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Accounting Expert Answers & Study Resources : Page 105

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11) Manufacturing Overhead is a temporary account used to ________ indirect production costs during the accounting period. A) allocate B) assign C) accumulate D) approximate 12) The journal entry to issue indirect materials to production should include a debit to the ________. A) Finished Goods Inventory account B) Raw Materials Inventory account C) Manufacturing Overhead account D) Work-in-Process Inventory.

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  • 11) Manufacturing Overhead a temporary account used to ________ indirect
  • Accounting
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Learning Objective 17-5 1) Manufacturing overhead costs allocated to a job amounted to $492,000. The actual manufacturing costs incurred during the year was $500,000. Overhead costs have been underallocated. 2) During 2015, a company incurred $500,000 of manufacturing overhead costs and allocated $506,000 of manufacturing overhead costs. At the year-end, the adjustment.

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  • Learning Objective 17-5 1) Manufacturing overhead costs allocated to a job
  • Accounting
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31) Best Inc., a merchandiser, sells office supplies. The following information summarizes Best's operating activities during 2015: Utilities Expense $6,000 Rent for Store Expense 8,000 Sales Commissions Expense 4,500 Purchases of Merchandise 54,000 Inventory on January 1, 2015 30,000 Inventory on December 31, 2015 20,500 Sales Revenue 108,000 Required: Prepare an income statement for Best Inc. for the year ended December 31, 2015, using the.

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  • 31) Best Inc., a merchandiser, sells office supplies. The following
  • Accounting
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Learning Objective 17-3 1) Actual manufacturing overhead costs are credited to the Manufacturing Overhead account. 2) In a manufacturing operation, depreciation of plant equipment should be debited to the Depreciation Expense account. 3) Manufacturing overhead costs are allocated to the Work-in-Process Inventory account by a debit to the Manufacturing Overhead account. 4) The amount.

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  • Learning Objective 17-3 1) Actual manufacturing overhead costs credited to the
  • Accounting
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41) Davie Inc. used estimated direct labor hours of 250,000 and estimated manufacturing overhead costs of $1,000,000 in establishing its 2015 predetermined overhead allocation rate. Actual results showed: Actual manufacturing overhead $900,000 Allocated manufacturing overhead $875,000 What was the number of direct labor hours worked during 2015? A) 225,000 hours B) 243,056 hours C) 250,000 hours D) 218,750 hours 42).

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  • 41) Davie Inc. used estimated direct labor hours of 250,000
  • Accounting
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11) Jasper Inc. reports the following cost information for March: Cost of Goods Manufactured $75,000 Manufacturing Overhead 18,250 Finished Goods Inventory, March 1 4,500 Finished Goods Inventory, March 31 2,650 Work-in-Process Inventory, March 1 9,670 Work-in-Process Inventory, March 31 1,250 Direct Materials Used 25,300 What is the cost of goods sold for March? A) $83,420 B) $73,150 C) $76,850 D) $82,150 12) Jasper Inc. reports the following cost information for.

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  • 11) Jasper Inc. reports the following cost information for March: Cost
  • Accounting
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Learning Objective 16-4 1) The cost of goods manufactured includes selling expenses, administrative expenses, and manufacturing overhead. 2) Merchandiser's inventory consists of raw materials inventory, work-in-process inventory, and finished goods inventory. 3) Total manufacturing costs to account for during the year minus the ending work-in-process inventory equals the cost of goods manufactured. 4) Which.

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  • Learning Objective 16-4 1) The cost of goods manufactured includes selling
  • Accounting
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28) Amber Corporation has provided the following information of its operating activities for 2015: Merchandise Inventory, January 1, 2015 $150,000 Merchandise Inventory, December 31, 2015 75,000 Purchases 854,000 Selling and Administrative Expenses 65,000 Sales Revenue 1,000,000 Required: Prepare Amber's income statement for the year ended December 31, 2015. Use the format provided below: Sales Revenue Cost of Goods Sold     Beginning Inventory     Purchases     Cost.

