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What was the beginning Finished Goods Inventory balance on 1/1 1. Alcatraz Corp has the following information: Beginning inventory (1/1) Ending inventory (12/31) Raw material inventory $ 20,000 $30,000 Work in process inventory $15,000 $18,000 Finished goods inventory $30,000 $20,000 Additional information for the year is as follows: Raw materials purchases $100,000 Direct labor $75,000 Manufacturing overhead applied ...

Other / Other 28 May 2016

Misa Inc. has provided the following information 1. Misa Inc. has provided the following information for 2008: a. Purchased raw materials on account for $120,000. b. Issued $115,000 in raw materials to production ($22,000 were not traceable to specific jobs). c. Incurred $115,000 in direct labor costs (14,375 hours) and $62,500 in supervision costs (paid in cash). d. Incurred the following additional manufacturing overhead costs: fact ...

Other / Other 28 May 2016

Which of the following would be used to record the factory supervisor's salary 1. Which of the following would be used to record the depreciation of manufacturing equipment? A. Raw Materials Inventory would be debited B. Work in Process Inventory would be debited C. Manufacturing Overhead would be debited D. Manufacturing Overhead would be credited 2. Which of the following would be used to record the lease expense for a factory bui ...

Other / Other 28 May 2016

Jorgensen applies overhead to jobs 1. Jorgensen Cabinets is a custom cabinet builder. They recently completed a set of kitchen cabinets (Job #12478), as summarized below: Job number: #12478 Date started :8/05/2008 Date completed: 8/25/2008 Description : butternut kitchen cabinets Direct materials Req# amount 385 $400 391 324 395 196 40 ...

Other / Other 28 May 2016

Calculate the predetermined overhead rate 1. Perrault 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 $75,000 for the year; direct labor was estimated to total $150,000. 1/1 12/31 Raw materials inventory $10,000 $13,000 Work in process inventory $22,000 $19,000 Finished goods inventory $34,000 $41,000 The following transacti ...

Other / Other 28 May 2016

Brisebois Inc. uses a job order costing system with manufacturing overhead 1. Brisebois Inc. uses a job order costing system with manufacturing overhead applied to products at a rate of 80% 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 $20,000 e. $20,000 Direct labor $25,000 $20,000 i. Manufacturing overhead applied a. f. j. Total m ...

Other / Other 28 May 2016

When disposed of, overapplied manufacturing overhead will 1. When disposed of, overapplied manufacturing overhead will A. increase Cost of Goods Sold. B. increase Finished Goods. C. decrease Cost of Goods Sold. D. decrease Finished Goods. 2. When disposed of, underapplied manufacturing overhead will A. increase Cost of Goods Sold. B. increase Finished Goods. C. decrease Cost of Goods Sold. D. decrease Finished Goods. 3. Under ...

Other / Other 28 May 2016

Which of the following represents the cost of jobs completed but not yet sold 1. Ajax Company had the following information for the year: Direct materials used $190,000 Direct labor incurred (7,000 hours) $245,000 Actual manufacturing overhead incurred $273,000 Ajax Company used a predetermined overhead rate using estimated overhead of $320,000 and 8,000 estimated direct labor hours. Assume the only inventory balance is an end ...

Other / Other 28 May 2016

Direct materials cannot be directly or conveniently traced to a specific job 1. A job cost sheet will record the direct materials and direct labor used by the job but not the manufacturing overhead applied. True False 2. A predetermined overhead rate is calculated by dividing estimated total manufacturing overhead cost by estimated units in the allocation base. True False 3. Direct materials cannot be directly or conveniently t ...

Other / Other 28 May 2016

Amelia Company used a predetermined overhead rate 1. Amelia Company had the following information for the year: Direct materials used $295,000 Direct labor incurred (9,000 hours) $245,000 Actual manufacturing overhead incurred $343,000 Amelia Company used a predetermined overhead rate using estimated overhead of $320,000 and 8,000 estimated direct labor hours. Assume the only inventory balance is an ending Finished Goods Inven ...

Other / Other 28 May 2016