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Robins Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: Robins Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $360,000 and budgeted activity of 20,000 hours. During the year, the company completed the following transactions: a. Purchased 134,700 pounds of raw material at a price of $9.10 per pound. b. Used 122,080 pounds of the raw material to produce 32,100 units of work in process. c. Assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 26,680 hours at an average cost of $17.20 per hour. d. Applied fixed overhead to the 32,100 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed. Actual fixed overhead costs for the year were $378,400. Of this total, $297,400 related to items such as insurance, utilities, and indirect labor salaries that were all paid in cash and $81,000 related to depreciation of manufacturing equipment. e. Completed and transferred 32,100 units from work in process to finished goods. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When recording the raw materials used in production in transaction (b) above,the Raw Materials inventory account will increase (decrease) by: A) ($1,110,928) B) $1,159,760 C) $1,110,928 D) ($1,159,760) The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $360,000 and budgeted activity of 20,000 hours. During the year, the company completed the following transactions: a. Purchased 134,700 pounds of raw material at a price of $9.10 per pound. b. Used 122,080 pounds of the raw material to produce 32,100 units of work in process. c. Assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 26,680 hours at an average cost of $17.20 per hour. d. Applied fixed overhead to the 32,100 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed. Actual fixed overhead costs for the year were $378,400. Of this total, $297,400 related to items such as insurance, utilities, and indirect labor salaries that were all paid in cash and $81,000 related to depreciation of manufacturing equipment. e. Completed and transferred 32,100 units from work in process to finished goods. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. Robins Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $360,000 and budgeted activity of 20,000 hours. During the year, the company completed the following transactions: a. Purchased 134,700 pounds of raw material at a price of $9.10 per pound. b. Used 122,080 pounds of the raw material to produce 32,100 units of work in process. c. Assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 26,680 hours at an average cost of $17.20 per hour. d. Applied fixed overhead to the 32,100 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed. Actual fixed overhead costs for the year were $378,400. Of this total, $297,400 related to items such as insurance, utilities, and indirect labor salaries that were all paid in cash and $81,000 related to depreciation of manufacturing equipment. e. Completed and transferred 32,100 units from work in process to finished goods. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When recording the raw materials used in production in transaction (b) above,the Raw Materials inventory account will increase (decrease) by: A) ($1,110,928) B) $1,159,760 C) $1,110,928 D) ($1,159,760) Robins Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $360,000 and budgeted activity of 20,000 hours. During the year, the company completed the following transactions: a. Purchased 134,700 pounds of raw material at a price of $9.10 per pound. b. Used 122,080 pounds of the raw material to produce 32,100 units of work in process. c. Assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 26,680 hours at an average cost of $17.20 per hour. d. Applied fixed overhead to the 32,100 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed. Actual fixed overhead costs for the year were $378,400. Of this total, $297,400 related to items such as insurance, utilities, and indirect labor salaries that were all paid in cash and $81,000 related to depreciation of manufacturing equipment. e. Completed and transferred 32,100 units from work in process to finished goods. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When recording the raw materials used in production in transaction (b) above,the Raw Materials inventory account will increase (decrease) by: A) ($1,110,928) B) $1,159,760 C) $1,110,928 D) ($1,159,760) -When recording the raw materials used in production in transaction (b) above,the Raw Materials inventory account will increase (decrease) by:


A) ($1,110,928)
B) $1,159,760
C) $1,110,928
D) ($1,159,760)

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

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Bohon Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product contains the following information concerning direct materials: Bohon Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product contains the following information concerning direct materials: During the year, the company completed the following transactions concerning direct materials: a. Purchased 19,700 pounds of raw material at a price of $4.70 per pound. b. Used 18,500 pounds of the raw material to produce 18,400 units of work in process. The company calculated the following direct materials variances for the year: Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When recording the raw materials purchases in transaction (a) above,the Cash account will increase (decrease) by: A) ($92,590) B) ($108,350) C) $108,350 D) $92,590 During the year, the company completed the following transactions concerning direct materials: a. Purchased 19,700 pounds of raw material at a price of $4.70 per pound. b. Used 18,500 pounds of the raw material to produce 18,400 units of work in process. The company calculated the following direct materials variances for the year: Bohon Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product contains the following information concerning direct materials: During the year, the company completed the following transactions concerning direct materials: a. Purchased 19,700 pounds of raw material at a price of $4.70 per pound. b. Used 18,500 pounds of the raw material to produce 18,400 units of work in process. The company calculated the following direct materials variances for the year: Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When recording the raw materials purchases in transaction (a) above,the Cash account will increase (decrease) by: A) ($92,590) B) ($108,350) C) $108,350 D) $92,590 Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. Bohon Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product contains the following information concerning direct materials: During the year, the company completed the following transactions concerning direct materials: a. Purchased 19,700 pounds of raw material at a price of $4.70 per pound. b. Used 18,500 pounds of the raw material to produce 18,400 units of work in process. The company calculated the following direct materials variances for the year: Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When recording the raw materials purchases in transaction (a) above,the Cash account will increase (decrease) by: A) ($92,590) B) ($108,350) C) $108,350 D) $92,590 Bohon Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product contains the following information concerning direct materials: During the year, the company completed the following transactions concerning direct materials: a. Purchased 19,700 pounds of raw material at a price of $4.70 per pound. b. Used 18,500 pounds of the raw material to produce 18,400 units of work in process. The company calculated the following direct materials variances for the year: Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When recording the raw materials purchases in transaction (a) above,the Cash account will increase (decrease) by: A) ($92,590) B) ($108,350) C) $108,350 D) $92,590 -When recording the raw materials purchases in transaction (a) above,the Cash account will increase (decrease) by:


