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Exam 3: Job-Order Costing: Cost Flows and External Reporting

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Question 131

Multiple Choice

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The accounting records of Omar Corporation contained the following information for last year: The amount of direct material purchased during the year was:

A) $66,000
B) $70,000
C) $65,000
D) $74,000

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Question 132

Multiple Choice

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Hougham Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. The cost of raw materials requisitioned for use in production during the year was:

A) $109,000
B) $145,000
C) $103,000
D) $124,000

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Question 133

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The following entry would be used to record depreciation on manufacturing equipment:

Tatar Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: How much is the ending balance in the Raw Materials inventory account?

Gilkison Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on October 1 appears below: Summaries of the transactions completed during October appear below: Required:a. Completely fill in the spreadsheet below. b. Prepare a Schedule of Cost of Goods Sold for the company for October.c. Prepare an Income Statement for the company for October.

Niebla 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 $72,000 and the total of the credits to the account was $77,000. Which of the following statements is true?

The accounting records of Omar Corporation contained the following information for last year: The total costs added to Work in Process during the year were:

Rochford Corporation has provided the following data concerning last month's operations. Required: Determine the cost of goods manufactured for the month.

Eppich Corporation has provided the following data for the most recent month: Transactions: Required:Complete the following T-accounts by recording the beginning balances and each of the transactions listed above.

Echher Corporation uses a job-order costing system and applies overhead to jobs using a predetermined overhead rate. During the year the company's Finished Goods inventory account was debited for $218,000 and credited for $218,500. The ending balance in the Finished Goods inventory account was $13,000. At the end of the year, manufacturing overhead was overapplied by $36,700.If the applied manufacturing overhead was $223,900, the actual manufacturing overhead cost for the year was:

Gullett Corporation had $26,000 of raw materials on hand on November 1. During the month, the Corporation purchased an additional $75,000 of raw materials. The journal entry to record the purchase of raw materials would include a:

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

In a job-order costing system, indirect labor cost is usually recorded as a debit to:

The $10,000 balance in the T-account below represents overapplied manufacturing overhead for the period.

Acheson Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its most recent year of operations. The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year. The overhead for the year was:

If manufacturing overhead is underapplied, then:

Buckovitch Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Required: a. What is the journal entry to record raw materials used in production? b. What is the journal entry to record the direct and indirect labor costs incurred during the year? c. What is the journal entry to record the transfer of completed goods from Work in Process to Finished Goods? d. What is the journal entry to record the unadjusted cost of goods sold?

Tondre Corporation has provided the following data concerning last month's operations. Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. Required: a. Determine the cost of goods manufactured for the month. b. Prepare a Schedule of Cost of Goods Sold for the month.

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:

Testor Products uses a job-order costing system with a predetermined overhead rate based on machine-hours. The company closes out any underapplied or overapplied overhead to Cost of Goods Sold.Required:If overhead is overapplied, what adjustment does the company make to Cost of Goods Sold? Is Cost of Goods Sold increased or decreased? Why?