Exam 16: Cost Flows and Business Organizations

Smorgasbord Inc. estimated the following for 2012: The overhead rate for the finishing department is determined on the basis of labor hours. Using the data above, what is the predetermined overhead rate for the finishing department?

Which of the following is NOT critical to accurately measure product costs?

Prepare the journal entries for the following events in a dress manufacturing organization.

The manufacturing operations of Sentinel Company had the following inventory balances for 2012: If Sentinel purchased $90,000 of raw materials during the year, the cost of raw materials used during 2012 would be:

Which of the following would NOT be found on a cost of goods manufactured schedule?

Abe's Automobile Manufacturing Company reported the following information for 2012: Prepare a Cost of Goods Manufactured Schedule, in good form, for Abe's Automobile Manufacturing Company for 2012.

In production, 100 units in a process that are 30% complete are referred to as:

The journal entry to apply manufacturing overhead to products includes a debit to:

As overhead costs are incurred in a service firm, the costs are debited to a(n):

Assume the following information for April: If material is added at the beginning of production and conversion is incurred uniformly, what is the number of equivalent units processed for conversion costs for April?

Exhibit 16-1 Jack Corporation used a job order costing system to account for jobs in its construction division. During April, the following transactions occurred: Purchased $\$ 4,000$ of lumber (raw materials) on account. Incurred direct labor costs of $\$ 8,000$ . Depreciation on construction equipment of $\$ 1,600$ was recorded. A house that was completed in March at a cost of $\$ 160,000$ was sold for $\$ 184,000$ . -Refer to Exhibit 16-1. Given the information above, the entry to record the sale of the house would include a:

Raw Materials Inventory is debited:

Which of the following is one of the three types of product costs?

Nester Company recorded the following data for 2012: Additional data: If raw materials costing $65,000 were purchased during the year, the total manufacturing costs for 2012 would be:

If overapplied manufacturing overhead is closed to Cost of Goods Sold, the journal entry would include a debit to:

Which of the following would NOT properly be classified as manufacturing overhead?