Use the following information to answer the following item(s).

Estimated overhead

$320,000

Actual overhead costs incurred

$344,400

Estimated direct labour hours

40,000

Actual direct labour hours worked

42,000

24) The budgeted factory overhead rate for applying manufacturing overhead would be

A) $7.62.

B) $8.00.

C) $8.20.

D) $8.61.

25) If the budgeted factory overhead rate is used to apply overhead, applied manufacturing overhead would be

A) $321,000.

B) $328,000.

C) $336,000.

D) $344,400.

26) The amount of the overhead variance would be

A) $24,400 overapplied.

B) $24,400 underapplied.

C) $8,400 overapplied.

D) $8,400 underapplied.

Witty, Inc. uses a job-order cost system and had the following data available for 20X1.

Direct materials purchased on account

$148,000

Direct materials requisitioned

82,000

Direct-labour cost incurred

130,000

Factory overhead incurred

146,000

Cost of goods completed

292,000

Cost of goods sold

256,000

Beginning direct-materials inventory

26,000

Beginning WIP inventory

64,000

Beginning finished goods inventory

58,000

Overhead application rate

(as a percent of direct-labour cost)

110 percent

27) The journal entry to record the materials placed into production would include a

A) credit to Direct-Materials Inventory for $82,000.

B) debit to Direct-Materials Inventory for $148,000.

C) credit to WIP Inventory for $82,000.

D) debit to WIP Inventory for $148,000.

28) The journal entry to record the factory overhead costs incurred would include a

A) debit to Factory Department Overhead Control for $146,000.

B) credit to Factory Department Overhead Control for $143,000.

C) debit to WIP Inventory for $146,000.

D) credit to WIP Inventory for $143,000.

29) The journal entry to record the application of the factory overhead would include a

A) debit to Factory Department Overhead Control for $143,000.

B) debit to WIP Inventory for $143,000.

C) credit to Factory Department Overhead Control for $146,000.

D) credit to WIP Inventory for $146,000.

30) The journal entry to record the cost of goods completed would include a

A) debit to WIP Inventory for $256,000.

B) credit to Finished Goods Inventory for $292,000.

C) credit to Cost of Goods Sold for $256,000.

D) credit to WIP Inventory for $292,000.

31) The journal entry to record the sale of all jobs would include a

A) debit to Finished Goods Inventory for $292,000.

B) credit to WIP Inventory for $256,000.

C) credit to Finished Goods Inventory for $256,000.

D) credit to Cost of Goods Sold for $292,000.

32) The ending inventory of direct materials is

A) $92,000.

B) $174,000.

C) $82,000.

D) $108,000.

Dentlinger Company uses a job-order cost system and had the following data available for 20X2.

Beginning direct-materials inventory

$  52,000

Beginning WIP Inventory

128,000

Beginning finished goods inventory

116,000

Direct materials purchased on account

296,000

Direct materials requisitioned

164,000

Direct-labour cost incurred

260,000

Factory overhead incurred

292,000

Cost of goods completed

584,000

Cost of goods sold

512,000

Overhead application rate

(as a percent of direct-labour cost)

110 percent

33) The journal entry to record the materials placed into production would include a

A) credit to Direct-Materials Inventory for $164,000.

B) debit to Direct-Materials Inventory for $296,000.

C) credit to WIP Inventory for $164,000.

D



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