Recent Question

The total amount of cost assigned to jobs that were completed during the year 1. If there is a credit balance in the Manufacturing Overhead account at the end of the period, overhead was underapplied. True False 2. To eliminate underapplied overhead at the end of the year, Manufacturing Overhead would be debited and Cost of Goods Sold would be credited. True False 3. To eliminate underapplied overhead at the end of the year, M ...

Other / Other 28 May 2016

Grand Traverse Inc. has provided the following information 1. Grand Traverse Inc. has provided the following information for 2008: a. Purchased raw materials on account for $200,000. b. Issued $185,000 in raw materials to production ($12,000 were not traceable to specific jobs). c. Incurred $155,000 in direct labor costs (14,750 hours), $52,500 in supervision costs (paid in cash). d. Incurred the following additional manufacturing ove ...

Other / Other 28 May 2016

Which of the following would be used to record the usage of indirect manufacturing resources 1. If materials being placed into production are not traced to a specific job, 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. In recording the purchase of materials that are not traced to any specific job, ...

Other / Other 28 May 2016

The cost of materials used on a specific job is first captured on which source document 1. Which of the following types of firms would most likely use process costing? A. Superior Auto Body & Repair B. Crammond Custom Cabinets C. Sunshine Soft Drinks D. Jackson & Taylor Tax Service 2. Which of the following types of firms would most likely use job order costing? A. Happy-Oh Cereal Company B. Huey, Lewey & Dewie, Attorneys C. Soo ...

Other / Other 28 May 2016

Jacobs Inc. uses a job order costing system with manufacturing overhead 1. Jacobs Inc. uses a job order costing system with manufacturing overhead applied to products at a rate of 100% 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. $10,000 Direct labor $20,000 f. i. Manufacturing overhead applied a. $30,000 j. Total manufa ...

Other / Other 28 May 2016

Lafleur Inc uses a job order costing system 1. Lafleur 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 $120,000 for the year; direct labor was estimated to total $150,000. 1/1 12/31 Raw materials inventory $13,000 $10,000 Work in process inventory $29,000 $22,000 Finished goods inventory $41,000 $32,000 The following transac ...

Other / Other 28 May 2016

Overhead costs are underapplied if the amount applied to Work in Process is 1. Overhead costs are underapplied if the amount applied to Work in Process is A. greater than estimated overhead. B. less than estimated overhead. C. greater than actual overhead incurred. D. less than actual overhead incurred. 2. Manufacturing overhead was estimated to be $400,000 for the year along with 20,000 direct labor hours. Actual manufacturing over ...

Other / Other 28 May 2016

Acme Company used a predetermined overhead rate 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, actual labor hours were 21,000. The predetermined overhead rate would be A. $10.00 B. $1.05 C. $10.75 D. $10.24 2. Manufacturing overhead was estimated to be $200,000 for the year along with 20,000 direct labor hours. Actual manufacturing ...

Other / Other 28 May 2016

What account should be adjusted for over- or underapplied overhead 1. Baxter Corp uses a normal job order costing system with manufacturing overhead applied to products on the basis of direct labor hours. For the upcoming year, Baxter Corp estimated total manufacturing overhead cost at $480,000 and total direct labor hours of 40,000. During the year actual manufacturing overhead incurred was $462,500 and 41,000 direct labor hours were used ...

Other / Other 28 May 2016

LaPaz applies overhead to jobs at a rate of $18 per direct labor hour 1. LaPaz Cabinets is a custom cabinet builder. They recently completed a set of kitchen cabinets (Job #1887), as summarized below: Job number: #1887 Date started :4/07/2008 Date completed: 4/29/2008 Description : pecan kitchen cabinets Direct materials Req# amount 385 $400 391 325 395 ...

Other / Other 28 May 2016