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S-A E  207(Ethics) Million Dollar Mills is a textile manufacturing firm located in the southern United States. The company carefully prepares all financial statements in accordance with GAAP, and gives a copy of all financial statements to each department. In addition, the company keeps records on quality control, safety, and environmental.
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BE 157 The manufacturing operations of Bryant, Inc. had the following balances for the month of January: InventoriesJanuary 1January 31 Raw materials$12,000$13,000 Work in process21,00023,000 Finished goods14,00016,000 Bryant transferred $290,000 of completed goods out of work in process during January. Instructions Compute the cost of goods sold. BE 158 The following amounts were reported by Burke Company before adjusting its.
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116.Gannon Company had the following information at December 31: a.$550,000. b.$2,100,000. c.$650,000. d.$450,000. 117.Haight Company incurred direct materials costs of $2,500,000 during the year. Manu-facturing overhead applied was $450,000 and is applied at the rate of 60% of direct labor costs. Haight Company’s total manufacturing costs for the year was a.$3,700,000. b.$3,220,000. c.$2,950,000. d.$4,720,000. 118.Greer Company developed the following data.
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108.Benson Inc.'s accounting records reflect the following inventories: a.$1,386,000 b.$1,466,000 c.$1,450,000 d.$1,434,000 109.Benson Inc.'s accounting records reflect the following inventories: a.$1,864,000 b.$1,876,000 c.$1,860,000 d.$1,872,000 110.Benson Inc.'s accounting records reflect the following inventories: a.$1,668,000 b.$1,568,000 c.$1,760,000 d.$1,652,000 111.Walker Company reported the following year-end information: a.$834,000 b.$1,374,000 c.$1,370,000 d.$1,378,000 112.Ogleby Inc.'s accounting records reflect the following inventories: a.$1,385,000 b.$1,403,000 c.$1,379,000 d.$1,415,000 113.Ogleby Inc.'s accounting records reflect the following inventories: a.$1,229,000 b.$1,397,000 c.$1,391,000 d.$1,385,000 114.Wasson Company reported the following year-end information: a.$925,000 b.$893,000 c.$890,000 d.$928,000 115.Edmiston Company reported.
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96.Manufacturing overhead applied is added to direct labor incurred and to what other item to equal total manufacturing costs for the period? a.Goods available for sale. b.Raw materials purchased. c.Work in process. d.Direct materials used. 97.Simmons Inc. applies overhead to production at a predetermined rate of 90% based on direct labor cost. Job No. 250,.
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78.Which of the following is not another name for the term manufacturing overhead? a.Factory overhead b.Pervasive costs c.Burden d.Indirect manufacturing costs 79.Because of automation, which component of product cost is declining? a.Direct labor b.Direct materials c.Manufacturing overhead d.Advertising 80.The product cost that is most difficult to associate with a product is a.direct materials. b.direct labor. c.manufacturing overhead. d.advertising. 81.Manufacturing costs that cannot be classified as.
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Ex. 180 Manufacturing costs for Carson Company for selected months are as follows:    April     July October Beginning work in process$  80,000(f)$ 88,000 Direct materials used280,000$190,000155,000 Direct labor195,000170,000(j) Manufacturing overhead(a)150,00090,000 Total manufacturing costs860,000510,000450,000 Total cost of work in process(b)640,000(k) Ending work in process75,000(g)(l) Cost of goods manufactured(c)515,000385,000 Beginning finished goods(d)38,000(m) Cost of goods available for sale960,000(h)480,000 Ending finished goods(e)75,000(n) Cost of goods sold820,000(i)355,000 Instructions Indicate the missing.
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Ex. 182 Data for the cost of direct materials for the month ended March 31, 2016, are as follows: Materials inventory, March 1, 2016$76,000 Materials inventory, March 31, 201670,000 During March, the company purchased $260,000 of raw materials on account from Reed Company and $92,000 of raw materials for cash from Frye Company. In.
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21.There should be a separate job cost sheet for each job. 22.Actual manufacturing overhead costs are assigned to each job by tracing each overhead cost to a specific job. 23.The formula for the predetermined overhead rate is estimated annual overhead costs divided by an expected annual operating activity. 24.Actual manufacturing overhead costs should.
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Ex. 179 The following costs and inventory data were taken from the accounts of Simon Company for 2016: January 1, 2016December 31, 2016 Inventories:Raw materials              $  8,000              $  7,000 Work in process15,00013,000 Finished goods16,00012,000 Costs incurred:Raw materials purchases              $98,000 Direct labor42,000 Factory rent8,000 Factory utilities10,000 Indirect materials6,000 Indirect labor9,000 Operating expenses17,000 Instructions a.Prepare a schedule showing the amount of direct materials used in production.
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106.During 2017, Tanner Manufacturing expected Job No. 26 to cost $300,000 of overhead, $500,000 of materials, and $200,000 in labor. Tanner applied overhead based on direct labor cost. Actual production required an overhead cost of $290,000, $550,000 in materials used, and $220,000 in labor. All of the goods were completed..
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46.In a job order cost accounting system, the Raw Materials Inventory account is a.an expense. b.a control account. c.not used. d.a period cost. 47.When a job is completed and all costs have been accumulated on a job cost sheet, the journal entry that should be made is a.Finished Goods Inventory b.Work In Process Inventory c.Raw Materials Inventory d.Finished Goods.
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56.Kline Manufacturing has the following labor costs: a.$550,000. b.$500,000. c.$470,000. d.$450,000. 57.Factory labor costs a.accumulate in advance of utilization. b.accumulate in a control account. c.include sick pay earned by factory workers. d.accumulate in the Factory Labor Expense account. 58.Which of the following is not a control account? a.Manufacturing Overhead b.Raw Materials Inventory c.Accounts Receivable d.All of these are control accounts 59.Manufacturing Overhead would not have.
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Ex. 169 Yates Manufacturing Company incurs the following manufacturing costs and expenses during the month of May.               1.Assembly line wages               2.Raw materials used directly in product               3.Depreciation on office equipment               4.Property taxes on factory building               5.Rent on factory building               6.Sales commissions               7.Depreciation on factory equipment               8.Factory utilities               9.Wages for factory maintenance.
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66.A copy of the materials requisition slip would not include the: a.quantity. b.stock number. c.cost per unit. d.name of the supplier. 67.Materials requisition slips are costed a.by production supervisors. b.by factory personnel who work on the production line. c.after the goods have been sold. d.using any of the inventory costing methods. 68.Postings to control accounts in a costing system are.
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138.Which one of the following managerial accounting approaches attempts to allocate manufacturing overhead in a more meaningful fashion? a.Balanced scorecard b.Just-in-time inventory c.Activity-based costing d.Total quality management 139.What is “balanced” in the balanced scorecard approach? a.The number of products produced b.The emphasis on financial and non-financial performance measurements c.The amount of costs allocated to products d.The number of defects.
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MATCHING 201.Match the items in the two columns below by entering the appropriate code letter in the space provided. A.Managerial accounting F.Work in process inventory B.Financial accounting G.Direct materials C.Planning H.Manufacturing overhead D.DirectingI. Period costs E.Controlling J.Value chain _____              1.The cost of products that are partially complete. _____              2.The function of keeping activities in accordance with plans. _____              3.Primarily.
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S-A E  204 A manufacturing company makes the products that it sells. Briefly identify and define the cost elements that are incurred in making a product. After product cost elements are identified, how is the cost of goods manufactured for a period determined? S-A E  205 Kevin Scott is confused about the differences.
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136.If manufacturing overhead has been underapplied during the year, the adjusting entry at the end of the year will show a a.debit to Manufacturing Overhead. b.credit to Cost of Goods Sold. c.debit to Work in Process Inventory. d.debit to Cost of Goods Sold. 137.If manufacturing overhead has been overapplied during the year, the adjusting entry.
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128.Barton Company has beginning work in process inventory of $144,000 and total manufacturing costs of $686,000. If cost of goods manufactured is $660,000, what is the cost of the ending work in process inventory?  a.$150,000. b.$118,000. c.$190,000. d.$170,000. 129.Gammil Company has beginning and ending raw materials inventories of $96,000 and $120,000, respectively. If direct.
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MULTIPLE CHOICE QUESTIONS 38.Managerial accounting applies to each of the following types of businesses except a.service firms. b.merchandising firms. c.manufacturing firms. d.Managerial accounting applies to all types of firms. 39.Managerial accounting information is generally prepared for a.stockholders. b.creditors. c.managers. d.regulatory agencies. 40.Managerial accounting information a.pertains to the entity as a whole and is highly aggregated. b.pertains to subunits of the entity and may.
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BRIEF Exercises BE 151 During the first year of operations, Shapiro Tool accumulated the following manufacturing costs: Raw materials purchased on account$12,000 Factory labor accrued6,000 Incurred manufacturing overhead on account4,000 Instructions Prepare separate journal entries for each manufacturing cost. BE 152 In January, Harlan, Inc. production supervisor requisitioned raw materials for production as follows: Job 1 $700, Job.
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148.The principal difference between a merchandising and a manufacturing income statement is the a.cost of goods sold section. b.extraordinary item section. c.operating expense section. d.revenue section. 149.If the total manufacturing costs are greater than the cost of goods manufactured, which of the following is correct? a.Work in Process Inventory has increased. b.Finished Goods Inventory has increased. c.Work in.
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Ex. 167 Kwik Delivery Service reports the following costs and expenses in June 2016. Indirect materials$  8,400Driver's salaries$17,000 Depreciation on deliveryAdvertising5,100 equipment11,200Delivery equipment Dispatcher's salary5,000repairs300 Property taxes on officeOffice supplies650 building870Office utilities2,490 CEO's salary12,000Repairs on office Gas and oil for delivery trucks3,200equipment180 Instructions Determine the total amount of (a) delivery service (product) costs and (b) period costs. Ex. 168 For each item listed.
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76.The following information is available for completed Job No. 402: Direct materials, $120,000; direct labor, $180,000; manufacturing overhead applied, $90,000; units produced, 5,000 units; units sold, 4,000 units. The cost of the finished goods on hand from this job is a.$60,000. b.$390,000. c.$78,000. d.$312,000. 77.Sportly, Inc. completed Job No. B14 during 2017. The job cost.
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COMPLETION STATEMENTS               186.Financial accounting information is prepared mainly for ______________ users, while managerial accounting information is prepared primarily for ______________ users.               187.The types of reports prepared in managerial accounting are often ______________-purpose reports prepared for a specific decision.               188.Managerial accounting reports generally pertain to ______________ of a business and may.
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21.Ending finished goods inventory appears on both the balance sheet and the income statement of a manufacturing company. 22.The beginning work in process inventory appears on both the balance sheet and the cost of goods manufactured schedule of a manufacturing company. 23.In calculating gross profit for a manufacturing company, the cost of.
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Ex. 176 Manufacturing cost data for Morton Company are presented below. Case ACase BCase C Direct materials used(a)$75,400$130,000 Direct labor$  57,00076,000(g) Manufacturing overhead46,50081,600102,000 Total manufacturing costs195,650(d)283,700 Work-in-process, 1/1/16(b)16,500(h) Total cost of work-in-process221,500(e)327,000 Work-in-process, 12/31/16(c)9,00080,000 Cost of goods manufactured180,275(f)(i) Instructions Indicate the missing amount for each letter (a) through (i). .
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TRUE-FALSE STATEMENTS 1.Cost accounting is primarily concerned with accumulating information about product costs. 2.A job order cost system is most appropriate when a large volume of uniform products are produced. 3.A process cost accounting system is appropriate for similar products that are continuously mass produced. 4.The perpetual inventory method cannot be used in a.
