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

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Question 131

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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 total costs added to Work in Process during the year were:

A) $206,000
B) $162,000
C) $176,000
D) $182,000

E) A) and D)
F) None of the above

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Question 132

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In the Schedule of Cost of Goods Manufactured,Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory - Ending work in process inventory.

A) True
B) False

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Question 133

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Alberta Corporation uses a job-order costing system.The following data relate to the just completed month's operations. (1)Direct materials requisitioned for use in production,$170,000 (2)Indirect materials requisitioned for use in production,$11,000 (3)Direct labor wages incurred,$105,000 (4)Indirect labor wages incurred,$103,000 (5)Depreciation recorded on factory equipment,$38,000 (6)Additional manufacturing overhead costs incurred,$63,000 (7)Manufacturing overhead costs applied to jobs,$200,000 (8)Cost of jobs completed and transferred from Work in Process to Finished Goods,$450,000 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.

During May,Sharpton Corporation recorded the following: Required: Prepare T-accounts for Raw Materials,Work in Process,Finished Goods,and Manufacturing Overhead,and Cost of Goods Sold.Record the beginning balances and each of the transactions listed above.Finally,determine the ending balances.

Rodenberger Corporation has provided the following data concerning last month's operations. Required: Determine the direct materials cost for the month.

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 amount of direct labor cost in the May 30 Work in Process inventory was:

In a job-order costing system,indirect labor cost is usually recorded as a debit to:

In the Schedule of Cost of Goods Manufactured,Total direct materials = Raw materials used in production - Ending raw materials inventory.

Boursaw Corporation has provided the following data concerning last month's operations. Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. -How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold?

Heathcote 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 adjusted Cost of Goods Sold for the year is:

Beshaw 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 $7,000. 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 cost of goods sold for January after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:

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

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: -How much is the ending balance in the Raw Materials inventory account?

Dacosta Corporation had only one job in process on May 1. The job had been charged with $1,800 of direct materials, $6,966 of direct labor, and $9,936 of manufacturing overhead cost. The company assigns overhead cost to jobs using the predetermined overhead rate of $18.40 per direct labor-hour. During May, the following activity was recorded: Work in process inventory on May 30 contains $3,741 of direct labor cost. Raw materials consist solely of items that are classified as direct materials. -The balance in the raw materials inventory account on May 30 was:

Boursaw Corporation has provided the following data concerning last month's operations. Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. -How much is the direct materials cost for the month on the Schedule of Cost of Goods Manufactured?