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

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Question 81

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The credits to the Raw Materials account for the month of November total:

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

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Question 82

Multiple Choice

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Gallon Corporation had $24,000 of raw materials on hand on April 1.During the month, the Corporation purchased an additional $52,000 of raw materials.During April, $62,000 of raw materials were requisitioned from the storeroom for use in production.These raw materials included both direct and indirect materials.The indirect materials totaled $2,000.The debits to the Work in Process account as a consequence of the raw materials transactions in April total:

A) $60,000
B) $62,000
C) $0
D) $52,000

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Question 83

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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:

Piekos Corporation incurred $90,000 of actual Manufacturing Overhead costs during June.During the same period, the Manufacturing Overhead applied to Work in Process was $92,000.The journal entry to record the application of Manufacturing Overhead to Work in Process would include a:

How much is the total manufacturing cost for the month on the Schedule of Cost of Goods Manufactured?

Molzahn Corporation is a manufacturer that uses job-order costing.The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year.The company has supplied the following data for the just completed year: Results of operations: Manufacturing overhead is overapplied or underapplied by:

The net operating income is:

Kahanaoi Corporation is a manufacturer that uses job-order costing.The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year.The company has supplied the following data for the just completed year: Results of operations: Required: a.What is the journal entry to record raw materials used in production? b.What is the ending balance in Raw Materials? c.What is the journal entry to record the direct and indirect labor costs incurred during the year? d.What is the total amount of manufacturing overhead applied to production during the year? e.What is the total manufacturing cost added to Work in Process during the year? f.What is the journal entry to record the transfer of completed goods from Work in Process to Finished Goods? g.What is the ending balance in Work in Process? h.Is manufacturing overhead overapplied or underapplied for the year? By how much? i.What is the cost of goods available for sale during the year? j.What is the journal entry to record the unadjusted cost of goods sold? k.What is the adjusted cost of goods sold for the year? l.What is the gross margin for the year? m.What is the net operating income for the year?

The total costs added to Work in Process during the year were:

Entry (16)in the below T-account represents the cost of goods manufactured transferred to Finished Goods from Work in Process.

The indirect labor cost is:

How much is the cost of goods manufactured for the month on the Schedule of Cost of Goods Manufactured?

At the beginning of December, Altro Corporation had $26,000 of raw materials on hand.During the month, the Corporation purchased an additional $76,000 of raw materials.During December, $72,000 of raw materials were requisitioned from the storeroom for use in production.The credits entered in the Raw Materials account during the month of December total:

Refer to the T-account below: Entry (5) could represent which of the following?

If a company uses a predetermined overhead rate, actual manufacturing overhead costs of a period will be recorded in the Manufacturing Overhead account and will be recorded on the job cost sheets.

The journal entry to record the incurrence of the actual Manufacturing Overhead costs would include a:

The following accounts are from last year's books at Sharp Manufacturing: Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs.What is the amount of cost of goods manufactured for the year?

Forbes Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs.At the beginning of the period, the Corporation estimated manufacturing overhead would be $18,000 and direct labor-hours would be 15,000.The actual figures were $19,500 for manufacturing overhead and 16,000 direct labor-hours.The cost records for the period will show:

If a company closes any underapplied or overapplied manufacturing overhead to the Cost of Goods Sold account, then Cost of Goods Sold will be debited if manufacturing overhead is overapplied for the period.

During June, Buttrey Corporation incurred $67,000 of direct labor costs and $7,000 of indirect labor costs.The journal entry to record the accrual of these wages would include a: