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

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Question 71

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Falkenstein Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. Required: What was the cost of indirect materials requisitioned for use in production during the year?

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Question 72

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Weyant Corporation has provided the following data concerning last month's operations. The company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold.How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold?

A) $173,000
B) $127,000
C) $133,000
D) $141,000

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

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Question 73

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Coatney Inc.has provided the following data for the month of October.There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Manufacturing overhead for the month was overapplied by $7,000. The Corporation allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts. The finished goods inventory at the end of October after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:

In the Schedule of Cost of Goods Sold, Cost of goods available for sale = Ending finished goods inventory + Cost of goods manufactured.

Rodenberger Corporation has provided the following data concerning last month's operations. Required: Determine the direct materials cost for the month.

The journal entry to record the application of Manufacturing Overhead to Work in Process would include a:

Cai Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. The cost of indirect materials requisitioned for use in production during the year was:

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

In a job-order costing system, which of the following events would trigger recording data on a job cost sheet?

Sagon Corporation has provided data concerning the Corporation's Manufacturing Overhead account for the month of September.Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $76,000 and the total of the credits to the account was $66,000.Which of the following statements is true?

Tusa Corporation is a manufacturer that uses job-order costing.The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year.The company has supplied the following data for the just completed year: Results of operations: The adjusted Cost of Goods Sold for the year is:

During June, Briganti Corporation purchased $79,000 of raw materials on credit to add to its raw materials inventory.A total of $64,000 of raw materials was requisitioned from the storeroom for use in production.These requisitioned raw materials included $4,000 of indirect materials. Required: Prepare journal entries to record the purchase of materials and their use in production.

Weatherhead Inc.has provided the following data for the month of March.There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Manufacturing overhead for the month was overapplied by $3,000. The Corporation allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts. The work in process inventory at the end of March after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:

Able Corporation uses a job-order costing system.In reviewing its records at the end of the year, the company has discovered that $2,000 of raw materials has been drawn from the storeroom and used in the production of Job 110, but that no entry has been made in the accounting records for the use of these materials.Job 110 has been completed but it is unsold at year end.This error will cause:

The overhead for the year was:

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

Blasi Corporation is a manufacturer that uses job-order costing.The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year.The company has supplied the following data for the just completed year: Results of operations: Required: a.What is the total manufacturing cost added to Work in Process during the year? b.What is the cost of goods available for sale during the year? c.What is the net operating income for the year?

In the Schedule of Cost of Goods Manufactured, Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory - Ending work in process inventory.

Lister Corporation is a manufacturer that uses job-order costing.The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year.The company has supplied the following data for the just completed year: Results of operations: The total amount of manufacturing overhead applied to production is:

Faughn Corporation has provided the following data concerning manufacturing overhead for July: The company's Cost of Goods Sold was $243,000 prior to closing out its Manufacturing Overhead account.The company closes out its Manufacturing Overhead account to Cost of Goods Sold.Which of the following statements is true?