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

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Question 151

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Firebaugh 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 raw materials used in production?

A)
B)
C)
D)

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

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Question 152

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

A) $33,000
B) $39,000
C) $47,000
D) $23,000

E) B) and D)
F) None of the above

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Question 153

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On January 1, Schaf Corporation had $23,000 of raw materials on hand. During the month, the company purchased an additional $54,000 of raw materials. During January, $50,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $6,000.The journal entry to record the purchase of raw materials would include a:

The journal entry for cost of goods manufactured includes the costs of units that are partially completed.

Acheson Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its most recent year of operations. The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year.The applied manufacturing overhead for the year is closest to: (Round your intermediate calculations to 2 decimal places.)

Gilkison Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on October 1 appears below: Summaries of the transactions completed during October appear below: Required:a. Completely fill in the spreadsheet below. b. Prepare a Schedule of Cost of Goods Sold for the company for October.c. Prepare an Income Statement for the company for October.

Centore Incorporated has provided the following data for the month of June. 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 $3,000.The company 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 overhead applied during the month in those accounts.The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for June would include the following:

During June, Buttrey Corporation incurred $67,000 of direct labor costs and $7,000 of indirect labor costs. The journal entry to record the accrual of these wages would include a:

Luebke Incorporated has provided the following data for the month of November. The balance in the Finished Goods inventory account at the beginning of the month was $70,000 and at the end of the month was $31,800. The cost of goods manufactured for the month was $221,000. The actual manufacturing overhead cost incurred was $60,400 and the manufacturing overhead cost applied to Work in Process was $65,200. The company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold. The adjusted cost of goods sold that would appear on the income statement for November is:

Leak Enterprises LLC recorded the following transactions for the just completed month. The company had no beginning inventories.(1) Raw materials purchased for cash, $96,000(2) Direct materials requisitioned for use in production, $69,000(3) Indirect materials requisitioned for use in production, $22,000(4) Direct labor wages incurred and paid, $129,000(5) Indirect labor wages incurred and paid, $16,000(6) Additional manufacturing overhead costs incurred and paid, $121,000(7) Manufacturing overhead costs applied to jobs, $163,000(8) All of the jobs in process were completed.(9) All of the completed jobs were shipped to customers.(10) Any underapplied or overapplied overhead for the period was closed out to Cost of Goods Sold.Use the following T-accounts to answer the following question. The manufacturing overhead is:

Tomlison Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: The journal entry to record the unadjusted Cost of Goods Sold is:

Entry (16) in the below T-account represents the cost of goods manufactured transferred to Finished Goods from Work in Process.

During March, Pendergraph Corporation incurred $60,000 of actual Manufacturing Overhead costs. During the same period, the Manufacturing Overhead applied to Work in Process was $62,000.The journal entry to record the incurrence of the actual Manufacturing Overhead costs would include a:

Doogan Corporation uses a job-order costing system and has provided the following partially completed summary T-accounts for the just completed period: Required: Was manufacturing overhead underapplied or overapplied? By how much?

During March, Pendergraph Corporation incurred $61,000 of actual Manufacturing Overhead costs. During the same period, the Manufacturing Overhead applied to Work in Process was $63,000.The journal entry to record the application of Manufacturing Overhead to Work in Process would include a:

Acheson Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its most recent year of operations. The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year.The predetermined overhead rate is closest to:

The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: The manufacturing overhead applied was:

The following accounts are from last year's books at Sharp Manufacturing: Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the amount of cost of goods manufactured for the year?

Prahm Incorporated has provided the following data for August: Transactions: Required:Complete the following T-accounts by recording the beginning balances and each of the transactions listed above.

Feuerborn Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on January 1 appears below: Summaries of the transactions completed during January appear below: Required:a. Completely fill in the spreadsheet below. b. Prepare a Balance Sheet for the company for January 31.c. Prepare a Schedule of Cost of Goods Manufactured for the company for January.d. Prepare a Schedule of Cost of Goods Sold for the company for January.e. Prepare an Income Statement for the company for January.