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Mgr. Acct 2123 - Chapter 3 HW (Summer 2020) 1) In a job-order costing system, which of the following events would trigger recording data on a job cost sheet? A) the purchase of direct materials B) the payment of fire insurance on the factory building C) the payment for product advertising D) none of the choices 2) Refer to the T-account below. Manufacturing Overhead 9,000 (2) 167,000 15,000 80,000 30,000 25,000 159,000 167,000 Bal. 8,000 The ending balance of $8,000...
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114. Gullett Corporation had $26,000 of raw materials on hand on November 1. During the month, the company purchased an additional $75,000 of raw materials. The journal entry to record the purchase of raw materials would include a A. debit to Raw Materials of $101.000 B. credit to Raw Materials of $75,000 C. debit to Raw Materials of $75,000 D. credit to Raw Materials of $101.000 115. In October, Raddatz Inc. incurred $73,000 of direct labor costs and S6,000 of...
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7) Molzahn Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year: Estimated total manufacturing overhead at the beginning 5481,250 of the year Estimated direct labor-hours at the beginning of the year 35.000 direct labor hours Results of operations: Actual direct labor-hours 40,000 direct labor-hours Manufacturing overhead: Indirect labor cost...
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Raw materials purchases $ 75,000 Direct labor cost $100,000 Manufacturing overhead cost incurred $ 68,000 Indirect materials included in manufacturing overhead cost incurred $ 11,600 Manufacturing overhead cost applied to Work in Process $ 67,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. The direct materials cost for July is: Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined...
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Sawyer Manufacturing Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Last year, the Corporation worked 47,000 actual direct labor-hours and incurred $810,000 of actual manufacturing overhead cost. The Corporation had estimated that it would work 45,000 direct labor-hours during the year and incur $765,000 of manufacturing overhead cost. The Corporation's manufacturing overhead cost for the year was: O underapplied by $34,000 O overapplied by $11,000 O underapplied by $11,000 overapplied by $34,000
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Molzahn Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year: Estimated total manufacturing overhead at the beginning of the year Estimated direct labor-hours at the beginning of the year $481,250 35,000 direct labor-hours Results of operations: 40,000 direct labor-hours Actual direct labor-hours Manufacturing overhead: Indirect labor cost Other manufacturing...
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At the end of the year, overhead applied was $3,706,000. Actual
overhead was $3,418,000. Closing over/underapplied overhead into
Cost of Goods Sold would cause net income to
a.decrease by $576,000
b.decrease by $288,000
c.increase by $288,000
d.increase by $576,000
A manufacturing company applies factory overhead based on direct
labor hours. At the beginning of the year, it estimated that
factory overhead costs would be $345,800 and direct labor hours
would be 42,600. Actual manufacturing overhead costs incurred were
$320,800, and...
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15) Durphey Corporation has provided the following data concerning last month's operations. Purchases of raw materials $5,000 Indirect materials included in manufacturing overhead 4,000 Direct labor cost $58.000 Manufacturing overhead applied to Work in Process 399,000 Beginning Ending Raw materials inventory 11.000 17,000 How much is the total manufacturing cost for the month on the Schedule of Cost of Goods Manufactured? A) $176,000 B) $172,000 C) $152,000 D) $224,000 16) Crich Corporation uses direct labor-hours in its predetermined overhead rate....
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Mackinaw Manufacturing Corporation uses a predetermined overhead rate based on direct labor hours to apply manufacturing overhead to jobs. Last year, the Corporation worked 17,500 actual direct labor-hours and incurred $148.300 of actual manufacturing overhead cost. They had estimated at the beginning of the year that 16,300 direct labor hours would be worked and S146700 of manufacturing overhead costs incurred. The Corporation had calculated a predetermined overhead rate of $9 per direct labor-hour. The Corporation's manufacturing overhead for the year...
