Exam 25: Manufacturing Accounting

What is the journal entry to record issuing supplies from the storeroom?

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). - Column 1 Column 2 Column 3 Column 4 Accumulated depreciation- factory equipment

Work-in-Process Inventory is debited when goods are transferred to finished goods.

The Overhead-Applied account is used for the:

Finished goods are listed on the statement of cost of goods manufactured.

Given the following accounts: [1]Expense accounts. [2]Accounts receivable [3]Finished goods inventory. [4]Work in process inventory. [5]Raw materials inventory. [6]Factory supplies inventory. [7]Overhead applied [8]Accumulated depreciation factory equipment [9]Accounts payable. [10]Payroll [11]Utilities payable [12]Sales. [13]Raw materials purchases. [14]Overhead-control. [15]Cost of goods sold. Indicate the account(s) to be debited and credited to record the following transactions. -Charged the following costs to overhead: utilities,salaries,and depreciation. Debit ________ & ________ & ________ Credit ________ & ________ & ________

Hourly wages of production line employees is one of the costs included in the work-in-process inventory.

Given the following accounts: [1]Expense accounts. [2]Accounts receivable [3]Finished goods inventory. [4]Work in process inventory. [5]Raw materials inventory. [6]Factory supplies inventory. [7]Overhead applied [8]Accumulated depreciation factory equipment [9]Accounts payable. [10]Payroll [11]Utilities payable [12]Sales. [13]Raw materials purchases. [14]Overhead-control. [15]Cost of goods sold. Indicate the account(s) to be debited and credited to record the following transactions. -Applied overhead to production. Debit ________ & ________ & ________ Credit ________ & ________ & ________

Classify each of the following as raw materials,direct labor,or overhead: Item Raw Material Direct Labor Overhead Steel in making of cars Salary of a supervisor Wages of an employee producing desks Lease payment for the building Utilities for the building Lug nuts for the wheels of the car

The first step in the preparation of the cost of goods manufactured is to add in and subtract out the two raw material inventory balances.

The work-in-process ending inventory was understated.This error will cause:

The overhead application rate may be based on:

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). - Column 1 Column 2 Column 3 Column 4 Accounts receivable

The following data are available for Convoy Trucks: Estimated machine hours 40, 000 hours Actual machine hours 5, 000 hours Estimated manufacturing overhead \ 125,000 Actual manufacturing overhead 13,000 Required: a.Compute the predetermined overhead rate assuming the rate is based on machine hours. b.Prepare the journal entry to record the applied overhead.

Factory Supplies Expense,Depreciation Expense-Factory,and Heat,Light,and Power-Factory appear on which section of the worksheet?

If a company had a beginning balance of $5,000 in Raw Materials,an ending balance of $3,000 and purchased $27,000 of materials during the month,then the raw material cost for the month was $29,000.

Which of the following journal entries would be made to apply the cost of indirect labor to production?

What inventories are included in determining total manufacturing costs?

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

Madison Manufacturing is using a manufacturing overhead application rate of 110% of direct labor dollars.If direct labor was 10 hours at $15 per hour,how much overhead should be applied to the job?