The assignment of direct and indirect materials to a cost object reduces the A.manufacturing overhead account....
The assignment of direct and indirect materials to a cost object reduces the
A.manufacturing overhead account.
B.raw materials inventory account.
C.work in process inventory account.
D.finished goods inventory account.
Homework Answers
Option - 'B'
The assignment of direct and indirect materials to a cost object reduces the Raw Materials Inventory Account. The raw material inventory is used for the recording of direct & indirect material receipts and issues.
Add Answer to:
The assignment of direct and indirect materials to a cost object
reduces the
A.manufacturing overhead account....
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...
Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) Direct labor...
Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) Direct labor costs incurred Manufacturing overhead costs incurred, including indirect materials Cost of goods manufactured 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) $68,800 $51,800 $77,400 $97,600 $223,400 $151,800 $15,100 $30,600 $33,700 140% What is the balance in work in process inventory at the end of the...
Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost...
Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of direct - labor costs $152,000 85,000 127,000 148,000 286.000 259,000 35,000 65,000 53,000 140 percent The ending balance of work-in-process inventory is O A. $413,000 O B. $454,800 OC. $168,800 OD. $127,000
de $600 of direct materials and stoof indirect materials to production 17) The journal entry to...
de $600 of direct materials and stoof indirect materials to production 17) The journal entry to issue $600 of direct mat involves debit(s) to the A) Work-in-Process Inventory account for B) Manufacturing Overhead account for 5630 C) Work-in-Process Inventory account for $600 and D) Work-in-Process Inventory account for $630 35 Inventory account for $600 and Finished Goods Inventory account for 530 ocess Inventory account for and Manufacturing Overhead account for $250 18) The journal entry to record indirect labor costs...
31) Asteroid Industries accumulated the following cost information for the year: Direct materials Indirect materials Indirect...
31) Asteroid Industries accumulated the following cost information for the year: Direct materials Indirect materials Indirect labor Factory depreciation $16,000 4,000 8,500 12,800 37,000 Direct labor Using the above information, total factory A) $53,000. B) $25,300. e above information total factory overhead costs would be: C) $78,300. D) $16,800. E) $12,800 ne overhead cost applied to a job during a period is recorded with a credit to Factory Overhead and a debit to: A) Work in Process Inventory. B) Cost...
ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC charges...
ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC charges direct materials to WIP, while indirect materials are charged to the Factory Overhead account. During the month of April, the company has the following cost information: Total materials (direct and indirect) purchased Indirect materials issued to production Total materials issued to production Beginning materials inventory $ 90,000 30,000 110,000 50,000 The ending materials inventory cost is: $80,000. $90,000. $30,000. $50,000. $110,000. Maple Mount Fishery...
ABC charges direct materials to WIP, while indirect materials are charged to the Factory Overhead account....
ABC charges direct materials to WIP, while indirect materials are charged to the Factory Overhead account. Total materials (direct and indirect) purchased 90000 Indirect materials issued to production 24000 Total materials issued to production 121000 Beg. materials inventory 53000 Find the debit to the Factory Overhead account
Options are: Actual Overhead Applied Overhead Direct Labor Cost Estimated Overhead Indirect Labor Indirect Materials Ot...
Options are:
Actual Overhead
Applied Overhead
Direct Labor Cost
Estimated Overhead
Indirect Labor
Indirect Materials
Other Overhead Costs
Overapplied Overhead
Underapplied Overhead
Exercise 15-13 Adjusting factory overhead LO P4 The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $48.500 11, 380 68,500 63,600 23,500 46.688 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash)...
Here is some basic data for Shannon Company: Cost of materials purchases on account $72,000 Cost...
Here is some basic data for Shannon Company: Cost of materials purchases on account $72,000 Cost of materials requisitioned (includes $2,900 of indirect) $53,400 Direct labor costs incurred $79,600 Manufacturing overhead costs incurred, including indirect materials $87,700 Cost of goods completed $257,450 Cost of goods sold $167,200 Beginning raw materials inventory $17,400 Beginning work in process inventory $33,600 Beginning finished goods inventory $35,300 Predetermined manufacturing overhead rate (as % of direct laborcost) 120% The journal entry to record the cost...
Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to...
Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Underapplied overhead $31,000 $ 4,790 $59,300 $88,700 $ 4,020 Inventories Raw materials Work in process Finished goods Beginning $ 10,400 $ 54,600 $ 34,800 Ending $ 18,700 $ 69,100 $ 42,500 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied...
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...
Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) Direct labor costs incurred Manufacturing overhead costs incurred, including indirect materials Cost of goods manufactured 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) $68,800 $51,800 $77,400 $97,600 $223,400 $151,800 $15,100 $30,600 $33,700 140% What is the balance in work in process inventory at the end of the...
Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of direct - labor costs $152,000 85,000 127,000 148,000 286.000 259,000 35,000 65,000 53,000 140 percent The ending balance of work-in-process inventory is O A. $413,000 O B. $454,800 OC. $168,800 OD. $127,000
de $600 of direct materials and stoof indirect materials to production 17) The journal entry to issue $600 of direct mat involves debit(s) to the A) Work-in-Process Inventory account for B) Manufacturing Overhead account for 5630 C) Work-in-Process Inventory account for $600 and D) Work-in-Process Inventory account for $630 35 Inventory account for $600 and Finished Goods Inventory account for 530 ocess Inventory account for and Manufacturing Overhead account for $250 18) The journal entry to record indirect labor costs...
31) Asteroid Industries accumulated the following cost information for the year: Direct materials Indirect materials Indirect labor Factory depreciation $16,000 4,000 8,500 12,800 37,000 Direct labor Using the above information, total factory A) $53,000. B) $25,300. e above information total factory overhead costs would be: C) $78,300. D) $16,800. E) $12,800 ne overhead cost applied to a job during a period is recorded with a credit to Factory Overhead and a debit to: A) Work in Process Inventory. B) Cost...
ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC charges direct materials to WIP, while indirect materials are charged to the Factory Overhead account. During the month of April, the company has the following cost information: Total materials (direct and indirect) purchased Indirect materials issued to production Total materials issued to production Beginning materials inventory $ 90,000 30,000 110,000 50,000 The ending materials inventory cost is: $80,000. $90,000. $30,000. $50,000. $110,000. Maple Mount Fishery...
Options are:
Actual Overhead
Applied Overhead
Direct Labor Cost
Estimated Overhead
Indirect Labor
Indirect Materials
Other Overhead Costs
Overapplied Overhead
Underapplied Overhead
Exercise 15-13 Adjusting factory overhead LO P4 The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $48.500 11, 380 68,500 63,600 23,500 46.688 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash)...
Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Underapplied overhead $31,000 $ 4,790 $59,300 $88,700 $ 4,020 Inventories Raw materials Work in process Finished goods Beginning $ 10,400 $ 54,600 $ 34,800 Ending $ 18,700 $ 69,100 $ 42,500 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied...
Most questions answered within 3 hours.
-
On a recent quiz, the class mean was 75 with a standard
deviation of 2.2. Calculate...
asked 1 minute ago -
Discuss the Coefficient of Restitution in an elastic collision
compared to the Coefficient of Restitution in...
asked 5 minutes ago -
Pretend that you are
the audit manager on an annual financial statement audit engagement
for a...
asked 14 minutes ago -
A certain lens focuses light from an object 1.65 m away as an
image 41.8 cm...
asked 14 minutes ago -
Which metal has a resistivity that is within the range or
closest to 4.2X10^-6 to 4.7X10^-6...
asked 19 minutes ago -
5.) Suppose a researcher collected data on the mean height of
tomato plants grown in organic...
asked 32 minutes ago -
(b) A medical statistician wants to estimate the average weight
loss of people who are on...
asked 37 minutes ago -
In scala,
Can you explain what is the difference between them, and why the
first one...
asked 37 minutes ago -
True (T) or False (F) Questions
In a queuing system, if the system’s utilization is 100%,...
asked 46 minutes ago -
What is the total energy transported per hour along a narrow
cylindrical laser beam 1.60 mm...
asked 55 minutes ago -
Key Assessment PAT 6: Sayles Chapter 14 Application Exercise
2
Beginning January 1, Community Hospital had...
asked 1 hour ago -
Let's assume the following data represents the time from when a
patient is discharged from North...
asked 1 hour ago