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

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Question 91

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Calfee 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:

A) $200,000
B) $162,000
C) $220,000
D) $181,000

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

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Question 92

Multiple Choice

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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:

A) $1,318,000
B) $1,008,000
C) $728,000
D) $1,038,000

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

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Question 93

Multiple Choice

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The manufacturing overhead was:

On December 1, Mogro Corporation had $26,000 of raw materials on hand.During the month, the Corporation purchased an additional $60,000 of raw materials.During December, $62,000 of raw materials were requisitioned from the storeroom for use in production.The debits entered in the Raw Materials account during the month of December total:

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

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

The credits to the Manufacturing Overhead account as a consequence of the raw materials transactions in November total:

Bottum Corporation, a manufacturing Corporation, has provided data concerning its operations for May.The beginning balance in the raw materials account was $20,000 and the ending balance was $36,000.Raw materials purchases during the month totaled $63,000.Manufacturing overhead cost incurred during the month was $111,000, of which $2,000 consisted of raw materials classified as indirect materials.The direct materials cost for May was:

The manufacturing overhead for the year was:

Easterling Corporation uses a job-order costing system.The following data relate to the just completed month's operations. Required: a.Where appropriate, post the above transactions to the Work in Process and Manufacturing Overhead T-accounts below. b.Determine the underapplied or overapplied overhead for the month.

The adjusted Cost of Goods Sold for the year is:

What is the journal entry to record the direct and indirect labor costs incurred during the year?

If Job #461 contained 100 units, the unit product cost on the completed job cost sheet would be:

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

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?

Ruddick Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year: The journal entry to record the transfer of completed goods from Work in Process to Finished Goods is:

Buckovitch Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year: Required: a.What is the journal entry to record raw materials used in production? b.What is the journal entry to record the direct and indirect labor costs incurred during the year? c.What is the journal entry to record the transfer of completed goods from Work in Process to Finished Goods? d.What is the journal entry to record the unadjusted cost of goods sold?

Daget Corporation uses direct labor-hours in its predetermined overhead rate.At the beginning of the year, the total estimated manufacturing overhead was $364,140.At the end of the year, actual direct labor-hours for the year were 24,000 hours, manufacturing overhead for the year was overapplied by $8,060, and the actual manufacturing overhead was $359,140.The predetermined overhead rate for the year must have been closest to:

The journal entry to record applying overhead during the production process is:

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