31. The amount of time spent by an employee in the factory is usually recorded on...
31.
The amount of time spent by an employee in the factory is usually
recorded on
a. time tickets
b. employees' earnings records
c. statement of owners' equity
d. job order cost sheets
32.
When Job 117 was completed, direct materials totaled $4,400; direct
labor, $5,600; and factory overhead, $2,400. A total of 1,000 units
were produced at a per-unit cost of
a. $124
b. $12,400
c. $1,240
d. $12.40
33.
Materials purchased on account during the month amounted to
$190,000. Materials requisitioned and placed in production totaled
$156,000. The entry to record the transaction for materials
requisitioned by the production department is
a.
Work in Process190,000
Materials190,000
b.
Materials156,000
Work in Process156,000
c.
Work in Process156,000
Materials156,000
d.
Work in Process156,000
Cash156,000
34.
During the period, labor costs incurred on account amounted to
$175,000, including $150,000 for production orders and $25,000 for
general factory use. In addition, factory overhead charged to
production was $32,000. The entry to record the direct labor costs
is
a.
Work in Process150,000
Wages Payable150,000
b.
Wages Payable150,000
Work in Process150,000
c.
Wages Payable175,000
Work in Process175,000
d.
Work in Process175,000
Wages Payable175,000
35.
The cost of production of completed and transferred goods during
the period amounted to $540,000, and the finished products shipped
to customers had total production costs of $375,000. The entry to
record the transfer of costs from work in process to finished goods
is
a.
Work in Process375,000
Finished Goods375,000
b.
Finished Goods540,000
Work in Process540,000
c.
Work in Process540,000
Finished Goods540,000
d.
Finished Goods375,000
Work in Process375,000
36.
Adams Company is a manufacturing company that has worked on several
production jobs during the first quarter of the year. Below is a
list of all the jobs for the quarter:
Balance
Job No. 356 $ 450
Job No. 357 1,235
Job No. 358 378
Job No. 359 689
Job No. 360 456
Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job.
What is the ending balance of Work in Process for Adams Company
at the end of the first quarter?
a. $456
b. $2,752
c. $3,208
d. $0
37.
Adams Company is a manufacturing company that has worked on several
production jobs during the first quarter of the year. Below is a
list of all the jobs for the quarter:
Balance
Job No. 356 $ 450
Job No. 357 1,235
Job No. 358 378
Job No. 359 689
Job No. 360 456
Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job.
What is the ending balance of Cost of Goods Sold for Adams
Company at the end of the first quarter?
a. $685
b. $1,685
c. $2,685
d. $456
38.
Adams Company is a manufacturing company that has worked on several
production jobs during the first quarter of the year. Below is a
list of all the jobs for the quarter:
Balance
Job No. 356 $ 450
Job No. 357 1,235
Job No. 358 378
Job No. 359 689
Job No. 360 456
Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job.
What is the ending balance of Finished Goods for Adams Company
at the end of the first quarter?
a. $1,067
b. $456
c. $1,685
d. $2,752
39.
Adams Company is a manufacturing company that has worked on several
production jobs during the first quarter of the year. Below is a
list of all the jobs for the quarter:
Balance
Job No. 356 $ 450
Job No. 357 1,235
Job No. 358 378
Job No. 359 689
Job No. 360 456
Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job.
What is the balance of Sales for Adams Company at the end of the
first quarter?
a. $2,685
b. $1,000
c. $685
d. $1,685
40.
Which of the following would not be found in the accounting system
of a service provider?
a. cost ledger
b. finished goods ledger
c. job cost sheets
d. deferred revenue account
Homework Answers
|
31. OPTION A Time tickets are used to calculate the time spent by an employee on a factory/job |
|
|
32. OPTION D Per unit cost = (4400+5600+2400)/1000 = 12.40 |
|
|
33. OPTION C Debit : Work in Process 156,000 Credit : materials inventory 156,000 |
|
|
34. OPTION B Debit : Work in process 150,000 Credit : Wages payable 150,000 |
Add Answer to:
31.
The amount of time spent by an employee in the factory is usually
recorded on...
Adams Company is a manufacturing company that has worked on several production jobs during the first...
Adams Company is a manufacturing company that has worked on several production jobs during the first quarter of the year. Below is a list of all the jobs for the quarter: Balance Job 356 $450 Job 357 1,235 Job 358 378 Job 359 689 Job 360 456 Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job. What is the gross profit for Adams Company at the end...
Adams Company is a manufacturing company that has worked on several production jobs during the first...
Adams Company is a manufacturing company that has worked on several production jobs during the first quarter of the year. Below is a list of all the jobs for the quarter: Balance $450 Job 356 Job 357 Job 358 1,235 378 689 456 Job 359 Job 360 Jobs 356, 357 358 and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job. What is the ending balance of cost of Goods Sold for...
27. The cost of production of completed and finished goods during the period amounted to $450,000,...
27. The cost of production of completed and finished goods during the period amounted to $450,000, and the finished products shipped to customers had total production costs of $357.000. From the following select the entry to record the transfer of cost the finished goods to cost of goods sold Finished Coads 450.000 Cost of Goods Sold 450,000 Finished Goods 357.000 Cost of Goods Sold 357,000 e Cost of Goods Sold 357.000 Finished Goods 357,000 d Cost of Good Sold 450.000...
QUESTION 2 Leija Manufacturing Company uses a job-order costing system and started the month of March...
QUESTION 2 Leija Manufacturing Company uses a job-order costing system and started the month of March with one job in process (Job #359). This job had $500 of cost assigned to it at this time. During March, Leija assigned production costs as follows to the jobs worked on during the month: - Job #359 $6,000 Job #360 $8,100 Job #361 $2,400 Total cost assigned to jobs during March .... During March, Leija completed and sold Job #359. Job #360 was...
