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

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Question 121

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The total amount of manufacturing overhead actually incurred was:

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

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Question 122

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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:

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.

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Question 123

Multiple Choice

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The cost of direct materials used is:

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

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:

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:

The ending Work in Process account balance would be:

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:

The applied manufacturing overhead for the year is closest to:

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?

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.

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:

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.

The raw materials purchased during May totaled:

If manufacturing overhead is underapplied, then:

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:

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:

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:

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