A) ($92,590)
B) ($108,350)
C) $108,350
D) $92,590

E) B) and D)
F) All of the above

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Alberts Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. The standard cost card for the company's only product is as follows: Alberts Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. The standard cost card for the company's only product is as follows: The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $240,000 and budgeted activity of 20,000 hours. During the year, the company applied fixed overhead to the 15,200 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed. Actual fixed overhead costs for the year were $223,700. Of this total, $147,700 related to items such as insurance, utilities, and indirect labor salaries that were all paid in cash and $76,000 related to depreciation of manufacturing equipment. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the fixed manufacturing overhead cost is recorded,which of the following entries will be made? A) ($16,300) in the FOH Volume Variance column B) $16,300 in the FOH Volume Variance column C) ($16,300) in the FOH Budget Variance column D) $16,300 in the FOH Budget Variance column The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $240,000 and budgeted activity of 20,000 hours. During the year, the company applied fixed overhead to the 15,200 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed. Actual fixed overhead costs for the year were $223,700. Of this total, $147,700 related to items such as insurance, utilities, and indirect labor salaries that were all paid in cash and $76,000 related to depreciation of manufacturing equipment. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. Alberts Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. The standard cost card for the company's only product is as follows: The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $240,000 and budgeted activity of 20,000 hours. During the year, the company applied fixed overhead to the 15,200 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed. Actual fixed overhead costs for the year were $223,700. Of this total, $147,700 related to items such as insurance, utilities, and indirect labor salaries that were all paid in cash and $76,000 related to depreciation of manufacturing equipment. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the fixed manufacturing overhead cost is recorded,which of the following entries will be made? A) ($16,300) in the FOH Volume Variance column B) $16,300 in the FOH Volume Variance column C) ($16,300) in the FOH Budget Variance column D) $16,300 in the FOH Budget Variance column Alberts Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. The standard cost card for the company's only product is as follows: The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $240,000 and budgeted activity of 20,000 hours. During the year, the company applied fixed overhead to the 15,200 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed. Actual fixed overhead costs for the year were $223,700. Of this total, $147,700 related to items such as insurance, utilities, and indirect labor salaries that were all paid in cash and $76,000 related to depreciation of manufacturing equipment. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the fixed manufacturing overhead cost is recorded,which of the following entries will be made? A) ($16,300) in the FOH Volume Variance column B) $16,300 in the FOH Volume Variance column C) ($16,300) in the FOH Budget Variance column D) $16,300 in the FOH Budget Variance column -When the fixed manufacturing overhead cost is recorded,which of the following entries will be made?


A) ($16,300) in the FOH Volume Variance column
B) $16,300 in the FOH Volume Variance column
C) ($16,300) in the FOH Budget Variance column
D) $16,300 in the FOH Budget Variance column

E) None of the above
F) A) and C)

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Lisser Corporation uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold.The standards for direct materials for the company's only product specify 2.7 liters per unit at $7.50 per liter or $20.25 per unit.During the year,the company purchased 67,300 liters of raw material at a price of $8.00 per liter and used 61,660 liters of the raw material to produce 22,800 units of work in process. Assume that all transactions are recorded on a worksheet as shown in the text.On the left-hand side of the equals sign in the worksheet are columns for Cash,Raw Materials,Work in Process,Finished Goods,and PP&E (net) .All of the variance columns are on the right-hand-side of the equals sign along with the column for Retained Earnings. When recording the raw materials used in production,the Raw Materials inventory account will increase (decrease) by:


A) ($493,280)
B) $493,280
C) $462,450
D) ($462,450)

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

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Obenshain Corporation manufactures one product.The company uses a standard cost system in which inventories are recorded at their standard costs.The standard cost card for the company's only product is as follows: Obenshain Corporation manufactures one product.The company uses a standard cost system in which inventories are recorded at their standard costs.The standard cost card for the company's only product is as follows: During the year,direct labor workers (who were paid in cash)worked 12,880 hours at an average cost of $20.00 per hour on 17,600 units.These units were started and completed during the year. Required: Completely record the direct labor costs,along with any direct labor variances,in the below worksheet.Because of the width of the worksheet,it is in two parts.In your text,these two parts would be joined side-by-side to make one very wide worksheet.The beginning balances have been provided for each of the accounts,including the Property,Plant,and Equipment (net)account which is abbreviated as PP&E (net). During the year,direct labor workers (who were paid in cash)worked 12,880 hours at an average cost of $20.00 per hour on 17,600 units.These units were started and completed during the year. Required: Completely record the direct labor costs,along with any direct labor variances,in the below worksheet.Because of the width of the worksheet,it is in two parts.In your text,these two parts would be joined side-by-side to make one very wide worksheet.The beginning balances have been provided for each of the accounts,including the Property,Plant,and Equipment (net)account which is abbreviated as PP&E (net). Obenshain Corporation manufactures one product.The company uses a standard cost system in which inventories are recorded at their standard costs.The standard cost card for the company's only product is as follows: During the year,direct labor workers (who were paid in cash)worked 12,880 hours at an average cost of $20.00 per hour on 17,600 units.These units were started and completed during the year. Required: Completely record the direct labor costs,along with any direct labor variances,in the below worksheet.Because of the width of the worksheet,it is in two parts.In your text,these two parts would be joined side-by-side to make one very wide worksheet.The beginning balances have been provided for each of the accounts,including the Property,Plant,and Equipment (net)account which is abbreviated as PP&E (net). Obenshain Corporation manufactures one product.The company uses a standard cost system in which inventories are recorded at their standard costs.The standard cost card for the company's only product is as follows: During the year,direct labor workers (who were paid in cash)worked 12,880 hours at an average cost of $20.00 per hour on 17,600 units.These units were started and completed during the year. Required: Completely record the direct labor costs,along with any direct labor variances,in the below worksheet.Because of the width of the worksheet,it is in two parts.In your text,these two parts would be joined side-by-side to make one very wide worksheet.The beginning balances have been provided for each of the accounts,including the Property,Plant,and Equipment (net)account which is abbreviated as PP&E (net).

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Labor rate variance = AH × (AR - SR)
= 1...

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Mangrum Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. Information concerning the direct labor standards for the company's only product is as follows: Mangrum Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. Information concerning the direct labor standards for the company's only product is as follows: During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 12,790 hours at an average cost of $19.50 per hour. The company calculated the following direct labor variances for the year: Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the direct labor cost is recorded,which of the following entries will be made? A) ($6,450) in the Labor Efficiency Variance column B) $6,450 in the Labor Efficiency Variance column C) ($6,450) in the Labor Rate Variance column D) $6,450 in the Labor Rate Variance column During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 12,790 hours at an average cost of $19.50 per hour. The company calculated the following direct labor variances for the year: Mangrum Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. Information concerning the direct labor standards for the company's only product is as follows: During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 12,790 hours at an average cost of $19.50 per hour. The company calculated the following direct labor variances for the year: Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the direct labor cost is recorded,which of the following entries will be made? A) ($6,450) in the Labor Efficiency Variance column B) $6,450 in the Labor Efficiency Variance column C) ($6,450) in the Labor Rate Variance column D) $6,450 in the Labor Rate Variance column Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. Mangrum Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. Information concerning the direct labor standards for the company's only product is as follows: During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 12,790 hours at an average cost of $19.50 per hour. The company calculated the following direct labor variances for the year: Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the direct labor cost is recorded,which of the following entries will be made? A) ($6,450) in the Labor Efficiency Variance column B) $6,450 in the Labor Efficiency Variance column C) ($6,450) in the Labor Rate Variance column D) $6,450 in the Labor Rate Variance column Mangrum Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. Information concerning the direct labor standards for the company's only product is as follows: During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 12,790 hours at an average cost of $19.50 per hour. The company calculated the following direct labor variances for the year: Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the direct labor cost is recorded,which of the following entries will be made? A) ($6,450) in the Labor Efficiency Variance column B) $6,450 in the Labor Efficiency Variance column C) ($6,450) in the Labor Rate Variance column D) $6,450 in the Labor Rate Variance column -When the direct labor cost is recorded,which of the following entries will be made?


