Question 1

Sefcovic Enterprises LLC recorded the following transactions for the just completed month.The company had no beginning inventories.
(1)Raw materials purchased for cash, $110,000
(2)Direct materials requisitioned for use in production, $79,000
(3)Indirect materials requisitioned for use in production, $15,000
(4)Direct labor wages incurred and paid, $125,000
(5)Indirect labor wages incurred and paid, $22,000
(6)Additional manufacturing overhead costs incurred and paid, $134,000
(7)Manufacturing overhead costs applied to jobs, $125,000
(8)All of the jobs in process were completed.
(9)All of the completed jobs were shipped to customers.
(10)Any underapplied or overapplied overhead for the period was closed out to Cost of Goods Sold.
Required:
a.Post the above transactions to the following T-accounts:       b.Determine the adjusted cost of goods sold for the month.

Accepted Answer

a.T-accounts

_TB2627_00

_TB262...

Question 2

How much is the unadjusted cost of goods sold on the Schedule of Cost of Goods Sold?

Accepted Answer

A)  $171,000
B)  $123,000
C)  $117,000
D)  $136,000

Question 3

Tenneson Corporation's cost of goods manufactured for the just completed month was $151,000 and its inventories were as follows:  How much was the cost of goods available for sale on the Schedule of Cost of Goods Sold?

Accepted Answer

A)  $137,000
B)  $185,000
C)  $151,000
D)  $136,000

Question 4

St.Johns Corporation uses a job-order costing system and has provided the following partially completed summary T-accounts for the just completed period:   Manufacturing overhead for the period was:

Accepted Answer

A)  $7,000 Underapplied
B)  $73,000 Underapplied
C)  $73,000 Overapplied
D)  $7,000 Overapplied

Question 5

In the Schedule of Cost of Goods Manufactured, Total direct materials = Raw materials used in production - Ending raw materials inventory.

Accepted Answer

A) True 
 B)False

Question 6

How much is Kapanga's cost of goods manufactured for October?

Accepted Answer

A)  $ 50,000
B)  $ 55,000
C)  $ 78,000
D)  $ 82,000

Question 7

The debits entered in the Raw Materials account during the month of November total:

Accepted Answer

A)  $95,000
B)  $78,000
C)  $32,000
D)  $110,000

Question 8

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

Accepted Answer

A)  $30,660
B)  $30,664
C)  $30,296
D)  $30,300

Question 9

What is the journal entry to record raw materials used in production?

Accepted Answer

A)   
B)   
C)   
D)

Question 10

Advertising costs should NOT be charged to the Manufacturing Overhead account.

Accepted Answer

A) True 
 B)False

Question 11

Overapplied manufacturing overhead would result if:

Accepted Answer

A)  the plant was operated at less than normal capacity.
B)  manufacturing overhead costs incurred were less than estimated manufacturing overhead costs.
C)  manufacturing overhead costs incurred were less than manufacturing overhead costs charged to production.
D)  manufacturing overhead costs incurred were greater than manufacturing overhead costs charged to production.

Question 12

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

Accepted Answer

A)  Manufacturing Overhead.
B)  Finished Goods.
C)  Work in Process.
D)  Cost of Goods Sold.

Question 13

The predetermined overhead rate for the year was closest to:

Accepted Answer

A)  $52.61
B)  $49.91
C)  $51.00
D)  $51.49

Question 14

The manufacturing overhead was:

Accepted Answer

A)  $200 overapplied
B)  $2,700 overapplied
C)  $200 underapplied
D)  $2,700 underapplied

Question 15

The entry to dispose of the underapplied or overapplied manufacturing overhead cost for the month would include a:

Accepted Answer

A)  credit of $5,336 to Manufacturing Overhead.
B)  credit of $1,660 to Manufacturing Overhead.
C)  debit of $5,336 to Manufacturing Overhead.
D)  debit of $1,660 to Manufacturing Overhead.

Question 16

How much is the direct materials cost for the month on the Schedule of Cost of Goods Manufactured?

Accepted Answer

A)  $38,000
B)  $24,000
C)  $33,000
D)  $43,000

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

Correct Answer
verified
a.T-accounts _TB2627_00 _TB262...
View Answer

How much is Kapanga's cost of goods manufactured for October?

Correct Answer
verified

How much is the unadjusted cost of goods sold on the Schedule of Cost of Goods Sold?

Correct Answer
verified

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

Correct Answer
verified

The manufacturing overhead was:

Correct Answer
verified

In the Schedule of Cost of Goods Manufactured, Total direct materials = Raw materials used in production - Ending raw materials inventory.

Correct Answer
verified

The entry to dispose of the underapplied or overapplied manufacturing overhead cost for the month would include a:

Correct Answer
verified

What is the journal entry to record raw materials used in production?

Correct Answer
verified

Tenneson Corporation's cost of goods manufactured for the just completed month was $151,000 and its inventories were as follows: How much was the cost of goods available for sale on the Schedule of Cost of Goods Sold?

Correct Answer
verified

St.Johns Corporation uses a job-order costing system and has provided the following partially completed summary T-accounts for the just completed period: Manufacturing overhead for the period was:

Correct Answer
verified

Advertising costs should NOT be charged to the Manufacturing Overhead account.

Correct Answer
verified

The predetermined overhead rate for the year was closest to:

Correct Answer
verified

How much is the direct materials cost for the month on the Schedule of Cost of Goods Manufactured?

Correct Answer
verified

Overapplied manufacturing overhead would result if:

Correct Answer
verified

The debits entered in the Raw Materials account during the month of November total:

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answerverifieda.T-accounts _TB2627_00 _TB262...View AnswerShow Answer

How much is Kapanga's cost of goods manufactured for October?

Correct AnswerverifiedShow Answer

How much is the unadjusted cost of goods sold on the Schedule of Cost of Goods Sold?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The manufacturing overhead was:

Correct AnswerverifiedShow Answer

In the Schedule of Cost of Goods Manufactured, Total direct materials = Raw materials used in production - Ending raw materials inventory.

Correct AnswerverifiedShow Answer

The entry to dispose of the underapplied or overapplied manufacturing overhead cost for the month would include a:

Correct AnswerverifiedShow Answer

What is the journal entry to record raw materials used in production?

Correct AnswerverifiedShow Answer

Tenneson Corporation's cost of goods manufactured for the just completed month was $151,000 and its inventories were as follows: How much was the cost of goods available for sale on the Schedule of Cost of Goods Sold?

Correct AnswerverifiedShow Answer

St.Johns Corporation uses a job-order costing system and has provided the following partially completed summary T-accounts for the just completed period: Manufacturing overhead for the period was:

Correct AnswerverifiedShow Answer

Advertising costs should NOT be charged to the Manufacturing Overhead account.

Correct AnswerverifiedShow Answer

The predetermined overhead rate for the year was closest to:

Correct AnswerverifiedShow Answer

How much is the direct materials cost for the month on the Schedule of Cost of Goods Manufactured?

Correct AnswerverifiedShow Answer

Overapplied manufacturing overhead would result if:

Correct AnswerverifiedShow Answer

The debits entered in the Raw Materials account during the month of November total:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct Answer
verified
a.T-accounts _TB2627_00 _TB262...
View Answer

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