Homework Answers
Solution
Entries –
- Entry to record issue of indirect materials to production:
|
Account Titles |
Debit |
Credit |
|
Manufacturing overhead |
$800 |
|
|
Raw Materials Inventory |
$800 |
|
- The entry to record depreciation on factory building should include –
b. Debit to Manufacturing Overhead
- The entry to close the manufacturing overhead account that has an immaterial credit balance should include –
c. credit to cost of goods sold
- The entry to record wages owed to the production supervisor should include a debit to:
d. Manufacturing Overhead
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1 33. Which of the following is not a reason that managers allocate overhead costs to...
1
33. Which of the following is not a reason that managers allocate overhead costs to products? a. To provide information for decision making. b. To apply direct labor and direct materials to products. c. To promote efficient use of resources. d. To comply with U.S. Generally Accepted Accounting Principles (GAAP). e. None of the answer choices is correct. 34. Using a process costing system, the journal entry to record the cost of completed goods when sold includes: a. a...
Please type the explanations and answers. Please explain how to solve the problems. Thank you. Thank...
Please type the explanations and answers. Please explain how to
solve the problems. Thank you.
Thank you.
Knowledge Check 01 Which of the following costs is usually Immaterial in most service firms? Multiple Choice Direct materials Direct labor Service Overhead Knowledge Check 01 What is the correct Journal entry for a company that issues $100.000 of raw material, which includes $10,000 of Indirect material? Debit Work In Process $100.000 and credit Raw Materials Inventory $100,000 Debit Work In Process $90.000,...
correct answer 18) In a process costing system, the entry to record the use of direct...
correct answer
18) In a process costing system, the entry to record the use of direct materials in production would include which of the following? A) debit to work in process inventory B) credit to finished goods inventory C) debit to materials inventory D) debit to finished goods inventory 18) 19) 19) The entry to record actual manufacturing overhead incurred in a processing department would department would include which of the following? A) credit to work in process inventory B)...
Journalize the following transactions for Marge's SofasMarge's Sofas. SOLVE ONLY FOR i. Adjusted for overallocated or...
Journalize the following transactions for Marge's SofasMarge's Sofas. SOLVE ONLY FOR i. Adjusted for overallocated or underallocated overhead. Given information a.Incurred and paid Web site expenses $2,000. b.Incurred manufacturing wages of $15,000, 75% of which was direct labor and 25% of which was indirect labor. c.Purchased raw materials on account $24,000. d.Used in production: direct materials,$7,500 ;indirect materials,$5,000. e.Recorded manufacturing overhead: depreciation on plant,$18,000;plant insurance (previously paid),$1,500;plant property tax, $3,900(credit Property Tax Payable). f.Allocated manufacturing overhead to jobs, 200% of...
4) In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost...
4) In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to which of the following equations? A) Cost of goods manufactured = Total manufacturing costs + Ending work in process inventory - Beginning work in process inventory B) Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory - Ending work in process inventory C) Cost of goods manufactured = Total manufacturing costs +...
Question 24 2p When direct labor costs are recorded in a job costing O Factory Wages...
Question 24 2p When direct labor costs are recorded in a job costing O Factory Wages Payable is debited and Work in Process Inventory is credited O Work in Process Inventory is debited and Factory Wages Payable is credited Cost of Goods Manufactured is debited and Direct Labor is credited ODirect Labor and Indirect Labor are debited and Factory Wages Payable is credited O Work in Process Inventory is debited and Factory Overhead is credited costs How much overhead Question...
5.) Which of the following is an example of a direct cost? A.) Raw materials applied...
5.) Which of the following is an example of a direct cost? A.) Raw materials applied to a house during construction. B.) Labor for the sales department, trying to specifically sale house 1. C.) Labor for the cleanup crew. D.) Materials in the warehouse that is divided into the different projects (i.e. house 1, house 2, etc.) 6.) Which of the following accounts represents the costs associated with goods that were completed and sold? A.) Cost of Goods Sold. B.)...
Cost of materials purchases on account Cost of materials requisitioned (includes $2,300 of indirect) Direct labor...
