Cost and Managerial Accounting - D101
WGU Exam UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
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. - CORRECT ANSWER 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. - CORRECT ANSWER 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. - CORRECT ANSWER 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 - CORRECT ANSWER $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. - CORRECT ANSWER 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. - CORRECT ANSWER The cost of materials
placed into production.
WGU Exam UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
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. - CORRECT ANSWER 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. - CORRECT ANSWER 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. - CORRECT ANSWER 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 - CORRECT ANSWER $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. - CORRECT ANSWER 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. - CORRECT ANSWER The cost of materials
placed into production.
