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

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Question 51

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Bocchini Corporation has provided the following data concerning last month's operations. How much is the unadjusted cost of goods sold on the Schedule of Cost of Goods Sold?

A) $165,000
B) $163,000
C) $169,000
D) $202,000

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

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Question 52

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Tatar Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year: Results of operations: How much is the ending balance in the Raw Materials inventory account?

A) $37,000
B) $120,000
C) $83,000
D) $517,000

E) A) and B)
F) A) and D)

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Question 53

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Gonzalez, Inc.manufactures stereo speakers in two factories; one in Vandalia, Illinois and another in Modesto, California.The Vandalia factory uses direct labor cost (DL$)for its overhead rate and the Modesto factory uses machine-hours (MHs)for its overhead rate.Information related to both plants for last year is presented below: Required: Fill in the lettered blanks above.SHOW YOUR CALCULATIONS.

The cost of goods manufactured for the year was:

Ellithorpe Corporation has provided the following data concerning last month's operations. Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. Required: Determine the adjusted cost of goods sold for the month.

The journal entry to record the requisition from the storeroom would include a:

The absorption cost approach provides for the absorption of all manufacturing costs, fixed and variable, into units of product.

The adjusted cost of goods sold that appears on the income statement for July is:

Eppich Corporation has provided the following data for the most recent month: Required: Prepare T-accounts for Raw Materials, Work in Process, Finished Goods, Manufacturing Overhead, and Cost of Goods Sold.Record the beginning balances and each of the transactions listed above.Finally, determine the ending balances.

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

Refer to the T-account below: Entry (4) could represent which of the following except?

The overhead for the year was:

The following entry would be used to record depreciation on manufacturing equipment:

Emigh Corporation's cost of goods manufactured for the just completed month was $146,000 and its overhead was overapplied by $5,000.The beginning finished goods inventory was $35,000 and the ending finished goods inventory was $37,000.The company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold.How much was the adjusted cost of goods sold on the Schedule of Cost of Goods Sold?

Farrel Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year: What is the journal entry to record the direct and indirect labor costs incurred during the year?

Beshaw Inc.has provided the following data for the month of January.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 underapplied by $7,000. The Corporation allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts. The cost of goods sold for January after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:

Entry (4)in the T-account below represents raw materials requisitioned for use in production.

Overly Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. Required: What was the cost of completed jobs transferred from Work in Process to Finished Goods during the year? Alternatively,

Shantz Corporation has provided the following data concerning last month's operations. Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. Required: a.Prepare a Schedule of Cost of Goods Manufactured for the month. b.Prepare a Schedule of Cost of Goods Sold for the month.

Assume that a company closes out any manufacturing overhead overapplied or underapplied to cost of goods sold.Then in the Schedule of Cost of Goods Sold, Adjusted cost of goods sold = Unadjusted cost of goods sold + Overapplied overhead - Underapplied overhead.