Question 1

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

Accepted Answer

A) $95,000 
B) $3,000 
C) $0 
D) $92,000 
A) $95,000 
B) $3,000 
C) $0 
D) $92,000

Question 2

The predetermined overhead rate was based on how many estimated machine-hours?

Accepted Answer

A) 1,400 
B) 2,101 
C) 2,742 
D) 1,460 
A) 1,400 
B) 2,101 
C) 2,742 
D) 1,460

Question 3

The ending Work in Process account balance would be:

Accepted Answer

A) $13,000 
B) $75,000 
C) $20,000 
D) $64,000 
A) $13,000 
B) $75,000 
C) $20,000 
D) $64,000

Question 4

Prahm Inc.has provided the following data for August:     Required:
Prepare T-accounts for Raw Materials, Work in Process, Finished Goods, and Manufacturing Overhead, and Cost of Goods Sold.Record the beginning balances and each of the transactions listed above.Finally, determine the ending balances.

Accepted Answer

@#IMG-DLM&_TB2627_00

Question 5

Alberta Corporation uses a job-order costing system.The following data relate to the just completed month's operations.
(1)Direct materials requisitioned for use in production, $170,000
(2)Indirect materials requisitioned for use in production, $11,000
(3)Direct labor wages incurred, $105,000
(4)Indirect labor wages incurred, $103,000
(5)Depreciation recorded on factory equipment, $38,000
(6)Additional manufacturing overhead costs incurred, $63,000
(7)Manufacturing overhead costs applied to jobs, $200,000
(8)Cost of jobs completed and transferred from Work in Process to Finished Goods, $450,000
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.

Accepted Answer

a. @#IMG-DLM&_TB2627_00 @#IMG-DLM&_TB2627_00 b.The

Question 6

Dipaola Corporation has provided the following data concerning last month's operations.     How much is the direct materials cost for the month on the Schedule of Cost of Goods Manufactured?

Accepted Answer

A) $38,000 
B) $32,000 
C) $14,000 
D) $26,000 
A) $38,000 
B) $32,000 
C) $14,000 
D) $26,000

Question 7

The applied manufacturing overhead for the year is closest to:

Accepted Answer

A) $162,682 
B) $155,995 
C) $158,789 
D) $159,842 
A) $162,682 
B) $155,995 
C) $158,789 
D) $159,842

Question 8

Mackinaw Manufacturing Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs.Last year, the Corporation worked 17,000 actual direct labor-hours and incurred $145,000 of actual manufacturing overhead cost.They had estimated at the beginning of the year that 16,000 direct labor-hours would be worked and $144,000 of manufacturing overhead costs incurred.The Corporation had calculated a predetermined overhead rate of $9 per direct labor-hour.The Corporation's manufacturing overhead for the year was:

Accepted Answer

A) overapplied by $8,000 
B) underapplied by $8,000 
C) overapplied by $1,000 
D) underapplied by $1,000 
A) overapplied by $8,000 
B) underapplied by $8,000 
C) overapplied by $1,000 
D) underapplied by $1,000

Question 9

The cost of direct materials used is:

Accepted Answer

A) $14,000 
B) $15,000 
C) $18,000 
D) $24,000 
A) $14,000 
B) $15,000 
C) $18,000 
D) $24,000

Question 10

If manufacturing overhead is underapplied, then:

Accepted Answer

A) actual manufacturing overhead cost is less than estimated manufacturing overhead cost. 
B) the amount of manufacturing overhead cost applied to Work in Process is less than the actual manufacturing overhead cost incurred. 
C) the predetermined overhead rate is too high. 
D) the Manufacturing Overhead account will have a credit balance at the end of the year. 
A) actual manufacturing overhead cost is less than estimated manufacturing overhead cost. 
B) the amount of manufacturing overhead cost applied to Work in Process is less than the actual manufacturing overhead cost incurred. 
C) the predetermined overhead rate is too high. 
D) the Manufacturing Overhead account will have a credit balance at the end of the year.

Question 11

Karvel Corporation uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs.For the month of August, Karvel estimated total manufacturing overhead costs at $300,000 and total machine-hours at 75,000 hours.Actual results for the period were manufacturing overhead costs of $290,000 and 75,000 machine-hours.As a result, Karvel would have:

Accepted Answer

A) applied more overhead to Work in Process than the actual amount of overhead cost for the year. 
B) applied less overhead to Work in Process than the actual amount of overhead cost for the year. 
C) applied an amount of overhead to Work in Process that was equal to the actual amount of overhead. 
D) found it necessary to recalculate the predetermined overhead rate. 
A) applied more overhead to Work in Process than the actual amount of overhead cost for the year. 
B) applied less overhead to Work in Process than the actual amount of overhead cost for the year. 
C) applied an amount of overhead to Work in Process that was equal to the actual amount of overhead. 
D) found it necessary to recalculate the predetermined overhead rate.

Question 12

Fils 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 underapplied by $4,000. 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 journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for March would include the following:

Accepted Answer

A) debit to Cost of Goods Sold of $3,080 
B) debit to Cost of Goods Sold of $149,410 
C) credit to Cost of Goods Sold of $3,080 
D) credit to Cost of Goods Sold of $149,410 
A) debit to Cost of Goods Sold of $3,080 
B) debit to Cost of Goods Sold of $149,410 
C) credit to Cost of Goods Sold of $3,080 
D) credit to Cost of Goods Sold of $149,410

Question 13

The total amount of manufacturing overhead actually incurred was:

Accepted Answer

A) $246,000 
B) $291,000 
C) $236,000 
D) $247,000 
A) $246,000 
B) $291,000 
C) $236,000 
D) $247,000

Question 14

The raw materials purchased during May totaled:

Accepted Answer

A) $58,500 
B) $67,500 
C) $54,000 
D) $63,000 
A) $58,500 
B) $67,500 
C) $54,000 
D) $63,000

Question 15

Maysonet Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year.   The cost of completed jobs transferred from Work in Process to Finished Goods during the year was:

Accepted Answer

A) $520,000 
B) $572,000 
C) $538,000 
D) $504,000 
A) $520,000 
B) $572,000 
C) $538,000 
D) $504,000

Question 16

How much is the cost of goods available for sale on the Schedule of Cost of Goods Sold?

Accepted Answer

A) $171,000 
B) $117,000 
C) $123,000 
D) $136,000 
A) $171,000 
B) $117,000 
C) $123,000 
D) $136,000

Question 17

Crich Corporation uses direct labor-hours in its predetermined overhead rate.At the beginning of the year, the estimated direct labor-hours were 21,800 hours and the total estimated manufacturing overhead was $497,040.At the end of the year, actual direct labor-hours for the year were 21,500 hours and the actual manufacturing overhead for the year was $492,040.Overhead at the end of the year was:

Accepted Answer

A) $6,840 overapplied 
B) $6,840 underapplied 
C) $1,840 underapplied 
D) $1,840 overapplied 
A) $6,840 overapplied 
B) $6,840 underapplied 
C) $1,840 underapplied 
D) $1,840 overapplied

Question 18

The direct materials cost for July is:

Accepted Answer

A) $55,000 
B) $69,000 
C) $63,000 
D) $66,000 
A) $55,000 
B) $69,000 
C) $63,000 
D) $66,000

Question 19

Dukes Corporation used a predetermined overhead rate this year of $2 per direct labor-hour, based on an estimate of 20,000 direct labor-hours to be worked during the year.Actual costs and activity during the year were:   The overapplied or underapplied manufacturing for the year was:

Accepted Answer

A) $1,000 underapplied 
B) $1,000 overapplied 
C) $3,000 underapplied 
D) $3,000 overapplied 
A) $1,000 underapplied 
B) $1,000 overapplied 
C) $3,000 underapplied 
D) $3,000 overapplied

Question 20

Braam Corporation uses direct labor-hours in its predetermined overhead rate.At the beginning of the year, the estimated direct labor-hours were 11,500 hours.At the end of the year, actual direct labor-hours for the year were 9,700 hours, the actual manufacturing overhead for the year was $143,350, and manufacturing overhead for the year was underapplied by $18,220.The estimated manufacturing overhead at the beginning of the year used in the predetermined overhead rate must have been:

Accepted Answer

A) $164,023 
B) $125,130 
C) $148,350 
D) $138,350 
A) $164,023 
B) $125,130 
C) $148,350 
D) $138,350

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

The predetermined overhead rate was based on how many estimated machine-hours?

The ending Work in Process account balance would be:

Prahm Inc.has provided the following data for August: Required: Prepare T-accounts for Raw Materials, Work in Process, Finished Goods, and Manufacturing Overhead, and Cost of Goods Sold.Record the beginning balances and each of the transactions listed above.Finally, determine the ending balances.

Dipaola Corporation has provided the following data concerning last month's operations. How much is the direct materials cost for the month on the Schedule of Cost of Goods Manufactured?

The applied manufacturing overhead for the year is closest to:

The cost of direct materials used is:

If manufacturing overhead is underapplied, then:

The total amount of manufacturing overhead actually incurred was:

The raw materials purchased during May totaled:

Maysonet Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. The cost of completed jobs transferred from Work in Process to Finished Goods during the year was:

How much is the cost of goods available for sale on the Schedule of Cost of Goods Sold?

The direct materials cost for July is:

Dukes Corporation used a predetermined overhead rate this year of $2 per direct labor-hour, based on an estimate of 20,000 direct labor-hours to be worked during the year.Actual costs and activity during the year were: The overapplied or underapplied manufacturing for the year was:

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 debits to the Manufacturing Overhead account as a consequence of the raw materials transactions in November total:

The predetermined overhead rate was based on how many estimated machine-hours?

The ending Work in Process account balance would be:

Prahm Inc.has provided the following data for August: Required: Prepare T-accounts for Raw Materials, Work in Process, Finished Goods, and Manufacturing Overhead, and Cost of Goods Sold.Record the beginning balances and each of the transactions listed above.Finally, determine the ending balances.

Dipaola Corporation has provided the following data concerning last month's operations. How much is the direct materials cost for the month on the Schedule of Cost of Goods Manufactured?

The applied manufacturing overhead for the year is closest to:

The cost of direct materials used is:

If manufacturing overhead is underapplied, then:

The total amount of manufacturing overhead actually incurred was:

The raw materials purchased during May totaled:

Maysonet Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. The cost of completed jobs transferred from Work in Process to Finished Goods during the year was:

How much is the cost of goods available for sale on the Schedule of Cost of Goods Sold?

The direct materials cost for July is:

Dukes Corporation used a predetermined overhead rate this year of $2 per direct labor-hour, based on an estimate of 20,000 direct labor-hours to be worked during the year.Actual costs and activity during the year were: The overapplied or underapplied manufacturing for the year was:

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

Filters