Homework Answers
1st question :
Answer : Selling and administrative costs are expensed in the period incurred.
Explanation : Selling and administrative cost are not included in the cost of the products and they are expensed in the income statement in the period in which it is incurred.
2nd question :
Answer : FG(finished goods) inventory
Explanation : Journal entry for completion of job :
| FG (finished goods) inventory | 80000 | |
| WIP (work-in-process) inventory | 80000 |
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Which one of the following statements is correct (true)? Multiple Choice U Most factory overhead costs...
Which of the following statements related to manufacturing overhead allocated is false? Multiple Choice It is...
Which of the following statements related to manufacturing overhead allocated is false? Multiple Choice It is comprised of all manufacturing costs that cannot be directly traced to a product or service The costs can be grouped in either a single indirect-cost pool or multiple indirect-cost pools. These costs are allocated because the products could be made without them. The costs are debited to a work-in-process account.
The balance in the Work in Process Inventory account equals: Multiple Choice O the balance in...
The balance in the Work in Process Inventory account equals: Multiple Choice O the balance in the Finished Goods Inventory account O the balance in the cost of Goods Sold account O the balances on the job cost sheets of uncompleted jobs O the balance in the Manufacturing Overhead account
1)A manufacturer's cost of goods manufactured is the sum of direct materials, direct labor, and factory...
1)A manufacturer's cost of goods manufactured is the sum of direct materials, direct labor, and factory overhead costs incurred in producing products. True or False 2) Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation requisitioned $1,500 of direct materials and used $3,000 of direct labor. The job was not finished by the end of September, but needed an additional $2,000 of direct materials and additional direct labor of $4,500 to finish...
Which of the following statements is true regarding Direct Materials, Direct Labor and Manufacturing Overhead applied....
Which of the following statements is true regarding Direct Materials, Direct Labor and Manufacturing Overhead applied. Multiple Choice Conversion costs are added to Finished Goods Inventory, while Direct materials are attached to Work in Process Inventory Direct Materials are first requisitioned to the manufacturing overhead account and then are applied to work in process, where direct labor and manufacturing overhead are then added, All three costs initially combined in a Work in Process Inventory account All three costs are treated...
Using the following accounts and an overhead rate of 70% of direct labor cost, determine the...
Using the following accounts and an overhead rate of 70% of direct labor cost, determine the amount of applied overhead. Work in Process Inventory 19,100 57,300 Beginning WIP Direct Materials Direct Labor Applied Overhead To Finished Goods Ending WIP Beginning FG 39,190 Finished Goods Inventory 5,500 159,610 Ending FG Multiple Choice O $50,400 O $122.400. O $37,210. O $72.000 O $44,941.
Which of the following is a fixed factory overhead cost: office president's salary advertising expense direct...
Which of the following is a fixed factory overhead cost: office president's salary advertising expense direct labor costs factory building rent Question 3 (6 points) Costs of goods that have been started but not completed by the end of the period will be recorded as...? COGM Ending Inventory WIP Ending Inventory FG COGS
A company's overhead rate is 200% of direct labor cost. Using the following Incomplete accounts, determine...
A company's overhead rate is 200% of direct labor cost. Using the following Incomplete accounts, determine the cost of direct materials used. Work in Process Inventory 51,000 Beginning WIP Direct Materials Direct Labor Applied Overhead To Finished Goods Ending WIP 141,000 61,000 Factory Overhead 139,000 Finished Goods Inventory 41,000 266,000 36,000 Beginning FG 271,000 Ending FG Multiple Choice 0 $13.500. 0 $64.500 O $271.000 O O $266,000 $281.000.
A company's overhead rate is 200% of direct labor cost. Using the following incomplete accounts, determine...
A company's overhead rate is 200% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used. Work in Process Inventory 69,000 Beginning WIP Direct Materials Direct Labor Applied Overhead To Finished Goods Ending WIP 159,000 79,000 Factory Overhead 157,000 Finished Goods Inventory 59,000 284,000 54,000 Beginning FG 289,000 Ending FG Multiple Choice O $158,500 0 $55,500. 0 $289,000 $284,000. $299,000
19. At the beginning of the year, Most Honorable Professor Mullen, Inc estimates annual overhead costs...
19. At the beginning of the year, Most Honorable Professor Mullen, Inc estimates annual overhead costs to be $1,200,000 and that an estimated 300,000 machine hours will be used. Using machine hours as a base, the amount of overhead applied during the year if actual machine hours for the year were 315,000 hours is A) $1,200,000. B) $1,142,857. slo C) $840,000. D) $1,260,000. (HO bilgqA 20. To Apply Overhead (OH) in a job order cost system, a Credit to Manufacturing...
