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56) Perry Company uses a job cost system. The overhead account shows

Question : 56) Perry Company uses a job cost system. The overhead account shows : 2147179

56) Perry Company uses a job cost system. The overhead account shows a $5,600 overallocated balance at the end of the year. Actual overhead incurred was $100,200. Other balances are:

 

Ending raw materials

$15,400

Work in process inventory at end of year

$32,100

Finished goods inventory at end of year

$47,200

Cost of goods sold for year

$282,400

 

The entry to close manufacturing overhead would include a

A) credit to Work-in-Process Inventory account for $5,600.

B) debit to Work-in-Process Inventory account for $5,600.

C) debit to Cost of Goods Sold account for $5,600.

D) debit to Manufacturing Overhead account for $5,600.

57) XYZ uses job costing. Actual manufacturing overhead for the period is $20,200 while allocated manufacturing overhead is $18,400. What entry will close the manufacturing overhead balance?

A) Debit the Manufacturing Overhead account and credit the Work-in-Process account for $1,800.

B) Debit the Manufacturing Overhead account and credit the Cost of Goods Sold account for $1,800.

C) Debit the Cost of Goods Sold account and credit the Manufacturing Overhead account for $1,800.

D) Debit the Cost of Goods Sold account and credit the Finished Goods Inventory account for $1,800.

58) A company has overallocated manufacturing overhead by $1,900. The entry to close manufacturing overhead account would be to

A) debit Manufacturing Overhead account and credit Cost of Goods Sold account for $1,900.

B) debit Cost of Goods Sold account and credit Finished Goods Inventory account for $1,900.

C) debit Manufacturing Overhead account and credit Work-in-Process account for $1,900.

D) debit Cost of Goods Sold account and credit Manufacturing Overhead account for $1,900.

59) 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) Finished Goods Inventory account

B) Work-in-Process Inventory account

C) Raw Materials Inventory account

D) None of the above

60) 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) Finished Goods Inventory account

B) Work-in-Process Inventory account

C) Raw Materials Inventory account

D) None of the above

ESSAY. Write your answer in the space provided or on a separate sheet of paper.

61) 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

62) 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.

________ direct labor 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

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