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Exam 3: Job-Order Costing: Cost Flows and External Reporting

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Question 101

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How much is the cost of goods available for sale on the Schedule of Cost of Goods Sold?

A) $203,000
B) $170,000
C) $167,000
D) $163,000

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Question 102

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Gullett Corporation had $26,000 of raw materials on hand on November 1.During the month, the Corporation purchased an additional $75,000 of raw materials.The journal entry to record the purchase of raw materials would include a:

A) debit to Raw Materials of $101,000
B) credit to Raw Materials of $75,000
C) debit to Raw Materials of $75,000
D) credit to Raw Materials of $101,000

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Question 103

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Entry (4)in the below T-account could represent the cost of property taxes and insurance incurred on the factory.

The finished goods inventory at the end of January after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:

The manufacturing overhead was:

The actual manufacturing overhead incurred at Gutekunst Corporation during March was $53,000, while the manufacturing overhead applied to Work in Process was $73,000.The Corporation's Cost of Goods Sold was $451,000 prior to closing out its Manufacturing Overhead account.The Corporation closes out its Manufacturing Overhead account to Cost of Goods Sold.Which of the following statements is true?

The credits to the Work in Process account as a consequence of the raw materials transactions in November total:

Firlit Corporation incurred $69,000 of actual Manufacturing Overhead costs during October.During the same period, the Manufacturing Overhead applied to Work in Process was $70,000.The journal entry to record the incurrence of the actual Manufacturing Overhead costs would include a:

How much is the total manufacturing cost for the month on the Schedule of Cost of Goods Manufactured?

Durphey Corporation has provided the following data concerning last month's operations. How much is the total manufacturing cost for the month on the Schedule of Cost of Goods Manufactured?

At the beginning of the year, manufacturing overhead for the year was estimated to be $670,700.At the end of the year, actual direct labor-hours for the year were 36,200 hours, the actual manufacturing overhead for the year was $665,700, and manufacturing overhead for the year was overapplied by $22,100.If the predetermined overhead rate is based on direct labor-hours, then the estimated direct labor-hours at the beginning of the year used in the predetermined overhead rate must have been:

The cost of goods available for sale is:

The following cost data relate to the manufacturing activities of the Kanaba Corporation last year: The company uses a predetermined overhead rate to apply manufacturing overhead cost to production.The rate last year was $5.00 per machine-hour; a total of 5,000 machine-hours were recorded for the year. Required: a.Compute the amount of underapplied or overapplied overhead cost for the year. b.Prepare a schedule of Cost of Goods Manufactured for the year.

The journal entry to record the unadjusted Cost of Goods Sold is:

Solt Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. The Cost of Goods Manufactured for the year was $415,000.The unadjusted Cost of Goods Sold for the year was:

Entry (4)in the below T-account could represent the cost of overhead applied to Work in Process.

Baab Corporation is a manufacturing firm that uses job-order costing.The company's inventory balances were as follows at the beginning and end of the year: The company applies overhead to jobs using a predetermined overhead rate based on machine-hours.At the beginning of the year, the company estimated that it would work 33,000 machine-hours and incur $231,000 in manufacturing overhead cost.The following transactions were recorded for the year: • Raw materials were purchased, $315,000. • Raw materials were requisitioned for use in production, $307,000 ($281,000 direct and $26,000 indirect). • The following employee costs were incurred: direct labor, $377,000; indirect labor, $96,000; and administrative salaries, $172,000. • Selling costs, $147,000. • Factory utility costs, $10,000. • Depreciation for the year was $127,000 of which $120,000 is related to factory operations and $7,000 is related to selling, general, and administrative activities. • Manufacturing overhead was applied to jobs.The actual level of activity for the year was 34,000 machine-hours. • Sales for the year totaled $1,253,000. Required: a.Prepare a schedule of cost of goods manufactured. b.Was the overhead underapplied or overapplied? By how much? c.Prepare an income statement for the year.The company closes any underapplied or overapplied overhead to Cost of Goods Sold.

Rieb Inc.has provided the following data for the month of September.There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Manufacturing overhead for the month was overapplied by $7,000. The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts. Required: Provide the journal entry that would record the allocation of underapplied or overapplied among work in process, finished goods, and cost of goods sold.

The amount of direct material purchased during the year was:

The cost of goods manufactured for May is: