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303) Here selected data for Lori Corporation: Cost of raw material

Question : 303) Here selected data for Lori Corporation: Cost of raw material : 1876935

303) 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) credit to Work-in-Process Inventory account for $4,000.

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

304) Matthew Company uses a job cost system. The overhead account shows a $5,000 overallocated balance at the end of the year. Actual overhead incurred was $100,000. Other balances are:

Ending raw materials$15,000

Work in process inventory at end of year 32,000

Finished goods inventory at end of year 47,000

Cost of goods sold for year$282,000

The entry to close manufacturing overhead would include a

A) debit to Manufacturing Overhead account for $5,000.

B) debit to Work-in-Process Inventory account for $5,000.

C) debit to Cost of Goods Sold account for $5,000.

D) credit to Work-in-Process Inventory account for $5,000.

305) XYZ uses job costing. Actual manufacturing overhead for the period is $20,000 while allocated manufacturing overhead is $18,000. What entry will close the manufacturing overhead balance?

A) Debit the Manufacturing Overhead account and credit the Work-in-Process account for $2,000.

B) Debit the Manufacturing Overhead account and credit the Cost of Goods Sold account for $2,000.

C) Debit the Cost of Goods Sold account and credit the Finished Goods Inventory account for $2,000.

D) Debit the Cost of Goods Sold account and credit the Manufacturing Overhead account for $2,000.

306) A company has overallocated manufacturing overhead by $1,500. The entry to close manufacturing overhead account would be to

A) debit Manufacturing Overhead account and credit Cost of Goods Sold account for $1,500.

B) debit Manufacturing Overhead account and credit Work-in-Process account for $1,500.

C) debit Cost of Goods Sold account and credit Manufacturing Overhead account for $1,500.

D) debit Cost of Goods Sold account and credit Finished Goods Inventory account for $15,000.

307) Manufacturing overhead has an underallocated balance of $6,200; raw materials inventory balance is $50,000; work in process inventory is $30,000; finished goods inventory is $20,000; and cost of goods sold is $100,000.  Which of these accounts would have an ending credit balance?

A) Raw Materials Inventory account

B) Finished Goods Inventory account

C) Work-in-Process Inventory account

D) None of the above

308) Manufacturing overhead has an underallocated balance of $6,200; raw materials inventory balance is $50,000; work in process inventory is $30,000; finished goods inventory is $20,000; and cost of goods sold is $100,000.

Using this information, which account would have an opening credit balance?

A) Raw Materials Inventory account

B) Finished Goods Inventory account

C) Work-in-Process Inventory account

D) None of the above

309) On the line in front of each statement, enter either a D for debit or a C for credit to indicate the normal entry that would be needed for each account named.

________added purchases to Raw Materials Inventory account

________added indirect materials to Manufacturing Overhead account

________requisitioned raw materials from Raw Materials Inventory account

________added direct raw materials to Work-in-Process Inventory account

310) On the line in front of each statement, enter either a D for debit or a C for credit to indicate the normal entry that would be needed for each account named.

________directlabor was incurred on a job: Work-in-Process Inventory account

________indirect labor was incurred: Wages Payable account

________indirect labor was added to a job: Manufacturing Overhead account

________direct labor was incurred: Wages Payable account

311) Anderson Enterprises uses a job costing system. Record the following transactions in Anderson Enterprises' general journal for the current month:

a) Purchased raw materials on account, $82,000.

b) Requisitioned $41,300 of direct materials and $9,000 of indirect materials for use in production.

c) Factory payroll incurred, $110,000; 75% direct labor, 25% indirect labor.

d) Recorded depreciation expense factory equipment $15,000, and other manufacturing overhead of $56,200 (credit accounts payable).

e) Allocated manufacturing overhead costs based on 125% of direct labor cost.

f) Cost of completed production for the current month, $133,000.

g) Cost of finished goods sold, $112,000; selling price, $162,000 (all sales on account).

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