Question 1

Rockland completed the manufacturing process. The entry to transfer the product to finished goods is:

Accepted Answer

The answer of Rockland completed the manufacturing process. The entry...

Question 2

Finished goods ending inventory was understated. This error will cause:

Accepted Answer

A)  the cost of goods manufactured to be overstated. 
B)  the cost of goods sold to be overstated. 
C)  the net income to be overstated. 
D)  All of these are correct. 
A)  the cost of goods manufactured to be overstated. 
B)  the cost of goods sold to be overstated. 
C)  the net income to be overstated. 
D)  All of these are correct.

Question 3

During the week ended November 30, total factory payroll incurred was $8,600. Of this total, 60% was for direct labor. The entry to record the payroll distribution would include:

Accepted Answer

A)  debit Work-in-Process Inventory for $5,160 and Manufacturing Overhead-Control for $3,440. 
B)  debit Work-in-Process Inventory for $8,600. 
C)  debit Work-in-Process Inventory for $5,160 and Manufacturing Overhead-Applied for $3,440. 
D)  debit Work-in-Process Inventory for $5,160 and Indirect Labor Expense for $3,440. 
A)  debit Work-in-Process Inventory for $5,160 and Manufacturing Overhead-Control for $3,440. 
B)  debit Work-in-Process Inventory for $8,600. 
C)  debit Work-in-Process Inventory for $5,160 and Manufacturing Overhead-Applied for $3,440. 
D)  debit Work-in-Process Inventory for $5,160 and Indirect Labor Expense for $3,440.

Question 4

In a manufacturing company, the purchase of raw materials on account should be recorded as follows:

Accepted Answer

The answer of In a manufacturing company, the purchase of...

Question 5

The following data are available for Skyway:   If overhead is applied based on machine hours, the predetermined overhead rate is: (Round your answer two decimal places.)

Accepted Answer

A)  $2.20. 
B)  $21.95. 
C)  $0.46. 
D)  219.51%. 
A)  $2.20. 
B)  $21.95. 
C)  $0.46. 
D)  219.51%.

Question 6

A shop foreman's salary is considered indirect labor.

Accepted Answer

A) True 
 B)False

Question 7

From the following information, calculate (a) cost of raw materials used and (b) total manufacturing costs.   a. ________
b. ________

Accepted Answer

a. $67,000 (20,000 +

Question 8

Raw Material Inventory is credited and Finished Goods Inventory is debited when raw material is transferred to production.

Accepted Answer

A) True 
 B)False

Question 9

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement(s) on which the account balance is reported, and in Column 4 the account's nature (permanent/temporary).
-

Accepted Answer

The answer of For each of the following, identify in...

Question 10

Manufacturing overhead includes all manufacturing costs except which of the following?

Accepted Answer

A)  Raw materials 
B)  Maintenance supplies 
C)  Direct labor 
D)  Both A and C 
A)  Raw materials 
B)  Maintenance supplies 
C)  Direct labor 
D)  Both A and C

Question 11

The ending inventory for raw materials was overstated. This error will cause:

Accepted Answer

A)  the cost of raw materials used to be understated. 
B)  the cost of goods sold to be overstated. 
C)  the net income to be understated. 
D)  Answers A and B are correct. 
A)  the cost of raw materials used to be understated. 
B)  the cost of goods sold to be overstated. 
C)  the net income to be understated. 
D)  Answers A and B are correct.

Question 12

The entry for indirect materials (such as glue, etc.) requisitioned for use in production is:  
D) None of these answers is correct.

Accepted Answer

The answer of The entry for indirect materials (such as...

Question 13

The entry to record rent expense $14,000, supervision expense $24,000 and depreciation expense $15,000 to overhead is:

Accepted Answer

A)  debit Manufacturing Overhead-Applied $53,000; credit Rent Expense $14,000, Supervision $24,000, Depreciation Expense $15,000. 
B)  debit Work in Process Inventory $53,000; credit Rent Expense $14,000, Supervision $24,000, Depreciation Expense $15,000. 
C)  debit Manufacturing Overhead-Applied $53,000; credit Manufacturing Overhead-Control $53,000. 
D)  None of these answers is correct. 
A)  debit Manufacturing Overhead-Applied $53,000; credit Rent Expense $14,000, Supervision $24,000, Depreciation Expense $15,000. 
B)  debit Work in Process Inventory $53,000; credit Rent Expense $14,000, Supervision $24,000, Depreciation Expense $15,000. 
C)  debit Manufacturing Overhead-Applied $53,000; credit Manufacturing Overhead-Control $53,000. 
D)  None of these answers is correct.

Question 14

If a company had a beginning balance of $8,000 in Finished Goods Inventory, an ending balance of $5,000 in Finished Goods Inventory and cost of goods manufactured was $41,000 during the month, then the cost of goods sold for the month was $44,000.

Accepted Answer

A) True 
 B)False

Question 15

Baker Manufacturing has estimated manufacturing overhead at $133,000 and has estimated direct labor of 10,000 direct labor hours at $19 per hour. The overhead rate per direct labor dollar would be: (Round your answer to the nearest cent.)

Accepted Answer

A)  $1.43. 
B)  $13.30. 
C)  $0.70. 
D)  $5.70. 
A)  $1.43. 
B)  $13.30. 
C)  $0.70. 
D)  $5.70.

Question 16

Finished Goods Inventory is credited when products are sold and debited when the products are transferred from Work-in-Process Inventory.

