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175.The following is a list of costs incurred by several business organizations: (a) Telephone cable for a telephone company. (b) Subscription to a health club for executives. (c) Salary of the Director of Internal Auditing. (d) Long-distance telephone bill for calls made by salespersons. (e) Carrying cases for a manufacturer of video camcorders. (f) Cotton for a textile manufacturer of blue.

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113.For the manufacturing business, inventory which is in the process of being manufactured is referred to as: A.supplies inventory B.work in process inventory C.finished goods inventory D.direct materials inventory 114.The proper journal entry to record the purchase of $25,000 of raw materials on account would be: A.Jan 2 Raw Material Inventory 25,000 Accounts Receivable 25,000 B.Jan 2.

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164.The inventory at May 1 and the costs charged to Work in Process--Department B during May for Stella Company are as follows: Beginning WIP, 12,000 units, 60% completed $62,400 From Department A, 55,000 units started this period Direct materials added 115,500 Direct labor incurred 384,915 Factory overhead incurred 138,000 During May, all direct materials are transferred from Department A,.

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61.For which of the following businesses would a process cost system be appropriate? A.Auto repair service B.Paint manufacturer C.Specialty printer D.Custom furniture manufacturer 62.Which of the following is NOT a way in which process and job order cost systems are similar? A.Both accumulate product costs--direct materials, direct labor, and factory overhead B.Both allocate product cost to units.

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153.The cost per equivalent units of direct materials and conversion in the Bottling Department of Mountain Springs Water Company is $.45 and $.12, respectively. The equivalent units to be assigned costs are as follows. Direct Materials Conversion Inventory in process, beginning of period 0 3,500 Started and completed during the period 57,000 57,000 Transferred out of Bottling (completed) 57,000 60,500 Inventory in.

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143.Record in good journal entry format the following transactions: 1. April 10, 300 units of raw materials were purchased at $5.50. 2. April 15, 200 units of raw materials were requisitioned at $6.00 for production, Job 345. 3. April 25, 100 units of raw materials were requisitioned at $5.50 for production, Job 555. 144.The Cavy Company accumulated.

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155.Cranston Company estimates the following overhead costs for the coming year: Equipment depreciation $160,000 Equipment maintenance 60,000 Supervisory salaries 40,000 Factory rent 100,000 Total $360,000 Cranston is also budgeting $600,000 in direct labor costs and 15,000 machine hours for the coming year. Required: a. Calculate the predetermined overhead rate using direct labor costs as the   allocation.

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103.Carmelita Inc., has the following information available: Costs from Costs from Beginning Inventory Current Period Direct materials $2,500 $22,252 Conversion Costs 6,200 150,536 At the beginning of the period, there were 500 units in process that were 60 percent complete as to conversion costs and 100 percent complete as to direct materials costs. During the period 4,500 units.

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174.Put the following in the order of the flow of manufacturing costs for a company a. Closing under/over applied factory overhead to cost of goods sold b. Materials purchased c. Factory labor used and factory overhead incurred in production d. Completed jobs moved to finished goods e. Factory overhead applied to jobs according to the.

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123.A separate account for each material is found in a A.general ledger B.materials ledger C.receiving report D.job cost sheet 124.The materials requisition is used to A.release materials from the storeroom to the factory B.release finished goods to the shipping department C.record the acquisition of materials from a vendor D.record and electronically transmit materials data in place of a receiving.

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144.Which of the following industries would normally use job order costing systems and which would normally use process costing systems? Business consulting Chemicals Food Movie Soap and cosmetics Web designer 145.The Mountain Springs Water Company has two departments. Purifying and Bottling. The Bottling Department received 67,000 liters from the Purifying Department. During the period, the Bottling Department.

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51.Process manufacturing usually reflects a manufacturer that produces small quantities of unique items. 52.Equivalent units of production are always the same as the total number of physical units finished during the period. 53.The last step in the accounting procedure for process costing is the calculation of equivalent units of production. 54.The FIFO method.

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83.Each account in the cost ledger is called a: A.finished goods sheet B.stock record C.materials requisition D.job cost sheet 84.Selected accounts with some debits and credits omitted are presented as follows: Work in Process Aug. 1 Balance 275,000 Aug. 31 Goods finished 1,030,000 31 Direct materials X 31 Direct labor 450,000 31 Factory overhead X Factory Overhead Aug. 1-31 Costs incurred 145,000 Aug. 1 Balance 15,000 31 Applied (30% of direct labor cost) X If the balance of.

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166.The inventory at April 1, 2012, and the costs charged to Work in Process--Department B during April for Zarley Company are as follows: 1,200 units, 40% completed $47,800 From Department A, 26,000 units 845,000 Direct labor 312,000 Factory overhead 176,770 During April, all direct materials are transferred from Department A, the units in process at April 1 were completed,.

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133.The debits to Work in Process--Assembly Department for April, together with data concerning production, are as follows: April 1, work in process: Materials cost, 3,000 units $7,500 Conversion costs, 3,000 units, 80% completed 6,000 Materials added during April, 10,000 units 29,000 Conversion costs during April 35,000 Goods finished during April, 11,500 units --- April 30 work in process, 1,500 units, .

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103.Materials purchased on account during the month amounted to $195,000. Materials requisitioned and placed in production totaled $168,000. From the following, select the entry to record the transaction on the day the materials were requisitioned by the production department. A.Materials168,000 Work in Process168,000 B.Work in Process195,000 Materials195,000 C.Work in Process168,000 Materials168,000 D.Work in Process168,000 .

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175.Zang Co. manufacturers its products in a continuous process involving two departments, Machining and Assembly. Present entries to record the following selected transactions related to production during June: (a) Materials purchased on account, $225,000. (b) Materials requisitioned by: Machining, $73,000 direct and $9,000 indirect materials; Assembly, $4,900 indirect materials. (c) Direct labor used by Machining,.

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31.Companies recognizing the need to simultaneously produce products with high quality, low cost, and instant availability have adopted a just-in-time processing philosophy. 32.In a just-in-time system, processing functions are combined into work centers, sometimes called departments. 33.The FIFO method of process costing is simpler than the Average cost method. 34.Companies that use the.

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173.On November 14th the Milling Department has accepted Job 111407A for 1,000 pounds of Cereal Mix. The bill of materials (BOM) for the Cereal Mix is: Material: Standard Qty: Standard Cost: Oats 525 pounds $1.25 per pound Wheat 450 pounds $1.15 per pound Barley 85 pounds $1.45 per pound Malt 65 pounds $2.15 per pound Honey 25 quarts $1.20 per quart Water 25 gallons $0.45 per gallon Time: Miller 4 1/2 hours $22.75 per hour Loader 1.

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133.The direct labor and overhead costs of providing services to clients are accumulated in: A.finished services expense B.work in process C.administrative salaries expense D.overhead 134.When a job is completed in a service organization, the job costs are transferred to the A.work in process account. B.cost of services account. C.finished goods account. D.cost of goods sold account. 135.The following budget data.

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123.Mocha Company manufactures a single product by a continuous process, involving three production departments. The records indicate that direct materials, direct labor, and applied factory overhead for Department 2 were $100,000, $125,000, and $150,000, respectively. The records further indicate that direct materials, direct labor, and applied factory overhead for Department.

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93.The recording of the jobs shipped and customers billed would include a debit to: A.Accounts Payable B.Cash C.Finished Goods D.Cost of Goods Sold 94.The recording of the jobs shipped and customers billed would include a credit to: A.Accounts Payable B.Cash C.Finished Goods D.Cost of Goods Sold 95.The finished goods account is the controlling account for the: A.cost ledger B.materials ledger C.work in process.

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173.A firm produces its products by a continuous process involving three production departments, 1 through 3. Present entries to record the following selected transactions related to production during August: (a) Materials purchased on account, $120,000. (b) Material requisitioned for use in Department 1, $125,700, of which $124,200 entered directly into the product. (c) Labor cost.

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