Question 1

The direct materials cost for August is:

Accepted Answer

A) $73,000 
B) $69,000 
C) $81,000 
D) $57,000 
A) $73,000 
B) $69,000 
C) $81,000 
D) $57,000

Question 2

The following data have been recorded for recently completed Job 323 on its job cost sheet. Direct materials cost was $2,260. A total of 37 direct labor-hours and 141 machine-hours were worked on the job. The direct labor wage rate is $13 per labor-hour. The Corporation applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $14 per machine-hour. The total cost for the job on its job cost sheet would be:

Accepted Answer

A) $3,259 
B) $2,741 
C) $4,715 
D) $2,287 
A) $3,259 
B) $2,741 
C) $4,715 
D) $2,287

Question 3

The Cost of Goods Manufactured for May was:

Accepted Answer

A) $84,500 
B) $95,000 
C) $75,500 
D) $81,500 
A) $84,500 
B) $95,000 
C) $75,500 
D) $81,500

Question 4

Sowers Inc. has provided the following data for October:     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

The answer of Sowers Inc. has provided the following data...

Question 5

Huckeby Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the upcoming year appear below:   Required:
Compute the company's predetermined overhead rate.

Accepted Answer

Estimated total manufacturing

Question 6

The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for November would include the following:

Accepted Answer

A) debit to Work in Process of $16,240 
B) credit to Work in Process of $16,240 
C) debit to Work in Process of $180 
D) credit to Work in Process of $180 
A) debit to Work in Process of $16,240 
B) credit to Work in Process of $16,240 
C) debit to Work in Process of $180 
D) credit to Work in Process of $180

Question 7

What account should Chelm debit when the production manager has earned her salary?

Accepted Answer

A) Direct Labor 
B) Work in Process 
C) Manufacturing Overhead 
D) Salaries and Wages Receivable 
E) Salaries and Wages Expense 
A) Direct Labor 
B) Work in Process 
C) Manufacturing Overhead 
D) Salaries and Wages Receivable 
E) Salaries and Wages Expense

Question 8

The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for August would include the following:

Accepted Answer

A) debit to Work in Process of $11,650 
B) debit to Work in Process of $400 
C) credit to Work in Process of $11,650 
D) credit to Work in Process of $400 
A) debit to Work in Process of $11,650 
B) debit to Work in Process of $400 
C) credit to Work in Process of $11,650 
D) credit to Work in Process of $400

Question 9

Sirmons Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year. At the beginning of the most recently completed year, the Corporation estimated the labor-hours for the upcoming year at 70,000 labor-hours. The estimated variable manufacturing overhead was $9.93 per labor-hour and the estimated total fixed manufacturing overhead was $1,649,200. The actual labor-hours for the year turned out to be 74,000 labor-hours. The predetermined overhead rate for the recently completed year was closest to:

Accepted Answer

A) $32.22 
B) $9.93 
C) $33.49 
D) $23.56 
A) $32.22 
B) $9.93 
C) $33.49 
D) $23.56

Question 10

Galbraith Corporation applies overhead cost to jobs on the basis of 70% of direct labor cost. If Job 201 shows $28,000 of manufacturing overhead applied, the direct labor cost on the job was:

Accepted Answer

A) $40,000 
B) $19,600 
C) $28,000 
D) $36,400 
A) $40,000 
B) $19,600 
C) $28,000 
D) $36,400

Question 11

Aksamit Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the most recently completed year appear below:   The predetermined overhead rate for the recently completed year was closest to:

Accepted Answer

A) $23.97 
B) $31.00 
C) $7.03 
D) $31.35 
A) $23.97 
B) $31.00 
C) $7.03 
D) $31.35

Question 12

What journal entry is made in a job-order costing system when $8,000 of materials are requisitioned for general factory use instead of for use in a particular job?

