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293) The journal entry to record $300 of depreciation expense

Question : 293) The journal entry to record $300 of depreciation expense : 1876934

293) The journal entry to record $300 of depreciation expense on factory equipment involves a

A) debit to Accumulated Depreciation account for $300.

B) debit to Manufacturing Overhead account for $300.

C) debit to Depreciation Expense account for $300.

D) credit to Manufacturing Overhead account for $300.

294) Here is some basic data for Delta Manufacturing:

Cost of materials purchases on account$77,000

Cost of materials requisitioned (includes $2,000 of indirect)45,000

Direct labor costs incurred80,000

Manufacturing overhead costs incurred, including indirect materials98,000

Cost of goods completed276,600

Cost of goods sold149,000

Beginning raw materials inventory 19,000

Beginning work in process inventory35,000

Beginning finished goods inventory25,000

Predetermined manufacturing overhead rate (as % of direct labor cost)120%

             

The journal entry to record actual manufacturing overhead costs includes a

A) debit to Manufacturing Overhead account for $98,000.

B) debit to Work-in-Process Inventory account for $96,000.

C) credit to Work-in-Process Inventory account for $98,000.

D) credit to Manufacturing Overhead account for $96,000.

295) Here is some basic data for Bella Company:

Cost of materials purchases on account$80,000

Cost of materials requisitioned (includes $2,000 of indirect)55,000

Direct labor costs incurred95,000

Manufacturing overhead costs incurred, including indirect materials93,500

Cost of goods completed252,000

Cost of goods sold137,000

Beginning raw materials inventory 19,000

Beginning work in process inventory33,000

Beginning finished goods inventory35,500

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

The journal entry to record the allocation of manufacturing overhead involves a debit to work in process inventory of

A) $118,750.

B) $93,500.

C) $68,750.

D) $76,000.

296) Here is some basic data for Honey Dukes Corporation:

Beginning raw materials inventory$37,000 Beginning work in process inventory 68,000

Beginning finished goods inventory 59,000 Cost of materials purchased188,000

Cost of direct materials requisitioned 87,000 Direct labor incurred 195,000

Actual manufacturing overhead 195,000 Completed goods287,000

Cost of goods sold

255,000 Manufacturing overhead rate ( % of direct labor) 125%

The entry to record the cost of goods completed would be a

A) debit to Finished Goods Inventory account for $287,000.

B) credit to Work-in-Process Inventory account for $255,000.

C) debit to Work-in-Process Inventory account for $255,000.

D) credit to Finished Goods Inventory account for $975,000.

297) Here is some basic data for Honey Dukes Corporation:

Beginning raw materials inventory$37,000 Beginning work in process inventory 68,000

Beginning finished goods inventory 59,000 Cost of materials purchased188,000

Cost of direct materials requisitioned 87,000 Direct labor incurred 195,000

Actual manufacturing overhead 195,000 Completed goods287,000

Cost of goods sold

255,000 Manufacturing overhead rate ( % of direct labor) 125%

The journal entry to record the cost of jobs sold would include a

A) debit to Finished Goods Inventory account for $255,000.

B) credit to Finished Goods Inventory account for $287,000.

C) debit to Cost of Goods Sold account for $287,000.

D) credit to Finished Goods Inventory account for $255,000.

298) Job 222 started on June 1 and finished on July 15. Total cost on July 1 was $12,400, and the costsadded in July were $188,500. The entry for the sale at a price of $310,000 would be:

A)

Accounts receivable310,000

Sales Revenue310,000

B)

Finished goods inv.200,900

Cost of goods sold200,900

C)

Sales Revenue310,000

Accounts receivable310,000

D)

Work in process

inventory200,900

Cost of goods sold200,900

299) Job 543 started on June 1 and finished on July 15. Total cost on July 1 was $10,800, and the costs added in July were $164,300. The product was sold. What is the debit to cost of goods sold?

A) $153,500

B) $10,800

C) $175,100

D) $164,300

300) When a job is completed, the journal entry involves a:

A) debit to Work-in-Process Inventory account and a credit to the Finished Goods Inventory account.

B) debit to Cost of Goods Sold and a credit to the Finished Goods Inventory account.

C) debit to Finished Goods Inventory account and a credit to Work-in-Process Inventory account.

D) debit to Finished Goods and a credit to Cost of Goods Sold.

301) Here is selected data for Lori Corporation:

Cost of raw material purchased$77,000

Cost of requisitioned direct materials 43,000

Cost of requisitioned indirect materials3,000

Direct labor80,000

Manufacturing overhead incurred 100,000

Cost of goods completed 233,500

Cost of goods sold142,000

Beginning raw materials inventory 17,000

Beginning work in process inventory32,000

Beginning finished goods inventory35,000

Manufacturing overhead allocation rate (based on direct labor) 130%

The journal entry to transfer completed goods to the finished goods inventory account would include a

A) debit to Work-in-Process Inventory account for $233,500.

B) debit to Finished Goods Inventory account for $237,500.

C) credit to Work-in-Process Inventory account for $237,500.

D) debit to Finished Goods account for $233,500.

302) Here is selected data for Lori Corporation:

Cost of raw material purchased$77,000

Cost of requisitioned direct materials 43,000

Cost of requisitioned indirect materials3,000

Direct labor80,000

Manufacturing overhead incurred 100,000

Cost of goods completed 233,500

Cost of goods sold142,000

Beginning raw materials inventory 17,000

Beginning work in process inventory32,000

Beginning finished goods inventory35,000

Manufacturing overhead allocation rate (based on direct labor) 130%

The journal entry to close manufacturing overhead would include a

A) credit to Manufacturing Overhead account for $4,000.

B) debit to Work-in-Process Inventory account for $4,000.

C) debit to Manufacturing Overhead account for $4,000.

D) debit to Cost of Goods Sold for $4,000.

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