Cost of materials purchases on account Cost of materials requisitioned (includes $2,300 of indirect) Direct labor costs incurred Manufacturing overhead costs incurred, including indirect materials Cost of goods completed Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory Predetermined manufacturing overhead rate (as % of direct labor cost) $77,900 $45,300 $80,300 $98,800 $276,900 $149,000 $19,600 $35,300 $25,700 115% The journal entry to record actual manufacturing overhead costs includes a O A. debit...
1. Which of the following statements is true? A. A process costing system will have a...
1. Which of the following statements is true? A. A process costing system will have a single work in process account B. A process costing system will have a separate raw materials account for each of the major processes. C. A process costing system will have a separate work in process account for each of the major processes 2. The journal entry to record the actual Manufacturing Overhead incurred includes A. a debit to Manufacturing Overhead B. a debit to...
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete,...
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the general ledger for Case Inc. contains the following data. $3,800 Raw Materials Inventory $35,800 Manufacturing Overhead Applied $4,800 Manufacturing Overhead Incurred Work in Process Inventory $29,800 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Linton $500 $800...
1
33. Which of the following is not a reason that managers allocate overhead costs to products? a. To provide information for decision making. b. To apply direct labor and direct materials to products. c. To promote efficient use of resources. d. To comply with U.S. Generally Accepted Accounting Principles (GAAP). e. None of the answer choices is correct. 34. Using a process costing system, the journal entry to record the cost of completed goods when sold includes: a. a...
Please type the explanations and answers. Please explain how to
solve the problems. Thank you.
Thank you.
Knowledge Check 01 Which of the following costs is usually Immaterial in most service firms? Multiple Choice Direct materials Direct labor Service Overhead Knowledge Check 01 What is the correct Journal entry for a company that issues $100.000 of raw material, which includes $10,000 of Indirect material? Debit Work In Process $100.000 and credit Raw Materials Inventory $100,000 Debit Work In Process $90.000,...
correct answer
18) In a process costing system, the entry to record the use of direct materials in production would include which of the following? A) debit to work in process inventory B) credit to finished goods inventory C) debit to materials inventory D) debit to finished goods inventory 18) 19) 19) The entry to record actual manufacturing overhead incurred in a processing department would department would include which of the following? A) credit to work in process inventory B)...
4) In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to which of the following equations? A) Cost of goods manufactured = Total manufacturing costs + Ending work in process inventory - Beginning work in process inventory B) Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory - Ending work in process inventory C) Cost of goods manufactured = Total manufacturing costs +...
Question 24 2p When direct labor costs are recorded in a job costing O Factory Wages Payable is debited and Work in Process Inventory is credited O Work in Process Inventory is debited and Factory Wages Payable is credited Cost of Goods Manufactured is debited and Direct Labor is credited ODirect Labor and Indirect Labor are debited and Factory Wages Payable is credited O Work in Process Inventory is debited and Factory Overhead is credited costs How much overhead Question...
5.) Which of the following is an example of a direct cost? A.) Raw materials applied to a house during construction. B.) Labor for the sales department, trying to specifically sale house 1. C.) Labor for the cleanup crew. D.) Materials in the warehouse that is divided into the different projects (i.e. house 1, house 2, etc.) 6.) Which of the following accounts represents the costs associated with goods that were completed and sold? A.) Cost of Goods Sold. B.)...
Cost of materials purchases on account Cost of materials requisitioned (includes $2,300 of indirect) Direct labor costs incurred Manufacturing overhead costs incurred, including indirect materials Cost of goods completed Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory Predetermined manufacturing overhead rate (as % of direct labor cost) $77,900 $45,300 $80,300 $98,800 $276,900 $149,000 $19,600 $35,300 $25,700 115% The journal entry to record actual manufacturing overhead costs includes a O A. debit...
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the general ledger for Case Inc. contains the following data. $3,800 Raw Materials Inventory $35,800 Manufacturing Overhead Applied $4,800 Manufacturing Overhead Incurred Work in Process Inventory $29,800 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Linton $500 $800...
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