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45) Here is some basic data for Mandoe Manufacturing

Question : 45) Here is some basic data for Mandoe Manufacturing : 2147178

45) Here is some basic data for Mandoe Manufacturing:

 

Cost of materials purchases on account

$77,200

Cost of materials requisitioned (includes $2,100 of indirect)

$45,900

Direct labor costs incurred

$81,600

Manufacturing overhead costs incurred, including indirect materials

$98,400

Cost of goods completed

$276,700

Cost of goods sold

$149,800

Beginning raw materials inventory

$19,100

Beginning work in process inventory

$35,900

Beginning finished goods inventory

$25,900

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

115%

 

The journal entry to record actual manufacturing overhead costs includes a

A) debit to Manufacturing Overhead account for $98,400.

B) debit to Work-in-Process Inventory account for $96,300.

C) credit to Manufacturing Overhead account for $96,300.

D) credit to Work-in-Process Inventory account for $98,400.

46) Here is some basic data for Fletcher Company:

 

Cost of materials purchases on account

$80,300

Cost of materials requisitioned (includes $2,800 of indirect)

$55,300

Direct labor costs incurred

$95,900

Manufacturing overhead costs incurred, including indirect materials

$93,700

Cost of goods completed

$253,000

Cost of goods sold

$137,400

Beginning raw materials inventory

$19,200

Beginning work in process inventory

$33,300

Beginning finished goods inventory

$36,100

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

130%

 

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

A) $71,890.

B) $124,670.

C) $93,700.

D) $76,700.

47) Actual manufacturing overhead is always recorded

A) with a credit to raw materials inventory.

B) with a debit to work-in-process inventory.

C) with a credit to manufacturing overhead.

D) with a debit to manufacturing overhead.

48) Allocated manufacturing overhead is always recorded

A) with a debit to work-in-process inventory.

B) with a credit to manufacturing overhead.

C) with a debit to raw materials inventory.

D) both A & B are correct.

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

 

Beginning raw materials inventory

$37,400

Beginning work in process inventory

$68,700

Beginning finished goods inventory

$59,700

Cost of materials purchased

$188,200

Cost of direct materials requisitioned

$88,000

Direct labor incurred

$195,000

Actual manufacturing overhead

$195,100

Completed goods

$287,000

Cost of goods sold

 

$255,000

Manufacturing overhead rate (% of direct labor)

130%

 

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 Finished Goods Inventory account for $287,000.

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

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

50) 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 purchased

$188,000

Cost of direct materials requisitioned

$87,000

Direct labor incurred

$195,000

Actual manufacturing overhead

$195,000

Completed goods

$287,000

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

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

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

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

51) Job 222 started on June 1 and finished on July 15. Total cost on July 1 was $13,000, and the costs added in July were $188,800. The entry for the sale at a price of $310,600 would be:

A)

Sales Revenue

 

310,600

 

 

Accounts receivable

 

310,600

 

B)

Finished goods inv.

 

201,800

 

 

Cost of goods sold

 

201,800

 

C)

Work in process

inventory

 

201,800

 

 

Cost of goods sold

 

201,800

 

D)

Accounts receivable

 

310,600

 

 

Sales Revenue

 

310,600

 

52) When a job is completed, the journal entry involves a

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

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

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

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

53) Here is selected data for Bluestreak Corporation:

 

Cost of raw material purchased

$77,700

Cost of requisitioned direct materials

$43,800

Cost of requisitioned indirect materials

$4,000

Direct labor

$80,900

Manufacturing overhead incurred

$100,600

Cost of goods manufactured

$234,000

Cost of goods sold

$142,800

Beginning raw materials inventory

$17,700

Beginning work in process inventory

$32,600

Beginning finished goods inventory

$35,300

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 $234,000.

B) credit to Work-in-Process Inventory account for $238,300.

C) debit to Finished Goods Inventory account for $234,000.

D) debit to Finished Goods Inventory account for $238,300.

54) Here is selected data for Bluestreak Corporation:

 

Cost of raw material purchased

$77,300

Cost of requisitioned direct materials

$43,600

Cost of requisitioned indirect materials

$3,600

Direct labor

$81,000

Manufacturing overhead incurred

$100,600

Cost of goods completed

$233,500

Cost of goods sold

$142,200

Beginning raw materials inventory

$17,300

Beginning work in process inventory

$32,800

Beginning finished goods inventory

$35,500

Manufacturing overhead allocation rate (based on direct labor)

115%

 

The journal entry to close manufacturing overhead would include a

A) credit to Manufacturing Overhead account for $7,450.

B) debit to Cost of Goods Sold for $7,450.

C) debit to Manufacturing Overhead account for $7,450.

D) debit to Work-in-Process Inventory account for $7,450.

55) Here is selected data for Bluestreak Corporation:

 

Cost of raw material purchased

$77,200

Cost of requisitioned direct materials

$43,800

Cost of requisitioned indirect materials

$3,500

Direct labor

$80,000

Manufacturing overhead incurred

$90,200

Cost of goods completed

$234,200

Cost of goods sold

$142,900

Beginning raw materials inventory

$17,700

Beginning work in process inventory

$32,900

Beginning finished goods inventory

$35,300

Manufacturing overhead allocation rate (based on direct labor)

135%

 

The journal entry to close manufacturing overhead would include a

A) credit to Cost of Goods Sold account for $17,800.

B) credit to Manufacturing Overhead account for $17,800.

C) credit to Work-in-Process Inventory account for $17,800.

D) debit to Work-in-Process Inventory account for $17,800.

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