Homework Answers
Answers:
5. A (Raw material applied to a house during construction.)
6. A (Cost of goods sold.)
7. D (Finished good inventory.)
8. C (Work in process Inventory.)
9. B (Sales revenue.)
10. A (Construction company.)
11. C (Coke & Company.)
12. B (Debit to raw material inventory credit to cash.)
13. A (Debit to work in process and manufacturing overhead, Credit to wages payable.)
14. A(Debit to Workin process and credit to manufacturing overheads.)
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5.) Which of the following is an example of a direct cost? A.) Raw materials applied...
which of the following is considered a variable manufacturing overhead cost? Factory rent Direct labor c...
which of the following is considered a variable manufacturing overhead cost? Factory rent Direct labor c Factory utilities d. Direct materials Which of the following costs is considered a direct cost? Depreciation on machinery b. Glue used in the manufacturing process c. The superintendent's salary d. Factory insurance c. Assembly-line labor costs The cost of rent for a manufacturing plant is generally considered to be a: Fixed cost Overhead cost No Yes No No No Yes Yes Yes When production...
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...
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...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $49,700. 2. Raw Materials...
Crawford Corporation incurred the following
transactions.
1.
Purchased raw materials on account $49,700.
2.
Raw Materials of $41,700 were requisitioned to the factory. An
analysis of the materials requisition slips indicated that $8,100
was classified as indirect materials.
3.
Factory labor costs incurred were $61,900, of which $50,500
pertained to factory wages payable and $11,400 pertained to
employer payroll taxes payable.
4.
Time tickets indicated that $55,400 was direct labor and $6,500
was indirect labor.
5.
Manufacturing overhead costs incurred...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $47,000. 2. Raw Materials...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $47,000. 2. Raw Materials of $44,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,300 was classified as indirect materials. 3. Factory labor costs incurred were $60,100, of which $51,000 pertained to factory wages payable and $9,100 pertained to employer payroll taxes payable. 4. Time tickets indicated that $54,400 was direct labor and $5,700 was indirect labor. 5. Manufacturing overhead costs incurred...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $55,500. 2. Raw Materials...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $55,500. 2. Raw Materials of $43,700 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,600 was classified as indirect materials. 3. Factory labor costs incurred were $65,600, of which $50,000 pertained to factory wages payable and $15,600 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,400 was direct labor and $10,200 was indirect labor. 5. Manufacturing overhead costs incurred...
Exercise 15-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,000. 2....
Exercise 15-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,000. 2. Raw Materials of $45,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,400 was classified as indirect materials. 3. Factory labor costs incurred were $65,400, of which $50,200 pertained to factory wages payable and $15,200 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,000 was direct labor and $10,400 was indirect labor. 5. Manufacturing overhead...
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 +...
Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: $ Beginning raw materials inventory Add:...
Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: $ Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available 10,200 26,800 X 28,700 X 18,500 20,400 X 4,930 Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials included in manufacturing overhead $ Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory 15,470 59,400 88,300 163,440 54,900 218,340 68,900 149,440 X Less: Ending...
The wages paid to an assembly line worker in a manufacturing plant are: a product cost,...
The wages paid to an assembly line worker in a manufacturing plant are: a product cost, but not part of factory overhead b. a product cost that is also part of factory overhead c. neither a product cost nor part of factory overhead 2. Manufacturing overhead does not include: the cost of thread used in making upholstered furniture of b. depreciation on factory equipment wages paid to a factory security guard a) the cost of shipping finished products to customers...
which of the following is considered a variable manufacturing overhead cost? Factory rent Direct labor c Factory utilities d. Direct materials Which of the following costs is considered a direct cost? Depreciation on machinery b. Glue used in the manufacturing process c. The superintendent's salary d. Factory insurance c. Assembly-line labor costs The cost of rent for a manufacturing plant is generally considered to be a: Fixed cost Overhead cost No Yes No No No Yes Yes Yes When production...
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...
Crawford Corporation incurred the following
transactions.
1.
Purchased raw materials on account $49,700.
2.
Raw Materials of $41,700 were requisitioned to the factory. An
analysis of the materials requisition slips indicated that $8,100
was classified as indirect materials.
3.
Factory labor costs incurred were $61,900, of which $50,500
pertained to factory wages payable and $11,400 pertained to
employer payroll taxes payable.
4.
Time tickets indicated that $55,400 was direct labor and $6,500
was indirect labor.
5.
Manufacturing overhead costs incurred...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $47,000. 2. Raw Materials of $44,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,300 was classified as indirect materials. 3. Factory labor costs incurred were $60,100, of which $51,000 pertained to factory wages payable and $9,100 pertained to employer payroll taxes payable. 4. Time tickets indicated that $54,400 was direct labor and $5,700 was indirect labor. 5. Manufacturing overhead costs incurred...
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $55,500. 2. Raw Materials of $43,700 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,600 was classified as indirect materials. 3. Factory labor costs incurred were $65,600, of which $50,000 pertained to factory wages payable and $15,600 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,400 was direct labor and $10,200 was indirect labor. 5. Manufacturing overhead costs incurred...
Exercise 15-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,000. 2. Raw Materials of $45,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,400 was classified as indirect materials. 3. Factory labor costs incurred were $65,400, of which $50,200 pertained to factory wages payable and $15,200 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,000 was direct labor and $10,400 was indirect labor. 5. Manufacturing overhead...
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 +...
Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: $ Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available 10,200 26,800 X 28,700 X 18,500 20,400 X 4,930 Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials included in manufacturing overhead $ Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory 15,470 59,400 88,300 163,440 54,900 218,340 68,900 149,440 X Less: Ending...
The wages paid to an assembly line worker in a manufacturing plant are: a product cost, but not part of factory overhead b. a product cost that is also part of factory overhead c. neither a product cost nor part of factory overhead 2. Manufacturing overhead does not include: the cost of thread used in making upholstered furniture of b. depreciation on factory equipment wages paid to a factory security guard a) the cost of shipping finished products to customers...
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