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98.Cost of goods manufactured is calculated as follows: a.Beginning WIP + direct materials used + direct labor + manufacturing overhead + ending WIP. b.Direct materials used + direct labor + manufacturing overhead – beginning WIP + ending WIP. c.Beginning WIP + direct materials used + direct labor + manufacturing overhead – ending WIP. d.Direct.
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Exercises Ex. 162 Financial accounting information and managerial accounting information have a number of distinguishing characteristics. For each of the characteristics listed below, indicate which characteristics are more closely related to financial accounting by placing the letter "F" in the space to the left of the item and indicate those characteristics which.
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Ex. 165 For each item, identify all applicable cost labels. Use the following code in your answer: 1 — Product Cost 2 — Period Cost a.Advertising________ b.Direct materials used________ c.Sales salaries________ d.Indirect factory labor________ e.Repairs to office equipment________ f.Factory manager's salary________ g.Direct labor________ h.Indirect materials________ Ex. 166 Kennedy Company reports the following costs and expenses in May. Factory utilities$  16,500Direct labor$79,100 Depreciation on factorySales salaries48,400 equipment12,650Property.
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Ex. 173 Peters Manufacturing Company has the following data at June 30, 2016: Raw materials inventory, June 1$  13,800 Work in process inventory, June 118,100 Finished goods inventory, June 143,500 Total manufacturing costs430,000 Sales580,000 Work in process inventory, June 3030,400 Finished goods inventory, June 3055,200 Raw materials inventory, June 3018,000 Ex. 173.(Cont.) Instructions (a)Prepare an income statement through gross profit for the.
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88.Which one of the following represents a period cost? a.The VP of Sales' salary and benefits b.Overhead allocated to the manufacturing operations c.Labor costs associated with quality control d.Fringe benefits associated with factory workers 89.Product costs are also called a.direct costs. b.overhead costs. c.inventoriable costs. d.capitalizable costs. 90.For inventoriable costs to become expenses under the matching principle, a.the product must be.
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58.Which of the following is not a management function? a.Constraining b.Planning c.Controlling d.Directing 59.A manager that is establishing objectives is performing which management function? a.Controlling b.Directing c.Planning d.Constraining 60.The management function that requires managers to look ahead and establish objectives is a.controlling. b.directing. c.planning. d.constraining. 61.In determining whether planned goals are being met, a manager is performing the function of a.planning. b.follow-up. c.directing. d.controlling. 62.Which of the following is not.
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Ex. 171 Among the items that Howard Print Shop accounts for are the following:               1.Direct labor               2.Office supplies used               3.Depreciation on printing machines                            4.Finished goods inventory, 12/31                            5.Raw materials inventory, 1/1               6.Cost of goods manufactured               7. Work in process, 1/1               8.Office supplies inventory, 12/31                            9.Indirect labor               10.Heat and.
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BE 158 Presented below are incomplete 2016 manufacturing cost data for Swartnez Corporation. Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs (a) $  22,000 $42,000 ? $  88,000 (b) $148,000 ? $112,000 $460,000 BE 158.(Cont.) Instructions Determine the missing amounts. BE 159 Presented below are incomplete 2016 manufacturing cost data for Supreme Corporation.  Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs (a) $48,000 $72,000 ? $194,000 (b) $95,000 ? $80,000 $305,000 (c) ? $80,000 $120,000 $260,000 Instructions Determine the missing amounts. BE 160 Raynor Company has the following.
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48.Financial statements for external users can be described as a.user-specific. b.general-purpose. c.special-purpose. d.managerial reports. 49.Managerial accounting reports can be described as a.general-purpose. b.macro-reports. c.special-purpose. d.classified financial statements. 50.The reporting standard for external financial reports is a.industry-specific. b.company-specific. c.generally accepted accounting principles. d.department-specific. 51.Which of the following statements about internal reports is not true? a.The content of internal reports may extend beyond the double-entry accounting system. b.Internal reports.
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SHORT-ANSWER ESSAY QUESTIONS S-A E  202 Financial and managerial accounting are both concerned with the economic events of an enterprise. Similarities between financial and managerial accounting do exist, but they do have a different focus. Briefly distinguish between financial and managerial accounting as they relate to (1) the primary users, (2) the.
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11.Manufacturing costs that cannot be classified as direct materials or direct labor are classified as manufacturing overhead. 12.Raw materials are equal to direct materials minus indirect materials. 13.Raw materials that can be conveniently and directly associated with a finished product are called materials overhead. 14.The total cost of a finished product does not.
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MULTIPLE CHOICE QUESTIONS 36.Which of the following is one of the components of cost accounting? a.It involves measuring product costs. b.It involves the determination of company profits. c.It requires GAAP to be applied. d.It requires cost minimizing principles. 37.A major purpose of cost accounting is to a.classify all costs as operating or nonoperating. b.measure, record, and report period.
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11.Manufacturing costs are generally incurred in one period and recorded in a subsequent period. 12.The Purchases account is credited for all raw materials purchase returns and allowances. 13.When raw materials are received, there is no effort at this point to associate the cost of materials with specific jobs. 14.When raw materials are.
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BRIEF Exercises BE 152 Presented below are Truck Company’s monthly manufacturing cost data related to its personal computer products. (a)Taxes on factory building$820,000 (b)Raw materials 66,000 (c)Depreciation on manufacturing equip.210,000 (d)Wages for assembly line workers340,000 Instructions Enter each cost item in the following table, placing an “X” under the appropriate headings. Product Costs Direct Materials Direct Labor Manufacturing Overhead (a) (b) (c) (d) Ans: N/A, LO: 2,.
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86.Henson Company applies overhead on the basis of 120% of direct labor cost. Job No. 190 is charged with $140,000 of direct materials costs and $180,000 of manufacturing overhead. The total manufacturing costs for Job No. 190 is a.$320,000. b.$536,000. c.$348,000. d.$470,000. 87.Norman Company manufactures customized desks. The following pertains to Job No. 953: a.$41,200 b.$44,400 c.$47,200 d.$50,400 88.Minton Company.
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Ex. 177 From the account balances listed below, prepare a schedule of cost of goods manufactured for Sampson Manufacturing Company for the month ended December 31, 2016. Account Balances Finished Goods Inventory, December 31$42,000 Factory Supervisory Salaries12,000 Income Tax Expense18,000 Raw Materials Inventory, December 112,000 Work In Process Inventory, December 3115,000 Sales Salaries Expense14,000 Factory Depreciation Expense8,000 Finished Goods Inventory,.
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Ex. 175 The following information is available for Elliot Company. January 1, 20162016December 31, 2016 Raw materials inventory$ 26,000$30,000 Work in process inventory18,50022,200 Finished goods inventory30,00021,000 Materials purchased$170,000 Direct labor230,000 Manufacturing overhead180,000 Sales800,000 Instructions (a)Compute cost of goods manufactured. (b)Prepare an income statement through gross profit. .
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126.Barnes Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period: a.$2,950,000 applied and $20,000 overapplied b.$3,000,000 applied and $20,000 overapplied c.$2,950,000 applied and $20,000 underapplied d.$2,970,000 applied and neither under- nor overapplied 127.A company assigned overhead to work.
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118.Using $3,000,000 as the total manufacturing costs, compute the cost of goods manufactured using the following information. a.$3,014,000. b.$2,994,000. c.$3,006,000. d.$3,008,000. 119.Using $3,040,000 as the cost of goods manufactured, compute the cost of goods sold using the following information. a.$3,046,000. b.$3,008,000. c.$3,032,000. d.$3,048,000. 120.Using the following information, compute the cost of direct materials used. a.$1,740,000. b.$1,830,000. c.$1,800,000. d.$1,770,000. 121.Assuming the cost of direct materials used.
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