WGU D101 COST AND MANAGERIAL ACCOUNTING EXAM 99
QUESTIONS WITH VERIFIED ANSWERS
Credit to cash for $3,000. - CORRECT ANSWER 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 work-in-process inventory for $3,000.
Credit to raw materials inventory for $3,000.
Credit to accounts payable for $3,000.
Credit to cash for $3,000.
Debit to manufacturing overhead for $16,000 - CORRECT ANSWER 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.
Debit to cost of goods sold for $16,000.
Debit to cost of goods sold for $156,000.
Debit to manufacturing overhead for $156,000.
Debit to work-in-process inventory for $12,500. - CORRECT ANSWER 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?
,Credit to work-in-process inventory for $12,500.
Debit to work-in-process inventory for $12,500.
Credit to manufacturing overhead for $12,500.
Debit to manufacturing overhead for $12,500.
$775,000 - CORRECT ANSWER 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?
$630,000
$710,000
$715,000
$775,000
, They are costs put into production during the period. - CORRECT ANSWER What is
true about debits in the work-in-process T-account during the period?
They are costs of goods manufactured during the period.
They are direct material costs incurred only during the period.
They are direct labor costs incurred only during the period.
They are costs put into production during the period.
The cost of materials placed into production. - CORRECT ANSWER Which cost item
does the cost of goods manufactured schedule begin with?
The cost of materials purchased during the period.
The cost of direct labor incurred during the period.
The costs related to manufacturing overhead incurred during the period.
The cost of materials placed into production.
$415,000 - CORRECT ANSWER 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
QUESTIONS WITH VERIFIED ANSWERS
Credit to cash for $3,000. - CORRECT ANSWER 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 work-in-process inventory for $3,000.
Credit to raw materials inventory for $3,000.
Credit to accounts payable for $3,000.
Credit to cash for $3,000.
Debit to manufacturing overhead for $16,000 - CORRECT ANSWER 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.
Debit to cost of goods sold for $16,000.
Debit to cost of goods sold for $156,000.
Debit to manufacturing overhead for $156,000.
Debit to work-in-process inventory for $12,500. - CORRECT ANSWER 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?
,Credit to work-in-process inventory for $12,500.
Debit to work-in-process inventory for $12,500.
Credit to manufacturing overhead for $12,500.
Debit to manufacturing overhead for $12,500.
$775,000 - CORRECT ANSWER 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?
$630,000
$710,000
$715,000
$775,000
, They are costs put into production during the period. - CORRECT ANSWER What is
true about debits in the work-in-process T-account during the period?
They are costs of goods manufactured during the period.
They are direct material costs incurred only during the period.
They are direct labor costs incurred only during the period.
They are costs put into production during the period.
The cost of materials placed into production. - CORRECT ANSWER Which cost item
does the cost of goods manufactured schedule begin with?
The cost of materials purchased during the period.
The cost of direct labor incurred during the period.
The costs related to manufacturing overhead incurred during the period.
The cost of materials placed into production.
$415,000 - CORRECT ANSWER 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