Accepted Answer

A) Option A 
B) Option B 
C) Option C 
D) Option D 
A) Option A 
B) Option B 
C) Option C 
D) Option D

Question 13

Epolito Corporation incurred $87,000 of actual Manufacturing Overhead costs during September. During the same period, the Manufacturing Overhead applied to Work in Process was $89,000. The journal entry to record the incurrence of the actual Manufacturing Overhead costs would include a:

Accepted Answer

A) debit to Work in Process of $89,000 
B) credit to Manufacturing Overhead of $87,000 
C) debit to Manufacturing Overhead of $87,000 
D) credit to Work in Process of $89,000 
A) debit to Work in Process of $89,000 
B) credit to Manufacturing Overhead of $87,000 
C) debit to Manufacturing Overhead of $87,000 
D) credit to Work in Process of $89,000

Question 14

Collins Corporation uses a predetermined overhead rate based on direct labor cost to apply manufacturing overhead to jobs. The following information applies to the Corporation for the current year:   The manufacturing overhead cost for the current year will be:

Accepted Answer

A) $17,000 overapplied 
B) $17,000 underapplied 
C) $55,000 overapplied 
D) $55,000 underapplied 
A) $17,000 overapplied 
B) $17,000 underapplied 
C) $55,000 overapplied 
D) $55,000 underapplied

Question 15

Bretthauer Corporation has provided data concerning the Corporation's Manufacturing Overhead account for the month of July. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $51,000 and the total of the credits to the account was $64,000. Which of the following statements is true?

Accepted Answer

A) Manufacturing overhead transferred from Finished Goods to Cost of Goods Sold during the month was $51,000. 
B) Manufacturing overhead applied to Work in Process for the month was $64,000. 
C) Manufacturing overhead for the month was underapplied by $13,000. 
D) Actual manufacturing overhead incurred during the month was $64,000. 
A) Manufacturing overhead transferred from Finished Goods to Cost of Goods Sold during the month was $51,000. 
B) Manufacturing overhead applied to Work in Process for the month was $64,000. 
C) Manufacturing overhead for the month was underapplied by $13,000. 
D) Actual manufacturing overhead incurred during the month was $64,000.

Question 16

Sawyer Manufacturing Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Last year, the Corporation worked 57,000 actual direct labor-hours and incurred $345,000 of actual manufacturing overhead cost. The Corporation had estimated that it would work 55,000 direct labor-hours during the year and incur $330,000 of manufacturing overhead cost. The Corporation's manufacturing overhead cost for the year was:

Accepted Answer

A) overapplied by $15,000 
B) underapplied by $15,000 
C) overapplied by $3,000 
D) underapplied by $3,000 
A) overapplied by $15,000 
B) underapplied by $15,000 
C) overapplied by $3,000 
D) underapplied by $3,000

Question 17

The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for November would include the following:

Accepted Answer

A) debit to Cost of Goods Sold of $66,060 
B) credit to Cost of Goods Sold of $66,060 
C) debit to Cost of Goods Sold of $1,100 
D) credit to Cost of Goods Sold of $1,100 
A) debit to Cost of Goods Sold of $66,060 
B) credit to Cost of Goods Sold of $66,060 
C) debit to Cost of Goods Sold of $1,100 
D) credit to Cost of Goods Sold of $1,100

Question 18

What account should Chelm debit when the president of the company has earned her salary?

Accepted Answer

A) Direct Labor 
B) Work in Process 
C) Manufacturing Overhead 
D) Salaries and Wages Receivable 
E) Salaries and Wages Expense 
A) Direct Labor 
B) Work in Process 
C) Manufacturing Overhead 
D) Salaries and Wages Receivable 
E) Salaries and Wages Expense

Question 19

The journal entry to record the application of Manufacturing Overhead to Work in Process would include a:

Accepted Answer

A) debit to Work in Process of $65,000 
B) credit to Work in Process of $65,000 
C) credit to Manufacturing Overhead of $60,000 
D) debit to Manufacturing Overhead of $60,000 
A) debit to Work in Process of $65,000 
B) credit to Work in Process of $65,000 
C) credit to Manufacturing Overhead of $60,000 
D) debit to Manufacturing Overhead of $60,000

Question 20

The finished goods inventory at the end of November after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:

Accepted Answer

A) $53,864 
B) $53,870 
C) $52,856 
D) $52,850 
A) $53,864 
B) $53,870 
C) $52,856 
D) $52,850

The direct materials cost for August is:

The Cost of Goods Manufactured for May was:

Huckeby Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the upcoming year appear below: Required: Compute the company's predetermined overhead rate.

