Question 1

Omega.com sold 25 jet skis for $7,000 which cost $5,000.The entry to record the sale would include:

Accepted Answer

A) credit to Finished Goods Inventory $5,000. 
B) credit to Sales for $7,000. 
C) debit to Cost of Goods Sold for $5,000. 
D) all of the above. 
A) credit to Finished Goods Inventory $5,000. 
B) credit to Sales for $7,000. 
C) debit to Cost of Goods Sold for $5,000. 
D) all of the above.

Question 2

If the overhead applied rate based on direct labor hours is $7.00 and the actual labor hours are 5,000,what is the amount credited to Overhead-Applied?

Accepted Answer

A) $3500 
B) $350 
C) $35,000 
D) None of the above 
A) $3500 
B) $350 
C) $35,000 
D) None of the above

Question 3

Total manufacturing costs incurred include:

Accepted Answer

A) direct labor costs. 
B) raw materials costs. 
C) manufacturing overhead. 
D) all of the above. 
A) direct labor costs. 
B) raw materials costs. 
C) manufacturing overhead. 
D) all of the above.

Question 4

Cost of goods manufactured is determined before the income statement can be completed.

Accepted Answer

A) True 
 B)False

Question 5

Which inventory account consists of manufacturing cost of goods that are complete?

Accepted Answer

A) Work-in-Process Inventory 
B) Raw Material Inventory 
C) Manufacturing Overhead 
D) Finished Goods 
A) Work-in-Process Inventory 
B) Raw Material Inventory 
C) Manufacturing Overhead 
D) Finished Goods

Question 6

From the following information,calculate (a)cost of raw materials used and (b)total manufacturing costs.
 $$\begin{array} { l l } 
\text { Raw Materials Inventory, June 1 } & \$ 15,000 \
\text { Rew Materials Inventory, June 30 } & 20,000 \
\text { Overhead } & 35,000 \
\text { Finished Goods Inventory } & 17,000 \
\text { Direct Labor } & 29,000 \
\text { Raw Materials Purchased } & 76,000
\end{array}$$ a.________
b.________

Accepted Answer

a.$71,000 (15,000 +

Omega.com sold 25 jet skis for $7,000 which cost $5,000.The entry to record the sale would include:

If the overhead applied rate based on direct labor hours is $7.00 and the actual labor hours are 5,000,what is the amount credited to Overhead-Applied?

Total manufacturing costs incurred include:

Cost of goods manufactured is determined before the income statement can be completed.

Which inventory account consists of manufacturing cost of goods that are complete?

From the following information,calculate (a)cost of raw materials used and (b)total manufacturing costs. Raw Materials Inventory, June 1 \ 15,000 Rew Materials Inventory, June 30 20,000 Overhead 35,000 Finished Goods Inventory 17,000 Direct Labor 29,000 Raw Materials Purchased 76,000 a. b.

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: The Conclusion of the Payroll Process

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, and Retained Earnings

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Filters

Exam 25: Manufacturing Accounting

Omega.com sold 25 jet skis for $7,000 which cost $5,000.The entry to record the sale would include:

If the overhead applied rate based on direct labor hours is $7.00 and the actual labor hours are 5,000,what is the amount credited to Overhead-Applied?

Total manufacturing costs incurred include:

Cost of goods manufactured is determined before the income statement can be completed.

Which inventory account consists of manufacturing cost of goods that are complete?

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: The Conclusion of the Payroll Process

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, and Retained Earnings

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Filters