Accepted Answer

A) True 
 B)False

Question 17

Given the following accounts:
-Charged the following costs to overhead: utilities, salaries, and depreciation.
Debit ________ Credit ________ & ________ & ________

Accepted Answer

A) Expense accounts. 
B) Accounts receivable 
C) Finished goods inventory. 
D) Work in process inventory. 
E) Raw materials inventory.
F)Factory supplies inventory.
G)Manufacturing overhead applied
H)Depreciation expense
I)Accounts payable.
J)Payroll payable
K)Utilities expense
L)Sales.
M)Raw materials purchases.
N)Manufacturing overhead-control.
O)Cost of goods sold.
Indicate the account(s) to be debited and credited to record the following transactions. 
A) Expense accounts. 
B) Accounts receivable 
C) Finished goods inventory. 
D) Work in process inventory. 
E) Raw materials inventory.
F)Factory supplies inventory.
G)Manufacturing overhead applied
H)Depreciation expense
I)Accounts payable.
J)Payroll payable
K)Utilities expense
L)Sales.
M)Raw materials purchases.
N)Manufacturing overhead-control.
O)Cost of goods sold.
Indicate the account(s) to be debited and credited to record the following transactions.

Question 18

Chelsie Interiors produces artist supplies. Listed below are the costs of production and inventory.   Compute:
a. Cost of raw materials used in production
b. Total manufacturing costs
c. Total cost of goods manufactured

Accepted Answer

a. $95,000 (45,000+75,000-25,0

Question 19

Given the following accounts:
-Applied overhead to production.
Debit ________ Credit ________

Accepted Answer

A) Expense accounts. 
B) Accounts receivable 
C) Finished goods inventory. 
D) Work in process inventory. 
E) Raw materials inventory.
F)Factory supplies inventory.
G)Manufacturing overhead applied
H)Depreciation expense
I)Accounts payable.
J)Payroll payable
K)Utilities expense
L)Sales.
M)Raw materials purchases.
N)Manufacturing overhead-control.
O)Cost of goods sold.
Indicate the account(s) to be debited and credited to record the following transactions. 
A) Expense accounts. 
B) Accounts receivable 
C) Finished goods inventory. 
D) Work in process inventory. 
E) Raw materials inventory.
F)Factory supplies inventory.
G)Manufacturing overhead applied
H)Depreciation expense
I)Accounts payable.
J)Payroll payable
K)Utilities expense
L)Sales.
M)Raw materials purchases.
N)Manufacturing overhead-control.
O)Cost of goods sold.
Indicate the account(s) to be debited and credited to record the following transactions.

Question 20

Screws, electricity for manufacturing, and production supervisor salary are examples of:

Accepted Answer

A)  raw materials. 
B)  direct labor. 
C)  manufacturing overhead. 
D)  None of the above 
A)  raw materials. 
B)  direct labor. 
C)  manufacturing overhead. 
D)  None of the above

Exam 25: Manufacturing Accounting

Rockland completed the manufacturing process. The entry to transfer the product to finished goods is:

Finished goods ending inventory was understated. This error will cause:

During the week ended November 30, total factory payroll incurred was $8,600. Of this total, 60% was for direct labor. The entry to record the payroll distribution would include:

In a manufacturing company, the purchase of raw materials on account should be recorded as follows:

The following data are available for Skyway: If overhead is applied based on machine hours, the predetermined overhead rate is: (Round your answer two decimal places.)

A shop foreman's salary is considered indirect labor.

From the following information, calculate (a) cost of raw materials used and (b) total manufacturing costs. a. ________ b. ________

Raw Material Inventory is credited and Finished Goods Inventory is debited when raw material is transferred to production.

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement(s) on which the account balance is reported, and in Column 4 the account's nature (permanent/temporary). -

Manufacturing overhead includes all manufacturing costs except which of the following?

The ending inventory for raw materials was overstated. This error will cause:

The entry for indirect materials (such as glue, etc.) requisitioned for use in production is: D) None of these answers is correct.

The entry to record rent expense $14,000, supervision expense $24,000 and depreciation expense $15,000 to overhead is:

If a company had a beginning balance of $8,000 in Finished Goods Inventory, an ending balance of $5,000 in Finished Goods Inventory and cost of goods manufactured was $41,000 during the month, then the cost of goods sold for the month was $44,000.

Baker Manufacturing has estimated manufacturing overhead at $133,000 and has estimated direct labor of 10,000 direct labor hours at $19 per hour. The overhead rate per direct labor dollar would be: (Round your answer to the nearest cent.)

Finished Goods Inventory is credited when products are sold and debited when the products are transferred from Work-in-Process Inventory.

Given the following accounts: -Charged the following costs to overhead: utilities, salaries, and depreciation. Debit ________ Credit ________ & ________ & ________

Chelsie Interiors produces artist supplies. Listed below are the costs of production and inventory. Compute: a. Cost of raw materials used in production b. Total manufacturing costs c. Total cost of goods manufactured

Given the following accounts: -Applied overhead to production. Debit ________ Credit ________

Screws, electricity for manufacturing, and production supervisor salary are examples of:

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Paying, Recording, and Reporting Payroll and Payroll Taxes:

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, Plant, Equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, Dividends, Treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Filters

From the following information, calculate (a) cost of raw materials used and (b) total manufacturing costs. a. b.

Given the following accounts: -Charged the following costs to overhead: utilities, salaries, and depreciation. Debit Credit & &

Given the following accounts: -Applied overhead to production. Debit Credit