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Baldwin Inc. has provided the following information 1. Baldwin Inc. has provided the following information for 2008: a. Purchased raw materials on account for $240,000. b. Issued $230,000 in raw materials to production ($32,000 were not traceable to specific jobs). c. Incurred $242,000 in direct labor costs (24,120 hours) and $92,500 in supervision costs (paid in cash). d. Incurred the following additional manufacturing overhead costs ...

Other / Other 28 May 2016

Which of the following accounts is not affected by applied manufacturing overhead 1. Which of the following would be used to transfer the cost of completed goods during the period? A. Credit to Raw Materials Inventory B. Credit to Work in Process Inventory C. Debit to Manufacturing Overhead D. Credit to Manufacturing Overhead 2. If a company uses a predetermined overhead rate, which of the following statements is correct? A. Manuf ...

Other / Other 28 May 2016

Cost of goods manufactured is the amount of cost transferred 1. Manufacturing overhead was estimated to be $200,000 for the year along with 20,000 direct labor hours. Actual manufacturing overhead was $215,000, and actual labor hours were 21,000. To dispose of the balance in the Manufacturing Overhead account, which of the following would be correct? A. Cost of Goods Sold would be credited for $15,000 B. Cost of Goods Sold would be cre ...

Other / Other 28 May 2016

Dallas Inc. uses a job order costing system with manufacturing overhead 1. Dallas Inc. uses a job order costing system with manufacturing overhead applied to products at a rate of 200% of direct labor cost. Treating each case independently, find the missing amounts for a through l: Case#1 Case # 2 Case#3 Direct materials used a. e. $20,000 Direct labor $20,000 f. $30,000 Manufacturing overhead applied b. $45,000 i. Total manufa ...

Other / Other 28 May 2016

When goods are completed, a debit is made to Finished Goods Inventory 1. When goods are completed, a debit is made to Work in Process Inventory and a credit is made to Finished Goods Inventory. True False 2. When goods are completed, a debit is made to Finished Goods Inventory and a credit is made to Work in Process Inventory. True False 3. If there is a debit balance in the Manufacturing Overhead account at the end of the p ...

Other / Other 28 May 2016

Zetterberg Scandinavian Kitchens is a custom cabinet builder 1. Zetterberg Scandinavian Kitchens is a custom cabinet builder. They recently completed a set of kitchen cabinets (Job #3097), as summarized below: Job number: #3097 Date started :11/10/2008 Date completed: 11/27/2008 Description : oak kitchen cabinets Direct materials Req# amount 1385 $300 1391 225 ...

Other / Other 28 May 2016

Mille Lac Corp. applies manufacturing overhead to production 1. Mille Lac Corp. applies manufacturing overhead to production at 125% of direct labor cost. During 2008, manufacturing overhead of $100,000 was applied to production; actual manufacturing overhead was $109,000. Beginning Work in Process Inventory was $15,000 and beginning Finished Goods Inventory was $35,000. Work in Process Inventory increased by 10% during the year and Finis ...

Other / Other 28 May 2016

Bisson Inc uses a job order costing system 1. Bisson Inc uses a job order costing system. Manufacturing overhead is applied on the basis of direct labor cost. Total manufacturing overhead was estimated to be $150,000 for the year; direct labor was estimated to total $300,000. 1/1 12/31 Raw materials inventory $20,000 $26,000 Work in process inventory $44,000 $38,000 Finished goods inventory $68,000 $82,000 The following transacti ...

Other / Other 28 May 2016

When materials are purchased, which of the following accounts is debited 1. Which of the following represents the cost of the jobs sold during the period? A. Raw Materials Inventory B. Work in Process Inventory C. Finished Goods Inventory D. Cost of Goods Sold 2. When manufacturing overhead is applied to production, which of the following accounts is debited? A. Raw Materials Inventory B. Work in Process Inventory C. Finished Go ...

Other / Other 28 May 2016

Manufacturing overhead is applied to each job using which formula 1. All the costs assigned to an individual job are summarized on a A. cost driver sheet. B. job cost sheet. C. materials requisition form. D. labor time ticket. 2. A predetermined overhead rate is calculated using which formula? A. Actual manufacturing overhead cost/estimated units in the allocation base B. Estimated units in the allocation base/estimated manufactu ...

Other / Other 28 May 2016