The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for November would include the following:

What account should Chelm debit when the production manager has earned her salary?

The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for August would include the following:

Galbraith Corporation applies overhead cost to jobs on the basis of 70% of direct labor cost. If Job 201 shows $28,000 of manufacturing overhead applied, the direct labor cost on the job was:

Aksamit Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the most recently completed year appear below: The predetermined overhead rate for the recently completed year was closest to:

What journal entry is made in a job-order costing system when $8,000 of materials are requisitioned for general factory use instead of for use in a particular job?

Epolito Corporation incurred $87,000 of actual Manufacturing Overhead costs during September. During the same period, the Manufacturing Overhead applied to Work in Process was $89,000. The journal entry to record the incurrence of the actual Manufacturing Overhead costs would include a:

Collins Corporation uses a predetermined overhead rate based on direct labor cost to apply manufacturing overhead to jobs. The following information applies to the Corporation for the current year: The manufacturing overhead cost for the current year will be:

The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for November would include the following:

What account should Chelm debit when the president of the company has earned her salary?

The journal entry to record the application of Manufacturing Overhead to Work in Process would include a:

The finished goods inventory at the end of November after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:

Managerial Accounting and Cost Concepts

Least-Squares Regression Computations

Cost of Quality

Activity-Based Absorption Costing

The Predetermined Overhead Rate and Capacity

Process Costing

Fifo Method

Service Department Allocations

Cost-Volume-Profit Relationships

Variable Costing and Segment Reporting: Tools for Management

Super-Variable Costing

Activity-Based Costing: a Tool to Aid Decision Making

Abc Action Analysis

Filters

Exam 4: Job-Order Costing

The direct materials cost for August is:

The Cost of Goods Manufactured for May was:

Huckeby Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the upcoming year appear below: Required: Compute the company's predetermined overhead rate.

The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for November would include the following:

What account should Chelm debit when the production manager has earned her salary?

The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for August would include the following:

Galbraith Corporation applies overhead cost to jobs on the basis of 70% of direct labor cost. If Job 201 shows $28,000 of manufacturing overhead applied, the direct labor cost on the job was:

Aksamit Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the most recently completed year appear below: The predetermined overhead rate for the recently completed year was closest to:

What journal entry is made in a job-order costing system when $8,000 of materials are requisitioned for general factory use instead of for use in a particular job?

Epolito Corporation incurred $87,000 of actual Manufacturing Overhead costs during September. During the same period, the Manufacturing Overhead applied to Work in Process was $89,000. The journal entry to record the incurrence of the actual Manufacturing Overhead costs would include a:

Collins Corporation uses a predetermined overhead rate based on direct labor cost to apply manufacturing overhead to jobs. The following information applies to the Corporation for the current year: The manufacturing overhead cost for the current year will be:

The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for November would include the following:

What account should Chelm debit when the president of the company has earned her salary?

The journal entry to record the application of Manufacturing Overhead to Work in Process would include a:

The finished goods inventory at the end of November after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:

Managerial Accounting and Cost Concepts

Least-Squares Regression Computations

Cost of Quality

Activity-Based Absorption Costing

The Predetermined Overhead Rate and Capacity

Process Costing

Fifo Method

Service Department Allocations

Cost-Volume-Profit Relationships

Variable Costing and Segment Reporting: Tools for Management

Super-Variable Costing

Activity-Based Costing: a Tool to Aid Decision Making

Abc Action Analysis

Filters