A) ($6,450) in the Labor Efficiency Variance column
B) $6,450 in the Labor Efficiency Variance column
C) ($6,450) in the Labor Rate Variance column
D) $6,450 in the Labor Rate Variance column

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

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Neuhaus Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: Neuhaus Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: During the year, the company completed the following transactions: a. Purchased 52,900 gallons of raw material at a price of $7.60 per gallon. b. Used 46,820 gallons of the raw material to produce 27,600 units of work in process. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the purchase of raw materials is recorded in transaction (a) above,which of the following entries will be made? A) $5,290 in the Materials Price Variance column B) ($5,290) in the Materials Price Variance column C) $5,290 in the Materials Quantity Variance column D) ($5,290) in the Materials Quantity Variance column During the year, the company completed the following transactions: a. Purchased 52,900 gallons of raw material at a price of $7.60 per gallon. b. Used 46,820 gallons of the raw material to produce 27,600 units of work in process. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. Neuhaus Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: During the year, the company completed the following transactions: a. Purchased 52,900 gallons of raw material at a price of $7.60 per gallon. b. Used 46,820 gallons of the raw material to produce 27,600 units of work in process. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the purchase of raw materials is recorded in transaction (a) above,which of the following entries will be made? A) $5,290 in the Materials Price Variance column B) ($5,290) in the Materials Price Variance column C) $5,290 in the Materials Quantity Variance column D) ($5,290) in the Materials Quantity Variance column Neuhaus Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: During the year, the company completed the following transactions: a. Purchased 52,900 gallons of raw material at a price of $7.60 per gallon. b. Used 46,820 gallons of the raw material to produce 27,600 units of work in process. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the purchase of raw materials is recorded in transaction (a) above,which of the following entries will be made? A) $5,290 in the Materials Price Variance column B) ($5,290) in the Materials Price Variance column C) $5,290 in the Materials Quantity Variance column D) ($5,290) in the Materials Quantity Variance column -When the purchase of raw materials is recorded in transaction (a) above,which of the following entries will be made?


A) $5,290 in the Materials Price Variance column
B) ($5,290) in the Materials Price Variance column
C) $5,290 in the Materials Quantity Variance column
D) ($5,290) in the Materials Quantity Variance column

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

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Catherman Corporation manufactures one product. It does not maintain any beginning or ending inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. During the year, the company produced and sold 32,400 units at a price of $42.30 per unit. Its standard cost per unit produced is $36.90 and its selling and administrative expenses totaled $102,000. The company does not have any variable manufacturing overhead costs and it recorded the following variances during the year: Catherman Corporation manufactures one product. It does not maintain any beginning or ending inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. During the year, the company produced and sold 32,400 units at a price of $42.30 per unit. Its standard cost per unit produced is $36.90 and its selling and administrative expenses totaled $102,000. The company does not have any variable manufacturing overhead costs and it recorded the following variances during the year: -The adjusted Cost of Goods Sold after closing all of the variances to Cost of Goods Sold will be closest to: A) $1,128,750 B) $1,262,370 C) $1,195,560 D) $1,303,710 -The adjusted Cost of Goods Sold after closing all of the variances to Cost of Goods Sold will be closest to:


A) $1,128,750
B) $1,262,370
C) $1,195,560
D) $1,303,710

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

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Robins Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: Robins Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $360,000 and budgeted activity of 20,000 hours. During the year, the company completed the following transactions: a. Purchased 134,700 pounds of raw material at a price of $9.10 per pound. b. Used 122,080 pounds of the raw material to produce 32,100 units of work in process. c. Assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 26,680 hours at an average cost of $17.20 per hour. d. Applied fixed overhead to the 32,100 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed. Actual fixed overhead costs for the year were $378,400. Of this total, $297,400 related to items such as insurance, utilities, and indirect labor salaries that were all paid in cash and $81,000 related to depreciation of manufacturing equipment. e. Completed and transferred 32,100 units from work in process to finished goods. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the work in process is completed and transferred to finished goods in transaction (e) above,the Finished Goods inventory account will increase (decrease) by: A) $2,096,130 B) ($2,096,130) C) $2,098,894 D) ($2,098,894) The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $360,000 and budgeted activity of 20,000 hours. During the year, the company completed the following transactions: a. Purchased 134,700 pounds of raw material at a price of $9.10 per pound. b. Used 122,080 pounds of the raw material to produce 32,100 units of work in process. c. Assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 26,680 hours at an average cost of $17.20 per hour. d. Applied fixed overhead to the 32,100 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed. Actual fixed overhead costs for the year were $378,400. Of this total, $297,400 related to items such as insurance, utilities, and indirect labor salaries that were all paid in cash and $81,000 related to depreciation of manufacturing equipment. e. Completed and transferred 32,100 units from work in process to finished goods. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. Robins Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $360,000 and budgeted activity of 20,000 hours. During the year, the company completed the following transactions: a. Purchased 134,700 pounds of raw material at a price of $9.10 per pound. b. Used 122,080 pounds of the raw material to produce 32,100 units of work in process. c. Assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 26,680 hours at an average cost of $17.20 per hour. d. Applied fixed overhead to the 32,100 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed. Actual fixed overhead costs for the year were $378,400. Of this total, $297,400 related to items such as insurance, utilities, and indirect labor salaries that were all paid in cash and $81,000 related to depreciation of manufacturing equipment. e. Completed and transferred 32,100 units from work in process to finished goods. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the work in process is completed and transferred to finished goods in transaction (e) above,the Finished Goods inventory account will increase (decrease) by: A) $2,096,130 B) ($2,096,130) C) $2,098,894 D) ($2,098,894) Robins Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $360,000 and budgeted activity of 20,000 hours. During the year, the company completed the following transactions: a. Purchased 134,700 pounds of raw material at a price of $9.10 per pound. b. Used 122,080 pounds of the raw material to produce 32,100 units of work in process. c. Assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 26,680 hours at an average cost of $17.20 per hour. d. Applied fixed overhead to the 32,100 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed. Actual fixed overhead costs for the year were $378,400. Of this total, $297,400 related to items such as insurance, utilities, and indirect labor salaries that were all paid in cash and $81,000 related to depreciation of manufacturing equipment. e. Completed and transferred 32,100 units from work in process to finished goods. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the work in process is completed and transferred to finished goods in transaction (e) above,the Finished Goods inventory account will increase (decrease) by: A) $2,096,130 B) ($2,096,130) C) $2,098,894 D) ($2,098,894) -When the work in process is completed and transferred to finished goods in transaction (e) above,the Finished Goods inventory account will increase (decrease) by:


A) $2,096,130
B) ($2,096,130)
C) $2,098,894
D) ($2,098,894)

E) None of the above
F) All of the above

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Colbeck Corporation uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold.The standard cost card for the company's only product is as follows: Colbeck Corporation uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold.The standard cost card for the company's only product is as follows: During the year,the company purchased 68,000 gallons of raw material at a price of $5.40 per gallon and used 62,660 gallons of the raw material to produce 18,400 units of work in process. Assume that all transactions are recorded on a worksheet as shown in the text.On the left-hand side of the equals sign in the worksheet are columns for Cash,Raw Materials,Work in Process,Finished Goods,and PP&E (net) .All of the variance columns are on the right-hand-side of the equals sign along with the column for Retained Earnings. When recording the raw materials used in production,the Raw Materials inventory account will increase (decrease) by: A) ($375,960) B) $375,960 C) ($338,364) D) $338,364 During the year,the company purchased 68,000 gallons of raw material at a price of $5.40 per gallon and used 62,660 gallons of the raw material to produce 18,400 units of work in process. Assume that all transactions are recorded on a worksheet as shown in the text.On the left-hand side of the equals sign in the worksheet are columns for Cash,Raw Materials,Work in Process,Finished Goods,and PP&E (net) .All of the variance columns are on the right-hand-side of the equals sign along with the column for Retained Earnings. When recording the raw materials used in production,the Raw Materials inventory account will increase (decrease) by:


A) ($375,960)
B) $375,960
C) ($338,364)
D) $338,364

E) All of the above
F) B) and D)

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Ferrero Corporation manufactures one product.It does not maintain any beginning or ending Work in Process inventories.The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold.The company has provided the following information: Ferrero Corporation manufactures one product.It does not maintain any beginning or ending Work in Process inventories.The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold.The company has provided the following information: The company does not have any variable manufacturing overhead costs and it recorded the following variances during the year: When the company closes its standard cost variances,the Cost of Goods Sold will increase (decrease) by: A) $56,580 B) ($125,916) C) ($56,580) D) $125,916 The company does not have any variable manufacturing overhead costs and it recorded the following variances during the year: Ferrero Corporation manufactures one product.It does not maintain any beginning or ending Work in Process inventories.The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold.The company has provided the following information: The company does not have any variable manufacturing overhead costs and it recorded the following variances during the year: When the company closes its standard cost variances,the Cost of Goods Sold will increase (decrease) by: A) $56,580 B) ($125,916) C) ($56,580) D) $125,916 When the company closes its standard cost variances,the Cost of Goods Sold will increase (decrease) by:


A) $56,580
B) ($125,916)
C) ($56,580)
D) $125,916

E) All of the above
F) A) and D)

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Freiling Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: Freiling Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 14,890 hours at an average cost of $22.80 per hour. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When recording the direct labor costs,the Cash account will increase (decrease) by: A) $339,492 B) ($318,780) C) $318,780 D) ($339,492) During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 14,890 hours at an average cost of $22.80 per hour. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. Freiling Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 14,890 hours at an average cost of $22.80 per hour. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When recording the direct labor costs,the Cash account will increase (decrease) by: A) $339,492 B) ($318,780) C) $318,780 D) ($339,492) Freiling Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 14,890 hours at an average cost of $22.80 per hour. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When recording the direct labor costs,the Cash account will increase (decrease) by: A) $339,492 B) ($318,780) C) $318,780 D) ($339,492) -When recording the direct labor costs,the Cash account will increase (decrease) by:


A) $339,492
B) ($318,780)
C) $318,780
D) ($339,492)

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

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Woodhouse Corporation manufactures one product.It does not maintain any beginning or ending Work in Process inventories.The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold.There is no variable manufacturing overhead.The standard cost card for the company's only product is as follows: Woodhouse Corporation manufactures one product.It does not maintain any beginning or ending Work in Process inventories.The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold.There is no variable manufacturing overhead.The standard cost card for the company's only product is as follows: The company calculated the following variances for the year: The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $121,500 and budgeted activity of 13,500 hours. During the year,the company completed the following transactions: a.Purchased 59,300 liters of raw material at a price of $5.70 per liter. b.Used 54,420 liters of the raw material to produce 18,800 units of work in process. c.Assigned direct labor costs to work in process.The direct labor workers (who were paid in cash)worked 17,020 hours at an average cost of $20.70 per hour. d.Applied fixed overhead to the 18,800 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed.Actual fixed overhead costs for the year were $137,200.Of this total,$30,200 related to items such as insurance,utilities,and indirect labor salaries that were all paid in cash and $107,000 related to depreciation of manufacturing equipment. e.Transferred 18,800 units from work in process to finished goods. f.Sold for cash 19,100 units to customers at a price of $47.80 per unit. g.Completed and transferred the standard cost associated with the 19,100 units sold from finished goods to cost of goods sold. h.Paid $100,000 of selling and administrative expenses. i.Closed all standard cost variances to cost of goods sold. Required: 1.Record the above transactions in the worksheet that appears below.Because of the width of the worksheet,it is in two parts.In your text,these two parts would be joined side-by-side to make one very wide worksheet.The beginning balances have been provided for each of the accounts,including the Property,Plant,and Equipment (net)account which is abbreviated as PP&E (net). 2.Determine the ending balance (e.g.,12/31 balance)in each account. The company calculated the following variances for the year: Woodhouse Corporation manufactures one product.It does not maintain any beginning or ending Work in Process inventories.The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold.There is no variable manufacturing overhead.The standard cost card for the company's only product is as follows: The company calculated the following variances for the year: The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $121,500 and budgeted activity of 13,500 hours. During the year,the company completed the following transactions: a.Purchased 59,300 liters of raw material at a price of $5.70 per liter. b.Used 54,420 liters of the raw material to produce 18,800 units of work in process. c.Assigned direct labor costs to work in process.The direct labor workers (who were paid in cash)worked 17,020 hours at an average cost of $20.70 per hour. d.Applied fixed overhead to the 18,800 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed.Actual fixed overhead costs for the year were $137,200.Of this total,$30,200 related to items such as insurance,utilities,and indirect labor salaries that were all paid in cash and $107,000 related to depreciation of manufacturing equipment. e.Transferred 18,800 units from work in process to finished goods. f.Sold for cash 19,100 units to customers at a price of $47.80 per unit. g.Completed and transferred the standard cost associated with the 19,100 units sold from finished goods to cost of goods sold. h.Paid $100,000 of selling and administrative expenses. i.Closed all standard cost variances to cost of goods sold. Required: 1.Record the above transactions in the worksheet that appears below.Because of the width of the worksheet,it is in two parts.In your text,these two parts would be joined side-by-side to make one very wide worksheet.The beginning balances have been provided for each of the accounts,including the Property,Plant,and Equipment (net)account which is abbreviated as PP&E (net). 2.Determine the ending balance (e.g.,12/31 balance)in each account. The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $121,500 and budgeted activity of 13,500 hours. During the year,the company completed the following transactions: a.Purchased 59,300 liters of raw material at a price of $5.70 per liter. b.Used 54,420 liters of the raw material to produce 18,800 units of work in process. c.Assigned direct labor costs to work in process.The direct labor workers (who were paid in cash)worked 17,020 hours at an average cost of $20.70 per hour. d.Applied fixed overhead to the 18,800 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed.Actual fixed overhead costs for the year were $137,200.Of this total,$30,200 related to items such as insurance,utilities,and indirect labor salaries that were all paid in cash and $107,000 related to depreciation of manufacturing equipment. e.Transferred 18,800 units from work in process to finished goods. f.Sold for cash 19,100 units to customers at a price of $47.80 per unit. g.Completed and transferred the standard cost associated with the 19,100 units sold from finished goods to cost of goods sold. h.Paid $100,000 of selling and administrative expenses. i.Closed all standard cost variances to cost of goods sold. Required: 1.Record the above transactions in the worksheet that appears below.Because of the width of the worksheet,it is in two parts.In your text,these two parts would be joined side-by-side to make one very wide worksheet.The beginning balances have been provided for each of the accounts,including the Property,Plant,and Equipment (net)account which is abbreviated as PP&E (net). Woodhouse Corporation manufactures one product.It does not maintain any beginning or ending Work in Process inventories.The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold.There is no variable manufacturing overhead.The standard cost card for the company's only product is as follows: The company calculated the following variances for the year: The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $121,500 and budgeted activity of 13,500 hours. During the year,the company completed the following transactions: a.Purchased 59,300 liters of raw material at a price of $5.70 per liter. b.Used 54,420 liters of the raw material to produce 18,800 units of work in process. c.Assigned direct labor costs to work in process.The direct labor workers (who were paid in cash)worked 17,020 hours at an average cost of $20.70 per hour. d.Applied fixed overhead to the 18,800 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed.Actual fixed overhead costs for the year were $137,200.Of this total,$30,200 related to items such as insurance,utilities,and indirect labor salaries that were all paid in cash and $107,000 related to depreciation of manufacturing equipment. e.Transferred 18,800 units from work in process to finished goods. f.Sold for cash 19,100 units to customers at a price of $47.80 per unit. g.Completed and transferred the standard cost associated with the 19,100 units sold from finished goods to cost of goods sold. h.Paid $100,000 of selling and administrative expenses. i.Closed all standard cost variances to cost of goods sold. Required: 1.Record the above transactions in the worksheet that appears below.Because of the width of the worksheet,it is in two parts.In your text,these two parts would be joined side-by-side to make one very wide worksheet.The beginning balances have been provided for each of the accounts,including the Property,Plant,and Equipment (net)account which is abbreviated as PP&E (net). 2.Determine the ending balance (e.g.,12/31 balance)in each account. Woodhouse Corporation manufactures one product.It does not maintain any beginning or ending Work in Process inventories.The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold.There is no variable manufacturing overhead.The standard cost card for the company's only product is as follows: The company calculated the following variances for the year: The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $121,500 and budgeted activity of 13,500 hours. During the year,the company completed the following transactions: a.Purchased 59,300 liters of raw material at a price of $5.70 per liter. b.Used 54,420 liters of the raw material to produce 18,800 units of work in process. c.Assigned direct labor costs to work in process.The direct labor workers (who were paid in cash)worked 17,020 hours at an average cost of $20.70 per hour. d.Applied fixed overhead to the 18,800 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed.Actual fixed overhead costs for the year were $137,200.Of this total,$30,200 related to items such as insurance,utilities,and indirect labor salaries that were all paid in cash and $107,000 related to depreciation of manufacturing equipment. e.Transferred 18,800 units from work in process to finished goods. f.Sold for cash 19,100 units to customers at a price of $47.80 per unit. g.Completed and transferred the standard cost associated with the 19,100 units sold from finished goods to cost of goods sold. h.Paid $100,000 of selling and administrative expenses. i.Closed all standard cost variances to cost of goods sold. Required: 1.Record the above transactions in the worksheet that appears below.Because of the width of the worksheet,it is in two parts.In your text,these two parts would be joined side-by-side to make one very wide worksheet.The beginning balances have been provided for each of the accounts,including the Property,Plant,and Equipment (net)account which is abbreviated as PP&E (net). 2.Determine the ending balance (e.g.,12/31 balance)in each account. 2.Determine the ending balance (e.g.,12/31 balance)in each account.

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1.& 2.
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Kita Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: Kita Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 24,820 hours at an average cost of $21.20 per hour. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When recording the direct labor costs,the Work in Process inventory account will increase (decrease) by: A) $526,184 B) ($514,960) C) ($526,184) D) $514,960 During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 24,820 hours at an average cost of $21.20 per hour. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. Kita Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 24,820 hours at an average cost of $21.20 per hour. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When recording the direct labor costs,the Work in Process inventory account will increase (decrease) by: A) $526,184 B) ($514,960) C) ($526,184) D) $514,960 Kita Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 24,820 hours at an average cost of $21.20 per hour. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When recording the direct labor costs,the Work in Process inventory account will increase (decrease) by: A) $526,184 B) ($514,960) C) ($526,184) D) $514,960 -When recording the direct labor costs,the Work in Process inventory account will increase (decrease) by:


A) $526,184
B) ($514,960)
C) ($526,184)
D) $514,960

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

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Mangrum Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. Information concerning the direct labor standards for the company's only product is as follows: Mangrum Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. Information concerning the direct labor standards for the company's only product is as follows: During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 12,790 hours at an average cost of $19.50 per hour. The company calculated the following direct labor variances for the year: Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the direct labor cost is recorded,which of the following entries will be made? A) $25,580 in the Labor Rate Variance column B) ($25,580) in the Labor Rate Variance column C) ($25,580) in the Labor Efficiency Variance column D) $25,580 in the Labor Efficiency Variance column During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 12,790 hours at an average cost of $19.50 per hour. The company calculated the following direct labor variances for the year: Mangrum Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. Information concerning the direct labor standards for the company's only product is as follows: During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 12,790 hours at an average cost of $19.50 per hour. The company calculated the following direct labor variances for the year: Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the direct labor cost is recorded,which of the following entries will be made? A) $25,580 in the Labor Rate Variance column B) ($25,580) in the Labor Rate Variance column C) ($25,580) in the Labor Efficiency Variance column D) $25,580 in the Labor Efficiency Variance column Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. Mangrum Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. Information concerning the direct labor standards for the company's only product is as follows: During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 12,790 hours at an average cost of $19.50 per hour. The company calculated the following direct labor variances for the year: Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the direct labor cost is recorded,which of the following entries will be made? A) $25,580 in the Labor Rate Variance column B) ($25,580) in the Labor Rate Variance column C) ($25,580) in the Labor Efficiency Variance column D) $25,580 in the Labor Efficiency Variance column Mangrum Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. Information concerning the direct labor standards for the company's only product is as follows: During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 12,790 hours at an average cost of $19.50 per hour. The company calculated the following direct labor variances for the year: Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the direct labor cost is recorded,which of the following entries will be made? A) $25,580 in the Labor Rate Variance column B) ($25,580) in the Labor Rate Variance column C) ($25,580) in the Labor Efficiency Variance column D) $25,580 in the Labor Efficiency Variance column -When the direct labor cost is recorded,which of the following entries will be made?


A) $25,580 in the Labor Rate Variance column
B) ($25,580) in the Labor Rate Variance column
C) ($25,580) in the Labor Efficiency Variance column
D) $25,580 in the Labor Efficiency Variance column

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

Correct Answer

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A

Decena Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. Information concerning the direct labor standards for the company's only product is as follows: Decena Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. Information concerning the direct labor standards for the company's only product is as follows: During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 15,830 hours at an average cost of $18.50 per hour. The company calculated the following direct labor variances for the year: Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the direct labor cost is recorded,which of the following entries will be made? A) ($7,915) in the Labor Efficiency Variance column B) $7,915 in the Labor Rate Variance column C) $7,915 in the Labor Efficiency Variance column D) ($7,915) in the Labor Rate Variance column During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 15,830 hours at an average cost of $18.50 per hour. The company calculated the following direct labor variances for the year: Decena Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. Information concerning the direct labor standards for the company's only product is as follows: During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 15,830 hours at an average cost of $18.50 per hour. The company calculated the following direct labor variances for the year: Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the direct labor cost is recorded,which of the following entries will be made? A) ($7,915) in the Labor Efficiency Variance column B) $7,915 in the Labor Rate Variance column C) $7,915 in the Labor Efficiency Variance column D) ($7,915) in the Labor Rate Variance column Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. Decena Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. Information concerning the direct labor standards for the company's only product is as follows: During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 15,830 hours at an average cost of $18.50 per hour. The company calculated the following direct labor variances for the year: Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the direct labor cost is recorded,which of the following entries will be made? A) ($7,915) in the Labor Efficiency Variance column B) $7,915 in the Labor Rate Variance column C) $7,915 in the Labor Efficiency Variance column D) ($7,915) in the Labor Rate Variance column Decena Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. Information concerning the direct labor standards for the company's only product is as follows: During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 15,830 hours at an average cost of $18.50 per hour. The company calculated the following direct labor variances for the year: Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the direct labor cost is recorded,which of the following entries will be made? A) ($7,915) in the Labor Efficiency Variance column B) $7,915 in the Labor Rate Variance column C) $7,915 in the Labor Efficiency Variance column D) ($7,915) in the Labor Rate Variance column -When the direct labor cost is recorded,which of the following entries will be made?


A) ($7,915) in the Labor Efficiency Variance column
B) $7,915 in the Labor Rate Variance column
C) $7,915 in the Labor Efficiency Variance column
D) ($7,915) in the Labor Rate Variance column

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

Correct Answer

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Freiling Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: Freiling Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 14,890 hours at an average cost of $22.80 per hour. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the direct labor cost is recorded in transaction (c) above,which of the following entries will be made? A) $8,800 in the Labor Rate Variance column B) ($8,800) in the Labor Rate Variance column C) $8,800 in the Labor Efficiency Variance column D) ($8,800) in the Labor Efficiency Variance column During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 14,890 hours at an average cost of $22.80 per hour. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. Freiling Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 14,890 hours at an average cost of $22.80 per hour. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the direct labor cost is recorded in transaction (c) above,which of the following entries will be made? A) $8,800 in the Labor Rate Variance column B) ($8,800) in the Labor Rate Variance column C) $8,800 in the Labor Efficiency Variance column D) ($8,800) in the Labor Efficiency Variance column Freiling Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 14,890 hours at an average cost of $22.80 per hour. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the direct labor cost is recorded in transaction (c) above,which of the following entries will be made? A) $8,800 in the Labor Rate Variance column B) ($8,800) in the Labor Rate Variance column C) $8,800 in the Labor Efficiency Variance column D) ($8,800) in the Labor Efficiency Variance column -When the direct labor cost is recorded in transaction (c) above,which of the following entries will be made?


A) $8,800 in the Labor Rate Variance column
B) ($8,800) in the Labor Rate Variance column
C) $8,800 in the Labor Efficiency Variance column
D) ($8,800) in the Labor Efficiency Variance column

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

Correct Answer

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D

Zaino Corporation manufactures one product.It does not maintain any beginning or ending Work in Process inventories.The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold.There is no variable manufacturing overhead.The standard cost card for the company's only product is as follows: Zaino Corporation manufactures one product.It does not maintain any beginning or ending Work in Process inventories.The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold.There is no variable manufacturing overhead.The standard cost card for the company's only product is as follows: The company calculated the following variances for the year: The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $48,750 and budgeted activity of 7,500 hours. During the year,the company completed the following transactions: a.Purchased 45,600 gallons of raw material at a price of $4.90 per gallon. b.Used 40,220 gallons of the raw material to produce 23,600 units of work in process. c.Assigned direct labor costs to work in process.The direct labor workers (who were paid in cash)worked 12,400 hours at an average cost of $21.70 per hour. d.Applied fixed overhead to the 23,600 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed.Actual fixed overhead costs for the year were $34,050.Of this total,-$23,950 related to items such as insurance,utilities,and indirect labor salaries that were all paid in cash and $58,000 related to depreciation of manufacturing equipment. e.Transferred 23,600 units from work in process to finished goods. f.Sold for cash 23,700 units to customers at a price of $27.20 per unit. g.Completed and transferred the standard cost associated with the 23,700 units sold from finished goods to cost of goods sold. h.Paid $69,000 of selling and administrative expenses. i.Closed all standard cost variances to cost of goods sold. Required: 1.Record the above transactions in the worksheet that appears below.Because of the width of the worksheet,it is in two parts.In your text,these two parts would be joined side-by-side to make one very wide worksheet.The beginning balances have been provided for each of the accounts,including the Property,Plant,and Equipment (net)account which is abbreviated as PP&E (net). 2.Determine the ending balance (e.g.,12/31 balance)in each account. The company calculated the following variances for the year: Zaino Corporation manufactures one product.It does not maintain any beginning or ending Work in Process inventories.The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold.There is no variable manufacturing overhead.The standard cost card for the company's only product is as follows: The company calculated the following variances for the year: The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $48,750 and budgeted activity of 7,500 hours. During the year,the company completed the following transactions: a.Purchased 45,600 gallons of raw material at a price of $4.90 per gallon. b.Used 40,220 gallons of the raw material to produce 23,600 units of work in process. c.Assigned direct labor costs to work in process.The direct labor workers (who were paid in cash)worked 12,400 hours at an average cost of $21.70 per hour. d.Applied fixed overhead to the 23,600 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed.Actual fixed overhead costs for the year were $34,050.Of this total,-$23,950 related to items such as insurance,utilities,and indirect labor salaries that were all paid in cash and $58,000 related to depreciation of manufacturing equipment. e.Transferred 23,600 units from work in process to finished goods. f.Sold for cash 23,700 units to customers at a price of $27.20 per unit. g.Completed and transferred the standard cost associated with the 23,700 units sold from finished goods to cost of goods sold. h.Paid $69,000 of selling and administrative expenses. i.Closed all standard cost variances to cost of goods sold. Required: 1.Record the above transactions in the worksheet that appears below.Because of the width of the worksheet,it is in two parts.In your text,these two parts would be joined side-by-side to make one very wide worksheet.The beginning balances have been provided for each of the accounts,including the Property,Plant,and Equipment (net)account which is abbreviated as PP&E (net). 2.Determine the ending balance (e.g.,12/31 balance)in each account. The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $48,750 and budgeted activity of 7,500 hours. During the year,the company completed the following transactions: a.Purchased 45,600 gallons of raw material at a price of $4.90 per gallon. b.Used 40,220 gallons of the raw material to produce 23,600 units of work in process. c.Assigned direct labor costs to work in process.The direct labor workers (who were paid in cash)worked 12,400 hours at an average cost of $21.70 per hour. d.Applied fixed overhead to the 23,600 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed.Actual fixed overhead costs for the year were $34,050.Of this total,-$23,950 related to items such as insurance,utilities,and indirect labor salaries that were all paid in cash and $58,000 related to depreciation of manufacturing equipment. e.Transferred 23,600 units from work in process to finished goods. f.Sold for cash 23,700 units to customers at a price of $27.20 per unit. g.Completed and transferred the standard cost associated with the 23,700 units sold from finished goods to cost of goods sold. h.Paid $69,000 of selling and administrative expenses. i.Closed all standard cost variances to cost of goods sold. Required: 1.Record the above transactions in the worksheet that appears below.Because of the width of the worksheet,it is in two parts.In your text,these two parts would be joined side-by-side to make one very wide worksheet.The beginning balances have been provided for each of the accounts,including the Property,Plant,and Equipment (net)account which is abbreviated as PP&E (net). Zaino Corporation manufactures one product.It does not maintain any beginning or ending Work in Process inventories.The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold.There is no variable manufacturing overhead.The standard cost card for the company's only product is as follows: The company calculated the following variances for the year: The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $48,750 and budgeted activity of 7,500 hours. During the year,the company completed the following transactions: a.Purchased 45,600 gallons of raw material at a price of $4.90 per gallon. b.Used 40,220 gallons of the raw material to produce 23,600 units of work in process. c.Assigned direct labor costs to work in process.The direct labor workers (who were paid in cash)worked 12,400 hours at an average cost of $21.70 per hour. d.Applied fixed overhead to the 23,600 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed.Actual fixed overhead costs for the year were $34,050.Of this total,-$23,950 related to items such as insurance,utilities,and indirect labor salaries that were all paid in cash and $58,000 related to depreciation of manufacturing equipment. e.Transferred 23,600 units from work in process to finished goods. f.Sold for cash 23,700 units to customers at a price of $27.20 per unit. g.Completed and transferred the standard cost associated with the 23,700 units sold from finished goods to cost of goods sold. h.Paid $69,000 of selling and administrative expenses. i.Closed all standard cost variances to cost of goods sold. Required: 1.Record the above transactions in the worksheet that appears below.Because of the width of the worksheet,it is in two parts.In your text,these two parts would be joined side-by-side to make one very wide worksheet.The beginning balances have been provided for each of the accounts,including the Property,Plant,and Equipment (net)account which is abbreviated as PP&E (net). 2.Determine the ending balance (e.g.,12/31 balance)in each account. Zaino Corporation manufactures one product.It does not maintain any beginning or ending Work in Process inventories.The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold.There is no variable manufacturing overhead.The standard cost card for the company's only product is as follows: The company calculated the following variances for the year: The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $48,750 and budgeted activity of 7,500 hours. During the year,the company completed the following transactions: a.Purchased 45,600 gallons of raw material at a price of $4.90 per gallon. b.Used 40,220 gallons of the raw material to produce 23,600 units of work in process. c.Assigned direct labor costs to work in process.The direct labor workers (who were paid in cash)worked 12,400 hours at an average cost of $21.70 per hour. d.Applied fixed overhead to the 23,600 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed.Actual fixed overhead costs for the year were $34,050.Of this total,-$23,950 related to items such as insurance,utilities,and indirect labor salaries that were all paid in cash and $58,000 related to depreciation of manufacturing equipment. e.Transferred 23,600 units from work in process to finished goods. f.Sold for cash 23,700 units to customers at a price of $27.20 per unit. g.Completed and transferred the standard cost associated with the 23,700 units sold from finished goods to cost of goods sold. h.Paid $69,000 of selling and administrative expenses. i.Closed all standard cost variances to cost of goods sold. Required: 1.Record the above transactions in the worksheet that appears below.Because of the width of the worksheet,it is in two parts.In your text,these two parts would be joined side-by-side to make one very wide worksheet.The beginning balances have been provided for each of the accounts,including the Property,Plant,and Equipment (net)account which is abbreviated as PP&E (net). 2.Determine the ending balance (e.g.,12/31 balance)in each account. 2.Determine the ending balance (e.g.,12/31 balance)in each account.

