Exam 4: Accounting Entries for a Job Costing System

A journal entry debiting Work in Progress would normally NOT be accompanied by a credit to

The following information is available for the current year for Sven's Brokerage Services: Sales £661,000 Beginning work in progress 7,000 Ending work in progress 6,000 Direct labour 100,000 Direct materials 30,000 Overhead 150,000 Selling expenses 80,000 Administrative expenses 120,000 What is Sven's income before taxes for the year?

Factory depreciation would be recorded using which of the following entries?

An entry to record the sale of goods would be

As goods are sold, the cost of the goods is transferred from

On April 9, 2011, Job XX4 was completed. The job cost sheet showed a total of £4,000 in direct materials and £6,000 in direct labour at a rate of £20 per direct labour hour. Factory overhead is applied at £30 per direct labour hour. The debit to Finished Goods Inventory to record the completion of Job XX4 is

Assume the following data for Graham Services, an architecture firm, for February: Beginning materials inventory £ 20,000 Beginning work-in-progress inventory 40,000 Ending work-in-progress inventory 50,000 Ending materials inventory 10,000 Actual overhead costs 100,000 Direct materials used 60,000 Direct labour 200,000 What is the cost of services sold for February?

Assume the following data for Gross, Inc., for February: Beginning finished goods inventory £ 60,000 Beginning work-in-prgress inventory 40,000 Ending work-in-progress inventory 80,000 Ending finished goods inventory 50,000 Actual factory overhead costs 200,000 Direct materials used 160,000 Direct labour 100,000 What is the cost of goods manufactured for February?

Assume the following information: Direct materials used £ 90,000 Direct labour 130,000 Factory overhead 150,000 Beginning work-in-progress inventory 15,000 Beginning finished goods inventory 20,000 Ending work-in-progress inventory 42,000 Selling and administrative expenses 37,500 What was the cost of goods manufactured during the year?

____ is the recognition and recording of costs.

In a job-order system, recording the use of indirect materials would include a debit to

Assume the following information for Knight Ltd. for the year ended December 31, 2011: Sales £2,250 Cost of goods manufactured for the year 1,350 Beginning finished goods inventory 450 Ending finished goods inventory 495 Selling and administrative expenses 300 What is the cost of goods sold for the year ended December 31, 2011?

Which entry is recorded when materials are moved from storeroom to production?

The entry to record total manufacturing overhead applied would be

A debit to the Materials (Stores ledger account) indicates