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18) Precision Corporation used a predetermined overhead rate last year of $3 per direct labor-hour, based on an estimate of 24,000 direct labor-hours to be worked during the year. Actual costs and activity during the year were: Actual manufacturing overhead cost incurred 34,000 Actual direct labor-hours worked 127,000 The overapplied or underapplied manufacturing overhead for the year was: A) $3,000 underapplied B) $3,000 overapplied C) $12,000 underapplied D) $12,000 overapplied 19) Boursaw Corporation has provided the following data concerning last...
Mgr. Acct 2123 - Chapter 3 HW (Summer 2020) 1) In a job-order costing system, which of the following events would trigger recording data on a job cost sheet? A) the purchase of direct materials B) the payment of fire insurance on the factory building C) the payment for product advertising D) none of the choices 2) Refer to the T-account below. Manufacturing Overhead 9,000 (2) 167,000 15,000 80,000 30,000 25,000 159,000 167,000 Bal. 8,000 The ending balance of $8,000...
114. Gullett Corporation had $26,000 of raw materials on hand on November 1. During the month, the company purchased an additional $75,000 of raw materials. The journal entry to record the purchase of raw materials would include a A. debit to Raw Materials of $101.000 B. credit to Raw Materials of $75,000 C. debit to Raw Materials of $75,000 D. credit to Raw Materials of $101.000 115. In October, Raddatz Inc. incurred $73,000 of direct labor costs and S6,000 of...
7) Molzahn Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year: Estimated total manufacturing overhead at the beginning 5481,250 of the year Estimated direct labor-hours at the beginning of the year 35.000 direct labor hours Results of operations: Actual direct labor-hours 40,000 direct labor-hours Manufacturing overhead: Indirect labor cost...
Raw materials purchases $ 75,000 Direct labor cost $100,000 Manufacturing overhead cost incurred $ 68,000 Indirect materials included in manufacturing overhead cost incurred $ 11,600 Manufacturing overhead cost applied to Work in Process $ 67,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. The direct materials cost for July is: Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined...
Sawyer Manufacturing Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Last year, the Corporation worked 47,000 actual direct labor-hours and incurred $810,000 of actual manufacturing overhead cost. The Corporation had estimated that it would work 45,000 direct labor-hours during the year and incur $765,000 of manufacturing overhead cost. The Corporation's manufacturing overhead cost for the year was: O underapplied by $34,000 O overapplied by $11,000 O underapplied by $11,000 overapplied by $34,000
Molzahn Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year: Estimated total manufacturing overhead at the beginning of the year Estimated direct labor-hours at the beginning of the year $481,250 35,000 direct labor-hours Results of operations: 40,000 direct labor-hours Actual direct labor-hours Manufacturing overhead: Indirect labor cost Other manufacturing...
15) Durphey Corporation has provided the following data concerning last month's operations. Purchases of raw materials $5,000 Indirect materials included in manufacturing overhead 4,000 Direct labor cost $58.000 Manufacturing overhead applied to Work in Process 399,000 Beginning Ending Raw materials inventory 11.000 17,000 How much is the total manufacturing cost for the month on the Schedule of Cost of Goods Manufactured? A) $176,000 B) $172,000 C) $152,000 D) $224,000 16) Crich Corporation uses direct labor-hours in its predetermined overhead rate....
Mackinaw Manufacturing Corporation uses a predetermined overhead rate based on direct labor hours to apply manufacturing overhead to jobs. Last year, the Corporation worked 17,500 actual direct labor-hours and incurred $148.300 of actual manufacturing overhead cost. They had estimated at the beginning of the year that 16,300 direct labor hours would be worked and S146700 of manufacturing overhead costs incurred. The Corporation had calculated a predetermined overhead rate of $9 per direct labor-hour. The Corporation's manufacturing overhead for the year...
18) Precision Corporation used a predetermined overhead rate last year of $3 per direct labor-hour, based on an estimate of 24,000 direct labor-hours to be worked during the year. Actual costs and activity during the year were: Actual manufacturing overhead cost incurred 34,000 Actual direct labor-hours worked 127,000 The overapplied or underapplied manufacturing overhead for the year was: A) $3,000 underapplied B) $3,000 overapplied C) $12,000 underapplied D) $12,000 overapplied 19) Boursaw Corporation has provided the following data concerning last...