Correct Answer

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1.& 2.
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Decena Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. Information concerning the direct labor standards for the company's only product is as follows: Decena Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. Information concerning the direct labor standards for the company's only product is as follows: During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 15,830 hours at an average cost of $18.50 per hour. The company calculated the following direct labor variances for the year: Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the direct labor cost is recorded,which of the following entries will be made? A) $1,800 in the Labor Efficiency Variance column B) ($1,800) in the Labor Rate Variance column C) $1,800 in the Labor Rate Variance column D) ($1,800) in the Labor Efficiency Variance column During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 15,830 hours at an average cost of $18.50 per hour. The company calculated the following direct labor variances for the year: Decena Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. Information concerning the direct labor standards for the company's only product is as follows: During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 15,830 hours at an average cost of $18.50 per hour. The company calculated the following direct labor variances for the year: Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the direct labor cost is recorded,which of the following entries will be made? A) $1,800 in the Labor Efficiency Variance column B) ($1,800) in the Labor Rate Variance column C) $1,800 in the Labor Rate Variance column D) ($1,800) in the Labor Efficiency Variance column Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. Decena Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. Information concerning the direct labor standards for the company's only product is as follows: During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 15,830 hours at an average cost of $18.50 per hour. The company calculated the following direct labor variances for the year: Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the direct labor cost is recorded,which of the following entries will be made? A) $1,800 in the Labor Efficiency Variance column B) ($1,800) in the Labor Rate Variance column C) $1,800 in the Labor Rate Variance column D) ($1,800) in the Labor Efficiency Variance column Decena Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. Information concerning the direct labor standards for the company's only product is as follows: During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 15,830 hours at an average cost of $18.50 per hour. The company calculated the following direct labor variances for the year: Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the direct labor cost is recorded,which of the following entries will be made? A) $1,800 in the Labor Efficiency Variance column B) ($1,800) in the Labor Rate Variance column C) $1,800 in the Labor Rate Variance column D) ($1,800) in the Labor Efficiency Variance column -When the direct labor cost is recorded,which of the following entries will be made?


A) $1,800 in the Labor Efficiency Variance column
B) ($1,800) in the Labor Rate Variance column
C) $1,800 in the Labor Rate Variance column
D) ($1,800) in the Labor Efficiency Variance column

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

Correct Answer

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Ester Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: Ester Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $168,000 and budgeted activity of 24,000 hours. During the year, the company applied fixed overhead to the 22,600 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed. Actual fixed overhead costs for the year were $149,800. Of this total, $83,800 related to items such as insurance, utilities, and indirect labor salaries that were all paid in cash and $66,000 related to depreciation of manufacturing equipment. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the fixed manufacturing overhead cost is recorded,which of the following entries will be made? A) $18,200 in the FOH Volume Variance column B) $18,200 in the FOH Budget Variance column C) ($18,200) in the FOH Budget Variance column D) ($18,200) in the FOH Volume Variance column The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $168,000 and budgeted activity of 24,000 hours. During the year, the company applied fixed overhead to the 22,600 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed. Actual fixed overhead costs for the year were $149,800. Of this total, $83,800 related to items such as insurance, utilities, and indirect labor salaries that were all paid in cash and $66,000 related to depreciation of manufacturing equipment. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. Ester Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $168,000 and budgeted activity of 24,000 hours. During the year, the company applied fixed overhead to the 22,600 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed. Actual fixed overhead costs for the year were $149,800. Of this total, $83,800 related to items such as insurance, utilities, and indirect labor salaries that were all paid in cash and $66,000 related to depreciation of manufacturing equipment. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the fixed manufacturing overhead cost is recorded,which of the following entries will be made? A) $18,200 in the FOH Volume Variance column B) $18,200 in the FOH Budget Variance column C) ($18,200) in the FOH Budget Variance column D) ($18,200) in the FOH Volume Variance column Ester Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $168,000 and budgeted activity of 24,000 hours. During the year, the company applied fixed overhead to the 22,600 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed. Actual fixed overhead costs for the year were $149,800. Of this total, $83,800 related to items such as insurance, utilities, and indirect labor salaries that were all paid in cash and $66,000 related to depreciation of manufacturing equipment. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation. -When the fixed manufacturing overhead cost is recorded,which of the following entries will be made? A) $18,200 in the FOH Volume Variance column B) $18,200 in the FOH Budget Variance column C) ($18,200) in the FOH Budget Variance column D) ($18,200) in the FOH Volume Variance column -When the fixed manufacturing overhead cost is recorded,which of the following entries will be made?


A) $18,200 in the FOH Volume Variance column
B) $18,200 in the FOH Budget Variance column
C) ($18,200) in the FOH Budget Variance column
D) ($18,200) in the FOH Volume Variance column

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

Correct Answer

verifed

verified

B

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