Cost and Managerial Accounting - D101 WGU questions with answers.

Cost and Managerial Accounting - D101 WGU
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questions with answers
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A manufacturing company used cash to purchase raw materials
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costing $3,000. |\




What should be included in the journal entry necessary to record
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this purchase of raw materials?
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Credit to work-in-process inventory for $3,000.
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Credit to raw materials inventory for $3,000.
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Credit to accounts payable for $3,000.
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Credit to cash for $3,000. - CORRECT ANSWERS ✔✔Credit to cash
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for $3,000.
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A company's actual manufacturing overhead was $156,000, and
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applied manufacturing overhead was $172,000.
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What should be included in the journal entry necessary to close
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the manufacturing overhead account?
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Debit to manufacturing overhead for $16,000.
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Debit to cost of goods sold for $16,000.
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Debit to cost of goods sold for $156,000.
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Debit to manufacturing overhead for $156,000. - CORRECT
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ANSWERS ✔✔Debit to manufacturing overhead for $16,000
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,A company that manufactures wood furniture paid $12,500 in
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cash for the wages of woodworkers who create the wood
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furniture in the factory. |\ |\ |\




What should be included in the journal entry necessary to record
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this payment of wages to the woodworkers?
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Credit to work-in-process inventory for $12,500.
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Debit to work-in-process inventory for $12,500.
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Credit to manufacturing overhead for $12,500.
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Debit to manufacturing overhead for $12,500. - CORRECT
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ANSWERS ✔✔Debit to work-in-process inventory for $12,500.
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Data for an art supplies company for the year are as follows:
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Finished goods inventory, beginning balance
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$300,000
Work-in-process inventory, ending balance |\ |\ |\




215,000
Underapplied manufacturing overhead |\ |\




40,000
Finished goods inventory, ending balance
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250,000
Work-in-process inventory, beginning balance |\ |\ |\




200,000
Cost of goods manufactured
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685,000
What is the company's computed adjusted cost of goods sold?
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, $630,000
$710,000
$715,000
$775,000 - CORRECT ANSWERS ✔✔$775,000 |\ |\ |\ |\




What is true about debits in the work-in-process T-account during
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the period?
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They are costs of goods manufactured during the period.
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They are direct material costs incurred only during the period.
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They are direct labor costs incurred only during the period.
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They are costs put into production during the period. - CORRECT
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ANSWERS ✔✔They are costs put into production during the
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period.


Which cost item does the cost of goods manufactured schedule
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begin with? |\




The cost of materials purchased during the period.
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The cost of direct labor incurred during the period.
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The costs related to manufacturing overhead incurred during the
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period.
The cost of materials placed into production. - CORRECT
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ANSWERS ✔✔The cost of materials placed into production.
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Data for an auto company for the year are as follows:
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Total manufacturing costs
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$400,000