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  • 28) Amber Corporation has provided the following information of its
  • Accounting
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31) Which of the following is an example of a period cost for a manufacturing company? A) advertising expense B) depreciation on factory equipment C) indirect materials D) property taxes for the factory 32) Which of the following is a part of manufacturing overhead? A) cost of raw materials B) wages of assembly line workers C) factory insurance D).

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  • 31) Which of the following an example of a period
  • Accounting
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11) Lakeside Inc. estimated manufacturing overhead costs for 2014 at $378,000, based on 180,000 estimated direct labor hours. Actual direct labor hours for 2014 totaled 195,000. The manufacturing overhead account contains debit entries totaling $391,500. The manufacturing overhead for 2014 was ________. (Round your intermediate calculations to one decimal place) A) $31,500.

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  • 11) Lakeside Inc. estimated manufacturing overhead costs for 2014 at
  • Accounting
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31) The activity-based costing system improves the allocation of ________. A) indirect manufacturing costs B) direct labor C) direct materials D) sales commissions 32) Which of the following would most likely be treated as an activity in an activity-based costing system? A) direct labor cost B) machine processing C) direct materials cost D) sales revenues 33) Ace Plastics produces different.

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  • 31) The activity-based costing system improves the allocation of ________. A)
  • Accounting
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Learning Objective 16-5 1) Managerial accounting is used in manufacturing and merchandising companies, but not in service companies. 2) Service companies do not have product costs so they often consider all operating expenses as part of their cost of service. 3) Managerial accounting can be used to calculate costs for service and merchandising.

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  • Learning Objective 16-5 1) Managerial accounting used in manufacturing and merchandising
  • Accounting
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11) At the beginning of 2015, Conway Manufacturing had the following account balances: Following additional details are provided for the year: Direct materials placed in production $80,000 Direct labor incurred 190,000 Manufacturing overhead incurred 300,000 Manufacturing overhead allocated to production 295,000 Cost of jobs completed and transferred 500,000 The ending balance in the Work-in-Process Inventory account is a ________. A) credit of.

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  • 11) At the beginning of 2015, Conway Manufacturing had the
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21) Alpha Company manufactures breadboxes and uses an activity-based costing system. The following information is provided for the month of May: Activity Estimated Indirect Activity Costs Allocation Base Estimated Quantity of Allocation Base Materials handling $3,500 Number of parts 5,000 parts Assembling $12,000 Number of parts 5,000 parts Packaging $5,750 Number of bread boxes 1,250 bread boxes Each breadbox consists of four parts, and the direct materials.

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  • 21) Alpha Company manufactures breadboxes and uses an activity-based costing
  • Accounting
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Learning Objective 17-1 1) Accounting firms, building contractors, and healthcare providers use process costing. 2) A job order costing system is used by companies that manufacture batches of unique products or provide specialized services. 3) A process costing system is used when a company produces identical units through a series of production steps. 4).

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  • Learning Objective 17-1 1) Accounting firms, building contractors, and healthcare providers
  • Accounting
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Learning Objective 18-6 1) Production cost reports prepared using the first-in-first-out (FIFO) method, determines the cost of equivalent units of production by accounting for beginning inventory costs separately from current period costs. 2) Production cost reports prepared using first-in-first-out (FIFO) method assumes that the first units started in the production process.

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  • Learning Objective 18-6 1) Production cost reports prepared using the
  • Accounting
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21) Barricades Corporation provided the following information for the year 2015: Beginning Balance—Work-in-Process Inventory $24,000 Ending Balance—Work-in-Process Inventory 56,000 Beginning Balance—Raw Materials Inventory 84,000 Ending Balance—Raw Materials Inventory 60,000 Purchases—Raw Materials 360,000 Direct Labor 470,000 Indirect Materials 47,000 Indirect Labor 19,000 Depreciation on Factory Plant & Equipment 24,000 Plant Utilities & Insurance 270,000 What was the amount of direct materials used in production during 2015? A) $360,000 B) $504,000 C) $384,000 D) $328,000 22) Barricades Corporation.

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  • 21) Barricades Corporation provided the following information for the year
  • Accounting
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21) The cost of units sold is recorded by debiting Cost of Goods Sold and crediting ________. A) Finished Goods Inventory B) Sales Revenue C) Work-in-Process Inventory D) Wages Payable 22) Jetwell Inc. incurred $7,000 for indirect labor in Department III. The journal entry to record indirect labor utilized is ________. A) debit Manufacturing Overhead, $7,000;.

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  • 21) The cost of units sold recorded by debiting Cost
  • Accounting
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Learning Objective 18-4 1) When raw materials are purchased on account, the Accounts Payable account is credited. 2) The Raw Materials Inventory account is debited when direct materials are issued for production. 3) When indirect materials are issued to production, the Manufacturing Overhead account is credited. 4) When indirect materials are issued to production,.

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  • Learning Objective 18-4 1) When raw materials purchased account, the Accounts
  • Accounting
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31) Evanston Manufacturing Inc. reported the following information for the year 2015: Number of Units Produced 4,800 Number of Units Sold 5,250 Cost of Goods Manufactured $460,800 Cost of Goods Sold $488,250 Sales Revenue $1,260,000 Gross Profit $771,750 Operating Expense $724,900 What was the unit product cost? A) $87.77 B) $262.50 C) $93.00 D) $96.00 32) South State Inc. used $71,000 of direct materials and incurred $37,000 of direct labor.

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  • 31) Evanston Manufacturing Inc. reported the following information for the
  • Accounting
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Learning Objective 19-2 1) Activity-based costing focuses on a single predetermined overhead rate for cost analysis. 2) Traditional costing provides more detailed information on costs of activities and the drivers of these costs than activity-based costing. 3) Traditional costing systems employ multiple allocation rates, but an activity-based costing system uses only one rate.

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  • Learning Objective 19-2 1) Activity-based costing focuses a single predetermined overhead
  • Accounting
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29) Excellent Inc. sells accounting textbooks. The following information summarizes Excellent's operating activities for 2015: Merchandise Inventory, January 1, 2015 $10,000 Merchandise Inventory, December 31, 2015 7,000 Purchases 95,000 Selling and Administrative Expenses 65,000 Sales Revenue 180,000 Required: Prepare Excellent Inc. income statement for the year ended December 31, 2015. 30) Simons Inc. sells plasticware. The following information summarizes Simons' operating activities.

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  • 29) Excellent Inc. sells accounting textbooks. The following information summarizes
  • Accounting
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21) In a manufacturing company, advertising and marketing costs are included in manufacturing overhead. 22) In a manufacturing company, accounting, legal, and administrative costs are typical examples of product costs. 23) In a manufacturing company, administrative costs are included in period costs. 24) Repair and maintenance costs for factory equipment are product costs. 25).

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  • 21) In a manufacturing company, advertising and marketing costs included
  • Accounting
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Learning Objective 16-3 1) Product costs, such as factory overhead, should be treated as an asset until the product is sold. 2) Manufacturing overhead includes all manufacturing costs, such as direct labor and direct materials. 3) Manufacturing overhead includes indirect manufacturing costs, such as insurance and depreciation on the factory building. 4) All costs.

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  • Learning Objective 16-3 1) Product costs, such as factory overhead, should
  • Accounting
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11) Which of the following will be debited to the Manufacturing Overhead account of a watch manufacturer? A) office telephone expenses B) salaries paid to accountants C) factory electricity expense D) cost of printing brochures 12) The predetermined overhead allocation rate is the rate used to ________. A) assign direct material costs to jobs B) allocate actual.

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  • 11) Which of the following will be debited to the
  • Accounting
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