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D101 Managerial and Cost Accounting (JSV1) Pre- Assessment
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57 terms mjami47Preview Cost and Managerial Accounting - ...99 terms PhintaPreview WGU D 85 terms kris When would it be appropriate to use job order costing? When a movie producer receives a contract to produce movies following the specifications of the customer
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Which figures are used in computing a predetermined overhead rate?Forecasted overhead costs and forecasted activity level.
A company uses direct labor hours to apply manufacturing overhead. Budgeted manufacturing overhead for the coming year is $640,000. Budgeted direct materials purchases are $400,000. Budgeted direct labor cost is $720,000. Budgeted direct labor hours for the coming year are 16,000 hours. Actual manufacturing overhead for the year was $600,000. Actual direct materials purchases were $380,000. Actual direct labor cost was $700,000. Actual direct labor hours for the year were 20,000 hours.What is this company's predetermined overhead rate?$40 per direct labor hour.
A company's actual manufacturing overhead was $156,000, and applied manufacturing overhead was
$172,000.
What should be included in the journal entry necessary to close the manufacturing overhead account?Debit to manufacturing overhead for $16,000.
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A manufacturing company used cash to purchase raw materials costing $3,000.What should be included in the journal entry necessary to record this purchase of raw materials?Credit to cash for $3,000.
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A company that manufactures wood furniture paid $12,500 in cash for the wages of woodworkers who create the wood furniture in the factory.What should be included in the journal entry necessary to record this payment of wages to the woodworkers?Debit to work-in-process inventory for $12,500.
A company recorded depreciation of $16,000 on factory equipment.What should be included in the journal entry necessary to record this depreciation on factory equipment?Debit to manufacturing overhead for $16,000.
Data for an art supplies company for the year are as
follows:
Finished goods inventory, beginning balance
$300,000
Work-in-process inventory, ending balance
215,000
Underapplied manufacturing overhead
40,000
Finished goods inventory, ending balance
250,000
Work-in-process inventory, beginning balance
200,000
Cost of goods manufactured
685,000
What is the company's computed adjusted cost of goods sold?
$775,000
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What is true about debits in the work-in-process T- account during the period?They are costs put into production during the period.
Which cost item does the cost of goods manufactured schedule begin with?The cost of materials placed into production.
Data for an auto company for the year are as follows:
Total manufacturing costs
$400,000
Finished goods inventory, beginning balance
240,000
Work-in-process inventory, ending balance
100,000
Overapplied manufacturing overhead
30,000
Finished goods inventory, ending balance
200,000
Work-in-process inventory, beginning balance
115,000
What is the auto company's computed cost of goods manufactured?
$415,000
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For process costing to be appropriate, two general conditions must exist. What is one of those conditions?The units produced in the process centers must be the same.
Data for a marketing company for the year are as follows:
Beginning work in process Physical Units 700 Percent Completed 70% Started and completed Physical Units 8,000 Percent Completed 100% Ending work in process Physical Units 900 Percent Completed 80% What is the marketing company's computed equivalent units of production for the period?8,930
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Data for a phone company are as follows:
Physical Units Percent Completed Beginning work in process Physical Units 0 Percent Completed 0% Started and completed Physical Units 7,000 Percent Completed 100% Ending work in process Physical Units 1,000 Percent Completed 45% What is the company's computed equivalent units of production for the period?7,450
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Data for Balartistry Company are as follows:
Conversion Costs Beginning work in process Units 10,000 Percent Completed 90% Direct Materials Costs $10,000 Conversion Costs $30,000 Units started and completed during the period Units 50,000 Costs added this period Direct Materials Costs $110,000 Conversion Costs $200,000 Ending work in process Units 20,000 Percent Completed 30% Units completed and transferred during the period Units 60,000 Materials are added at the beginning of the production process. Conversion costs are added uniformly throughout the production $5.08
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A company had 5,000 partially completed units in beginning work-in-process inventory. This period, after the 5,000 beginning inventory units were completed, another 35,000 units were started. At the end of the period, 7,000 units were in ending work-in-process inventory.How many units were completed and transferred out during this period?
33,000
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A company had 15,500 partially completed units in beginning work-in-process inventory. This period, after the 15,500 beginning inventory units were completed, another 34,000 units were started. During the period, a total of 48,500 units were completed and transferred out.How many units were in ending work-in-process inventory?1,000
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