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Exam 25: Manufacturing Accounting

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Question 21

Multiple Choice

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What inventories are included in determining total manufacturing costs?

A) Beginning and ending finished goods
B) Beginning and ending raw materials
C) Beginning and ending work-in-process
D) None of the above answers is correct.

E) A) and D)
F) A) and C)

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Question 22

Multiple Choice

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Direct labor for the month is $52,000, and overhead is applied based on direct labor cost. Annual overhead is estimated to be $530,000, and annual direct labor is estimated to be $810,000. What is the entry to apply overhead to production? (Round intermediary calculations to two decimal places and your final calculations to the nearest whole dollar.)

A) Debit Work-in-Process Inventory $33,800; credit Payroll Payable $33,800
B) Debit Manufacturing Overhead-Applied $33,800; credit Work-in-Process Inventory $33,800
C) Debit Work-in-Process Inventory $33,800 credit Manufacturing Overhead-Applied $33,800
D) Debit Work-in-Process Inventory $52,000; credit Manufacturing Overhead-Applied $52,000

E) A) and C)
F) B) and C)

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Question 23

Multiple Choice

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The Raw Materials Inventory, Work-in-Process Inventory, and Finished Goods Inventory accounts appear on the manufacturing worksheet in the:

The Manufacturing Overhead-Control account is used for the:

The journal entry to record the direct labor summarized on the labor distribution report would include a:

The first step in determining total manufacturing costs is to calculate:

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement(s) on which the account balance is reported, and in Column 4 the account's nature (permanent/temporary). -

The following data are available for Jefferson Company. Required: a. Compute the predetermined rate based on direct labor hours. b. Prepare the journal entry to record the applied overhead for the month of May.

All expenses are listed on the income statement of a manufacturer.

Ending finished goods inventory is subtracted from cost of goods available for sale to get:

The work-in-process beginning inventory was understated. This error will cause:

The steps of the accounting cycle for a manufacturing company are different from those used for a merchandise company.

The journal entry to record issuing raw materials from the storeroom would include a:

From the following, calculate the cost of raw materials used and total manufacturing costs:

Calculate the cost of goods sold when beginning finished goods inventory equals $87,000, ending finished goods inventory $75,000, and cost of goods manufactured $640,000.

One way to determine an overhead application rate is to divide estimated annual overhead costs by estimated annual direct labor hours.

The estimated manufacturing overhead cost was $26,000 and estimated machine hours were 14,000. Actual manufacturing overhead cost was $30,000 and actual machine hours were 12,000. The overhead application rate per hour based on machine hours is: (Round your answer to the nearest cent.)

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement(s) on which the account balance is reported, and in Column 4 the account's nature (permanent/temporary). -

The overhead application rate may be based on:

From the following, calculate the cost of raw materials used, total manufacturing costs and cost of goods manufactured: