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283) Here some basic data for Shannon Company: Cost of materials

Question : 283) Here some basic data for Shannon Company: Cost of materials : 1876933

283) Here is some basic data for Shannon Company:

Cost of materials purchases on account$72,000

Cost of materials requisitioned (includes $2,000 of indirect)53,000

Direct labor costs incurred79,000

Manufacturing overhead costs incurred, including indirect materials87,000

Cost of goods completed256,750

Cost of goods sold167,000

Beginning raw materials inventory 17,000

Beginning work in process inventory33,000

Beginning finished goods inventory35,000

Predetermined manufacturing overhead rate (as % of direct labor cost)125%

The journal entry to record the cost of raw materials placed into production involves a

A) debit to Overhead account for $51,000.

B) debit to Work-in-Process Inventory account for $53,000.

C) debit to Work-in-Process Inventory account for $51,000.

D) credit to Manufacturing Overhead account for $2,000.

284) The cost of indirect materials used in production is credited to

A) the Finished Goods Inventory account.

B) the Manufacturing Overhead account.

C) the Work-in-Process Inventory account.

D) the Raw Materials Inventory account.

285) The journal entry to issue $600 of direct materials and $40 of indirect materials involves a debit to

A) the Manufacturing Overhead account for $640.

B) the Work-in-Process Inventory account for $640.

C) the Work-in-Process Inventory account for $600 and a credit to the Manufacturing Overhead account for $40.

D) the Work-in-Process Inventory account for $600 and a debit to the Manufacturing Overhead account for $40.

286) The journal entry to assign $1,700 of direct labor and $300 of indirect labor involves a debit to

A) the Manufacturing Overhead account for $2,000.

B) the Work-in-Process Inventory account for $2,000.

C) the Work-in-Process Inventory account for $1,700 and a credit to Manufacturing Overhead account for $300.

D) the Work-in-Process Inventory account for $1,700 and a debit to the Manufacturing Overhead account for $300; and a credit to the Wages Payable account for $2,000.

287) Which of the following entries would be made to record the requisition of $11,000 of direct materials and $6,000 of indirect materials?

A)

Manufacturing Overhead17,000

Raw Materials Inventory17,000

B)

Raw Materials

Inventory17,000

WIP Inventory17,000

C)

WIP Inventory17,000

Materials Inventory17,000

D)

WIP Inventory11,000

Manufacturing

Overhead6,000

Materials Inventory17,000

288) To record the costs of indirect labor, which of the following accounts would be debited?

A) Work-in-Process Inventory account

B) Manufacturing Overhead account

C) Finished Goods Inventory account

D) Wages Payable account

289) To record direct labor costs incurred, which of the following accounts would be debited?

A) Finished Goods Inventory account

B) Manufacturing Overhead Account

C) Work-in-Process Inventory Account

D) Wages Payable account

290) To record the requisition of direct materials, which of the following accounts would be debited?

A) Finished Goods Inventory account

B) Work-in-Process Inventory account

C) Raw Materials Inventory account

D) Cost of Goods Manufactured account

291) The entry to record the purchase of raw materials on account using a job costing system would include a

A) credit to Work-in-Process Inventory account.

B) debit to Accounts Payable account.

C) debit to Work-in-Process Inventory account.

D) debit to Raw Materials Inventory account.

292) Which of the following entries would be made to record $20,000 of labor—80% of which is direct, and 20% of which is indirect— to jobs?

A)

Work in Process Inventory16,000

Manufacturing

Overhead4,000

Wages Payable20,000

B)

Wages Payable20,000

WIP Inventory16,000

Manufacturing Inventory4,000

C)

Work in Process Inventory20,000

Wages Payable20,000

D)

Manufacturing Overhead20,000

Manufacturing Wages20,000

Solution
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Accounting 10 Months Ago 19 Views
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