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

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Question 31

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In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to which of the following equations?

A) Cost of goods manufactured = Total manufacturing costs + Ending work in process inventory - Beginning work in process inventory
B) Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory - Ending work in process inventory
C) Cost of goods manufactured = Total manufacturing costs + Beginning finished goods inventory - Ending finished goods inventory
D) Cost of goods manufactured = Total manufacturing costs + Ending finished goods inventory - Beginning finished goods inventory

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

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Question 32

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Entry (1)in the below T-account represents the purchase rather than use of raw materials.

A) True
B) False

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Question 33

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Dotsero Technology, Inc., has a job-order costing system.The company uses predetermined overhead rates in applying manufacturing overhead cost to individual jobs.The predetermined overhead rate in Department A is based on machine-hours, and the rate in Department B is based on direct materials cost.At the beginning of the most recent year, the company's management made the following estimates for the year: Job 243 entered into production an April 1 and was completed on May 12.The company's cost records show the following information about the job: At the end of the year, the records of Dotsero showed the following actual cost and operating data for all jobs worked on during the year: Required: a.Compute the predetermined overhead rates for Department A and Department B. b.Compute the total overhead cost applied to Job 243. c.Compute the amount of underapplied or overapplied overhead in each department at the end of the current year.

In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the "Total raw materials available" is computed by adding together the "Beginning raw materials inventory" and:

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

If the estimated manufacturing overhead for the year was $24,000, and the applied overhead was $26,500, the actual manufacturing overhead cost for the year was:

If the actual manufacturing overhead cost for a period exceeds the manufacturing overhead cost applied, then manufacturing overhead would be considered to be overapplied.

The applied manufacturing overhead for the year was closest to:

How much is the total manufacturing cost added to work in process during the year?

The adjusted cost of goods sold for the month is:

Refer to the T-account below: Entry (12) could represent which of the following?

Seuell Inc.has provided the following data for the month of December.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 $12,000. 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 journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for December would include the following:

Bledsoe Corporation has provided the following data for the month of November: Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. Required: Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold.

The ending balance in the Work in Process inventory account is:

The manufacturing overhead applied is:

If Omar Corporation applies overhead to jobs on the basis of direct labor-hours and Job 3 took 120 hours, how much overhead should be applied to that job?

Shane Corporation has provided the following data concerning last month's operations. How much is the unadjusted cost of goods sold on the Schedule of Cost of Goods Sold?

Haver Corporation has provided the following data concerning last month's operations. How much is the cost of goods available for sale on the Schedule of Cost of Goods Sold?

How much is the direct materials cost for the month on the Schedule of Cost of Goods Manufactured?

The direct labor cost was: