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

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Question 111

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Jaquish Inc. has provided the following data for the month of January. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Manufacturing overhead for the month was underapplied by $6,000. The company allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts. -The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for January would include the following:

A) credit to Work in Process of $480
B) debit to Work in Process of $8,830
C) debit to Work in Process of $480
D) credit to Work in Process of $8,830

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

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Question 112

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Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $239,700 and 4,700 estimated direct labor-hours. Actual manufacturing overhead for the year amounted to $242,000 and actual direct labor-hours were 4,600. -The overhead for the year was:

A) $5,100 underapplied
B) $7,400 underapplied
C) $5,100 overapplied
D) $7,400 overapplied

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

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Question 113

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Tyare Corporation had the following inventory balances at the beginning and end of May: During May, $58,500 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 300 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $7,050 of direct materials cost. The Corporation incurred $42,000 of actual manufacturing overhead cost during the month and applied $39,600 in manufacturing overhead cost. -The actual direct labor-hours worked during May totaled:

In the Schedule of Cost of Goods Manufactured,Total raw materials available = Ending raw materials inventory + Purchases of raw materials.

Pine Publishing Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs.At the beginning of the year the Corporation estimated its total manufacturing overhead cost at $500,000 and its direct labor-hours at 125,000 hours.The actual overhead cost incurred during the year was $450,000 and the actual direct labor-hours incurred on jobs during the year was 115,000 hours.The manufacturing overhead for the year would be:

Leelanau Corporation uses a job-order costing system.The following data are for last year: Leelanau applies overhead using a predetermined rate.What amount of overhead was applied to work in process last year?

Niles Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Results of operations: -The ending balance in the Work in Process inventory account is:

Brendal Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year: Results of operations: How much is the total manufacturing cost added to Work in Process during the year?

Molin 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 amount of manufacturing overhead applied to production during the year? b.Is manufacturing overhead overapplied or underapplied for the year? By how much? c.What is the adjusted cost of goods sold for the year?

If manufacturing overhead is underapplied,then:

On November 1, Arvelo Corporation had $32,000 of raw materials on hand. During the month, the company purchased an additional $78,000 of raw materials. During November, $95,000 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 $3,000. Prepare journal entries to record these events. Use those journal entries to answer the following questions: -The credits to the Manufacturing Overhead account as a consequence of the raw materials transactions in November total:

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?

Niebla Corporation has provided data concerning the Corporation's Manufacturing Overhead account for the month of July.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 $72,000 and the total of the credits to the account was $77,000.Which of the following statements is true?

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

Vogel Corporation's cost of goods manufactured last month was $136,000. The beginning finished goods inventory was $35,000 and the ending finished goods inventory was $48,000. Overhead was overapplied by $6,000. Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. -How much is the cost of goods available for sale on the Schedule of Cost of Goods Sold?

If a company closes any underapplied or overapplied manufacturing overhead to the Cost of Goods Sold account,then Cost of Goods Sold will be debited if manufacturing overhead is overapplied for the period.

Precision Corporation used a predetermined overhead rate last year of $3 per direct labor-hour,based on an estimate of 24,000 direct labor-hours to be worked during the year.Actual costs and activity during the year were: The overapplied or underapplied manufacturing overhead for the year was:

Fisher Corporation uses a predetermined overhead rate based on direct labor cost to apply manufacturing overhead to jobs.The following information about Fisher Corporation's Work in Process inventory account has been provided for the month of May: During the month,Fisher Corporation's Work in Process inventory account was credited for $120,500,which represented the Cost of Goods Manufactured for the month.Only one job remained in process on May 31; this job had been charged with $9,600 of applied overhead cost.The amount of direct materials cost in the unfinished job would be:

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

Plasencia 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 net operating income is: