D101 Managerial and Cost Accounting (JSV1)
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Pre-Assessment questions with answers |\ |\ |\
When would it be appropriate to use job order costing?
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When a movie producer receives a contract to produce movies
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
following the specifications of the customer
|\ |\ |\ |\ |\
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
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overhead. Budgeted manufacturing overhead for the coming year
|\ |\ |\ |\ |\ |\ |\
is $640,000. Budgeted direct materials purchases are $400,000.
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Budgeted direct labor cost is $720,000. Budgeted direct labor
|\ |\ |\ |\ |\ |\ |\ |\ |\
hours for the coming year are 16,000 hours. Actual
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manufacturing overhead for the year was $600,000. Actual direct |\ |\ |\ |\ |\ |\ |\ |\
materials purchases were $380,000. Actual direct labor cost was
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$700,000. Actual direct labor hours for the year were 20,000
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
hours.
What is this company's predetermined overhead rate?
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$40 per direct labor hour.
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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
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
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
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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
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
this payment of wages to the woodworkers?
|\ |\ |\ |\ |\ |\
Debit to work-in-process inventory for $12,500.
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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:
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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
|\ |\ |\ |\
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?
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$775,000
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
|\ |\ |\ |\ |\ |\
Pre-Assessment questions with answers |\ |\ |\
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
|\ |\ |\ |\ |\
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.
|\ |\ |\ |\ |\
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.
|\ |\ |\ |\
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
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
