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

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Question 41

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During March, Zea Inc.transferred $50,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $56,000.The journal entries to record these transactions would include a:

A) credit to Cost of Goods Sold of $56,000
B) debit to Finished Goods of $56,000
C) credit to Work in Process of $50,000
D) credit to Finished Goods of $50,000

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

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Question 42

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Wears Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. The Cost of Goods Manufactured for the year was $537,000. Required: What was the Cost of Goods Sold for the year?

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Question 43

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Rediger Inc., a manufacturing Corporation, has provided the following data for the month of June.The balance in the Work in Process inventory account was $22,000 at the beginning of the month and $17,000 at the end of the month.During the month, the Corporation incurred direct materials cost of $55,000 and direct labor cost of $28,000.The actual manufacturing overhead cost incurred was $53,000.The manufacturing overhead cost applied to Work in Process was $51,000.The cost of goods manufactured for June was:

The cost of goods manufactured is:

The manufacturing overhead applied was:

The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for November would include the following:

How much is the cost of goods manufactured for the month on the Schedule of Cost of Goods Manufactured?

In a job-order costing system, manufacturing overhead applied is recorded as a debit to:

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

During July at Loeb Corporation, $83,000 of raw materials were requisitioned from the storeroom for use in production.These raw materials included both direct and indirect materials.The indirect materials totaled $4,000.The journal entry to record the requisition from the storeroom would include a:

The cost of goods sold for November after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:

The work in process inventory at the end of June after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:

Refer to the T-account below: Entry (8) could represent which of the following?

Rochford Corporation has provided the following data concerning last month's operations. Required: Determine the cost of goods manufactured for the month.

Mcie Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year: Results of operations: Required: a.What is the ending balance in Raw Materials? b.What is the ending balance in Work in Process?

Stangl Inc.has provided the following data for the month of September.There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Manufacturing overhead for the month was underapplied by $3,000. The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts. Required: Determine the cost of work in process, finished goods, and cost of goods sold AFTER allocation of the underapplied or overapplied overhead for the period.

The overhead for the year was:

The following entry would be used to record the transfer of $40,000 of direct material and $10,000 of indirect material from the storeroom to production:

How much is the unadjusted cost of goods sold on the Schedule of Cost of Goods Sold?

The cost of goods sold for June after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to: