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

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

(Multiple Choice)
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Ruddick Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year: Ruddick Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year:   The journal entry to record the transfer of completed goods from Work in Process to Finished Goods is: The journal entry to record the transfer of completed goods from Work in Process to Finished Goods is:

(Multiple Choice)
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The journal entry for cost of goods manufactured includes the costs of units that are partially completed.

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Easterling Corporation uses a job-order costing system.The following data relate to the just completed month's operations. Easterling Corporation uses a job-order costing system.The following data relate to the just completed month's operations.   Required:  a.Where appropriate, post the above transactions to the Work in Process and Manufacturing Overhead T-accounts below.     b.Determine the underapplied or overapplied overhead for the month. Required: a.Where appropriate, post the above transactions to the Work in Process and Manufacturing Overhead T-accounts below. Easterling Corporation uses a job-order costing system.The following data relate to the just completed month's operations.   Required:  a.Where appropriate, post the above transactions to the Work in Process and Manufacturing Overhead T-accounts below.     b.Determine the underapplied or overapplied overhead for the month. Easterling Corporation uses a job-order costing system.The following data relate to the just completed month's operations.   Required:  a.Where appropriate, post the above transactions to the Work in Process and Manufacturing Overhead T-accounts below.     b.Determine the underapplied or overapplied overhead for the month. b.Determine the underapplied or overapplied overhead for the month.

(Essay)
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In the Schedule of Cost of Goods Manufactured, Total raw materials available = Ending raw materials inventory + Purchases of raw materials.

(True/False)
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The manufacturing overhead for the year was:

(Multiple Choice)
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The adjusted Cost of Goods Sold for the year is:

(Multiple Choice)
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Calfee Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year: Calfee Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year:    Results of operations:   The ending balance in the Work in Process inventory account is: Results of operations: Calfee Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year:    Results of operations:   The ending balance in the Work in Process inventory account is: The ending balance in the Work in Process inventory account is:

(Multiple Choice)
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Bottum Corporation, a manufacturing Corporation, has provided data concerning its operations for May.The beginning balance in the raw materials account was $20,000 and the ending balance was $36,000.Raw materials purchases during the month totaled $63,000.Manufacturing overhead cost incurred during the month was $111,000, of which $2,000 consisted of raw materials classified as indirect materials.The direct materials cost for May was:

(Multiple Choice)
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Daget Corporation uses direct labor-hours in its predetermined overhead rate.At the beginning of the year, the total estimated manufacturing overhead was $364,140.At the end of the year, actual direct labor-hours for the year were 24,000 hours, manufacturing overhead for the year was overapplied by $8,060, and the actual manufacturing overhead was $359,140.The predetermined overhead rate for the year must have been closest to:

(Multiple Choice)
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The credits to the Manufacturing Overhead account as a consequence of the raw materials transactions in November total:

(Multiple Choice)
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The journal entry to record applying overhead during the production process is: The journal entry to record applying overhead during the production process is:

(Short Answer)
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On December 1, Mogro Corporation had $26,000 of raw materials on hand.During the month, the Corporation purchased an additional $60,000 of raw materials.During December, $62,000 of raw materials were requisitioned from the storeroom for use in production.The debits entered in the Raw Materials account during the month of December total:

(Multiple Choice)
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Tomlison Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year: Tomlison Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year:   The journal entry to record the unadjusted Cost of Goods Sold is: The journal entry to record the unadjusted Cost of Goods Sold is:

(Multiple Choice)
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Molin 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: Molin 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 amount of manufacturing overhead applied to production during the year? b.Is manufacturing overhead overapplied or underapplied for the year? By how much? c.What is the adjusted cost of goods sold for the year? Results of operations: Molin 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 amount of manufacturing overhead applied to production during the year? b.Is manufacturing overhead overapplied or underapplied for the year? By how much? c.What is the adjusted cost of goods sold for the year? Required: a.What is the total amount of manufacturing overhead applied to production during the year? b.Is manufacturing overhead overapplied or underapplied for the year? By how much? c.What is the adjusted cost of goods sold for the year?

(Essay)
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The manufacturing overhead was:

(Multiple Choice)
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If Job #461 contained 100 units, the unit product cost on the completed job cost sheet would be:

(Multiple Choice)
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Plasencia 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: Plasencia 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 net operating income is: Results of operations: Plasencia 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 net operating income is: The net operating income is:

(Multiple Choice)
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Buckovitch Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year: Buckovitch Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year:   Required: a.What is the journal entry to record raw materials used in production? b.What is the journal entry to record the direct and indirect labor costs incurred during the year? c.What is the journal entry to record the transfer of completed goods from Work in Process to Finished Goods? d.What is the journal entry to record the unadjusted cost of goods sold? Required: a.What is the journal entry to record raw materials used in production? b.What is the journal entry to record the direct and indirect labor costs incurred during the year? c.What is the journal entry to record the transfer of completed goods from Work in Process to Finished Goods? d.What is the journal entry to record the unadjusted cost of goods sold?

(Essay)
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What is the journal entry to record the direct and indirect labor costs incurred during the year?

(Multiple Choice)
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