Madtack Company uses a job-order costing system and started the month of March with only one...
Madtack Company uses a job-order costing system and started the month of March with only one job in process (Job #359). This job had $5,000 of total cost assigned to it at the beginning of March. Madtack applies overhead to jobs at a rate of 175% of direct labor cost. During March, Madtack assigned production costs as follows to the jobs worked on during the month: Job #359 Job #360 Job #361 direct materials .......... $1,000 $5,000 $3,000 direct labor...
Jackson Company applies overhead to products using direct labor hours as the activity level. During 2019,...
Jackson Company applies overhead to products using direct labor hours as the activity level. During 2019, Jackson Company had the following estimated costs: Direct materials .................... $258,000 Direct labor ........................ 255,000 Advertising ......................... 35,000 Rent on factory building ............ 36,000 Depreciation .................... ... 60,000 Indirect materials .................. 32,000 Sales commissions ................... 50,000 Production supervisor's salary ...... 40,000 Insurance on factory equipment ...... 18,000 CEO's salary ........................ 95,000 The following additional information is available: 1. 30% of the depreciation relates to...
( I need help with questions 8, 9, 10,11, 12) CALIFORNIA COMPANY …. Uses job order...
( I need help with questions 8, 9, 10,11, 12) CALIFORNIA COMPANY …. Uses job order costing. At the start of the year, January 1, the company had work-in-process which consisted of the following jobs and costs: Job 1 Job 2 Job 3 Direct materials $ 1,600 $ 2,000 $ 850 Direct labor 1,900 1,200 900 Applied overhead 1,710 1,080 810 During the first quarter 3 more jobs were started – Job 4, Job...
Finished Goods and Cost of Goods Sold Before the completed production for August is recorded, the...
Finished Goods and Cost of Goods Sold
Before the completed production for August is recorded, the work
in process inventory account for Bayfield Company appears as
follows:
Work in Process
Inventory
Balance August 1
$15,000
Direct material
33,000
Direct labor
20,000
Manufacturing overhead applied
20,000
Assume that completed production for August includes Jobs 317,
318, and 319 with total costs of $31,000, $18,000, and $22,000,
respectively.
QUESTION 10 Partially correct Mark 12.00 out of 19.00P Flag question Finished Goods and...
The Lee Corporation uses a job-order costing system. The following data were recorded for June: June...
The Lee Corporation uses a job-order costing system. The following data were recorded for June: June 1 Added During June Job Number Work in Process Inventory Direct Materials Direct Labor 235 $3,150 $860 $595 236 $2,210 $1,260 $1,435 237 $1,585 $1,720 $2,530 238 $1,125 $2,410 $3,290 Overhead is charged to production at 90% of direct materials cost. Jobs 235, 237, and 238 were completed during June and transferred to finished goods. Jobs 235 and 238 have been delivered to customers....
3. ?? 4.?? 5.?? The following information applies to the questions displayed below. Stellar Sound, Inc....
3. ??
4.??
5.??
The following information applies to the questions displayed below. Stellar Sound, Inc. which uses a job-order costing system, had two jobs in process at the start of 20x1: job no. 64 ($84,100) and job no. 65 ($53,500). The following information is available: a. The company applies manufacturing overhead on the basis of machine hours (based on practical capacity). Budgeted overhead and machine activity for the year were anticipated to be $824,000, and 16,000 hours, respectively. b....
Adams Company is a manufacturing company that has worked on several production jobs during the first quarter of the year. Below is a list of all the jobs for the quarter: Balance $450 Job 356 Job 357 Job 358 1,235 378 689 456 Job 359 Job 360 Jobs 356, 357 358 and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job. What is the ending balance of cost of Goods Sold for...
27. The cost of production of completed and finished goods during the period amounted to $450,000, and the finished products shipped to customers had total production costs of $357.000. From the following select the entry to record the transfer of cost the finished goods to cost of goods sold Finished Coads 450.000 Cost of Goods Sold 450,000 Finished Goods 357.000 Cost of Goods Sold 357,000 e Cost of Goods Sold 357.000 Finished Goods 357,000 d Cost of Good Sold 450.000...
QUESTION 2 Leija Manufacturing Company uses a job-order costing system and started the month of March with one job in process (Job #359). This job had $500 of cost assigned to it at this time. During March, Leija assigned production costs as follows to the jobs worked on during the month: - Job #359 $6,000 Job #360 $8,100 Job #361 $2,400 Total cost assigned to jobs during March .... During March, Leija completed and sold Job #359. Job #360 was...
Finished Goods and Cost of Goods Sold
Before the completed production for August is recorded, the work
in process inventory account for Bayfield Company appears as
follows:
Work in Process
Inventory
Balance August 1
$15,000
Direct material
33,000
Direct labor
20,000
Manufacturing overhead applied
20,000
Assume that completed production for August includes Jobs 317,
318, and 319 with total costs of $31,000, $18,000, and $22,000,
respectively.
QUESTION 10 Partially correct Mark 12.00 out of 19.00P Flag question Finished Goods and...
3. ??
4.??
5.??
The following information applies to the questions displayed below. Stellar Sound, Inc. which uses a job-order costing system, had two jobs in process at the start of 20x1: job no. 64 ($84,100) and job no. 65 ($53,500). The following information is available: a. The company applies manufacturing overhead on the basis of machine hours (based on practical capacity). Budgeted overhead and machine activity for the year were anticipated to be $824,000, and 16,000 hours, respectively. b....
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