The following costs were incurred in February by Container Corp., which produces customized steel storage bins:...
The following costs were incurred in February by Container Corp., which produces customized steel storage bins: Direct material purchased on account $197,600 Direct material used for jobs: Job #217 $116,480 Job #218 18,720 Other jobs 139,360 274,560 Direct labor costs for month: Job #217 $27,040 Job #218 36,400 Other jobs 50,960 114,400 Actual overhead costs for February 572,000 The balance in Work in Process Inventory on February 1 was $43,680, which consisted of $29,120 for Job #217 and $14,560 for...
Which of the following statements related to manufacturing overhead allocated is false? Multiple Choice It is comprised of all manufacturing costs that cannot be directly traced to a product or service The costs can be grouped in either a single indirect-cost pool or multiple indirect-cost pools. These costs are allocated because the products could be made without them. The costs are debited to a work-in-process account.
The balance in the Work in Process Inventory account equals: Multiple Choice O the balance in the Finished Goods Inventory account O the balance in the cost of Goods Sold account O the balances on the job cost sheets of uncompleted jobs O the balance in the Manufacturing Overhead account
Which of the following statements is true regarding Direct Materials, Direct Labor and Manufacturing Overhead applied. Multiple Choice Conversion costs are added to Finished Goods Inventory, while Direct materials are attached to Work in Process Inventory Direct Materials are first requisitioned to the manufacturing overhead account and then are applied to work in process, where direct labor and manufacturing overhead are then added, All three costs initially combined in a Work in Process Inventory account All three costs are treated...
Using the following accounts and an overhead rate of 70% of direct labor cost, determine the amount of applied overhead. Work in Process Inventory 19,100 57,300 Beginning WIP Direct Materials Direct Labor Applied Overhead To Finished Goods Ending WIP Beginning FG 39,190 Finished Goods Inventory 5,500 159,610 Ending FG Multiple Choice O $50,400 O $122.400. O $37,210. O $72.000 O $44,941.
Which of the following is a fixed factory overhead cost: office president's salary advertising expense direct labor costs factory building rent Question 3 (6 points) Costs of goods that have been started but not completed by the end of the period will be recorded as...? COGM Ending Inventory WIP Ending Inventory FG COGS
A company's overhead rate is 200% of direct labor cost. Using the following Incomplete accounts, determine the cost of direct materials used. Work in Process Inventory 51,000 Beginning WIP Direct Materials Direct Labor Applied Overhead To Finished Goods Ending WIP 141,000 61,000 Factory Overhead 139,000 Finished Goods Inventory 41,000 266,000 36,000 Beginning FG 271,000 Ending FG Multiple Choice 0 $13.500. 0 $64.500 O $271.000 O O $266,000 $281.000.
A company's overhead rate is 200% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used. Work in Process Inventory 69,000 Beginning WIP Direct Materials Direct Labor Applied Overhead To Finished Goods Ending WIP 159,000 79,000 Factory Overhead 157,000 Finished Goods Inventory 59,000 284,000 54,000 Beginning FG 289,000 Ending FG Multiple Choice O $158,500 0 $55,500. 0 $289,000 $284,000. $299,000
19. At the beginning of the year, Most Honorable Professor Mullen, Inc estimates annual overhead costs to be $1,200,000 and that an estimated 300,000 machine hours will be used. Using machine hours as a base, the amount of overhead applied during the year if actual machine hours for the year were 315,000 hours is A) $1,200,000. B) $1,142,857. slo C) $840,000. D) $1,260,000. (HO bilgqA 20. To Apply Overhead (OH) in a job order cost system, a Credit to Manufacturing...
The following costs were incurred in February by Container Corp., which produces customized steel storage bins: Direct material purchased on account $197,600 Direct material used for jobs: Job #217 $116,480 Job #218 18,720 Other jobs 139,360 274,560 Direct labor costs for month: Job #217 $27,040 Job #218 36,400 Other jobs 50,960 114,400 Actual overhead costs for February 572,000 The balance in Work in Process Inventory on February 1 was $43,680, which consisted of $29,120 for Job #217 and $14,560 for...
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