WGU D101 Cost And Managerial Accounting Questions And
Answers With Latest Solutions
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. ANS Credit to cash for $3,000.
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. ANS Debit to manufacturing overhead for $16,000
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?
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. ANS Debit to work-in-process inventory for $12,500.
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 ANS $775,000
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. ANS 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 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. ANS 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
Answers With Latest Solutions
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. ANS Credit to cash for $3,000.
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. ANS Debit to manufacturing overhead for $16,000
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?
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. ANS Debit to work-in-process inventory for $12,500.
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 ANS $775,000
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. ANS 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 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. ANS 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
