Inc.has provided the following data for the month of March.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 overapplied by $3,000.

The Corporation allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts.

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

Accepted Answer

A) $20,261 
B) $20,779 
C) $20,850 
D) $20,190 
A) $20,261 
B) $20,779 
C) $20,850 
D) $20,190

Question 15

During June, Briganti Corporation purchased $79,000 of raw materials on credit to add to its raw materials inventory.A total of $64,000 of raw materials was requisitioned from the storeroom for use in production.These requisitioned raw materials included $4,000 of indirect materials.
Required:
Prepare journal entries to record the purchase of materials and their use in production.

Accepted Answer

The answer of During June, Briganti Corporation purchased $79,000 of...

Question 16

Weyant Corporation has provided the following data concerning last month's operations.     The company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold.How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold?

Accepted Answer

A) $173,000 
B) $127,000 
C) $133,000 
D) $141,000 
A) $173,000 
B) $127,000 
C) $133,000 
D) $141,000

Question 17

The debits to the Work in Process account as a consequence of the raw materials transactions in November total:

Accepted Answer

A) $78,000 
B) $95,000 
C) $92,000 
D) $0 
A) $78,000 
B) $95,000 
C) $92,000 
D) $0

Question 18

Tondre Corporation has provided the following data concerning last month's operations.     Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. 
Required:
a.Determine the cost of goods manufactured for the month.
b.Prepare a Schedule of Cost of Goods Sold for the month.

Accepted Answer

a. @#IMG-DLM&_TB2627

Question 19

Coatney Inc.has provided the following data for the month of October.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 overapplied by $7,000. The Corporation allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts.
The finished goods inventory at the end of October after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:

Accepted Answer

A) $35,686 
B) $33,374 
C) $33,410 
D) $35,650 
A) $35,686 
B) $33,374 
C) $33,410 
D) $35,650

Question 20

In a job-order costing system, which of the following events would trigger recording data on a job cost sheet?

Accepted Answer

A) the purchase of direct materials 
B) the payment of fire insurance on the factory building 
C) the payment for product advertising 
D) none of the above 
A) the purchase of direct materials 
B) the payment of fire insurance on the factory building 
C) the payment for product advertising 
D) none of the above

The overhead for the year was:

Falkenstein Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. Required: What was the cost of indirect materials requisitioned for use in production during the year?

Cai Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. The cost of indirect materials requisitioned for use in production during the year was:

In the Schedule of Cost of Goods Manufactured, Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory - Ending work in process inventory.

Rodenberger Corporation has provided the following data concerning last month's operations. Required: Determine the direct materials cost for the month.

The journal entry to record the application of Manufacturing Overhead to Work in Process would include a:

In the Schedule of Cost of Goods Sold, Cost of goods available for sale = Ending finished goods inventory + Cost of goods manufactured.

Weyant Corporation has provided the following data concerning last month's operations. The company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold.How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold?

The debits to the Work in Process account as a consequence of the raw materials transactions in November total:

In a job-order costing system, which of the following events would trigger recording data on a job cost sheet?

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 overhead for the year was:

Falkenstein Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. Required: What was the cost of indirect materials requisitioned for use in production during the year?

Cai Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. The cost of indirect materials requisitioned for use in production during the year was:

In the Schedule of Cost of Goods Manufactured, Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory - Ending work in process inventory.

Rodenberger Corporation has provided the following data concerning last month's operations. Required: Determine the direct materials cost for the month.

The journal entry to record the application of Manufacturing Overhead to Work in Process would include a:

In the Schedule of Cost of Goods Sold, Cost of goods available for sale = Ending finished goods inventory + Cost of goods manufactured.

Weyant Corporation has provided the following data concerning last month's operations. The company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold.How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold?

The debits to the Work in Process account as a consequence of the raw materials transactions in November total:

In a job-order costing system, which of the following events would trigger recording data on a job cost sheet?

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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