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Exam 25: Manufacturing Accounting

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Question 31

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Lumber used in construction of a building is part of:

A) raw material costs.
B) labor costs.
C) manufacturing overhead.
D) None of these answers are correct.

E) A) and D)
F) A) and C)

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Question 32

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If a company had a beginning balance of $5,000 in Work-in-Process Inventory,an ending balance of $7,000 and incurred direct labor costs of $8,000 and overhead costs of $4,000,then the cost of goods manufactured during the month was $24,000.

A) True
B) False

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Question 33

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Cost of Goods Sold is debited after items have been sold from the finished goods inventory.

A material requisition is a:

The statement of cost of goods manufactured does not include:

Given the following accounts: [1]Expense accounts. [2]Accounts receivable [3]Finished goods inventory. [4]Work in process inventory. [5]Raw materials inventory. [6]Factory supplies inventory. [7]Overhead applied [8]Accumulated depreciation factory equipment [9]Accounts payable. [10]Payroll [11]Utilities payable [12]Sales. [13]Raw materials purchases. [14]Overhead-control. [15]Cost of goods sold. Indicate the account(s) to be debited and credited to record the following transactions. -Charged direct labor to production. Debit ________ & ________ & ________ Credit ________ & ________ & ________

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement(s) on which the account balance is reported, and in Column 4 the account's nature (permanent/temporary). - $\begin{array} { | l | l | l | l | l | } \hline & \text { Column 1 } & \text { Column } 2 & \text { Column } 3 & \text { Column } 4 \\\hline \begin{array} { l } \text { Factory rent } \\\text { expense }\end{array} & & & & \\\hline\end{array}$

The estimated manufacturing overhead cost was $20,000 and estimated machine hours were 10,000.Actual manufacturing overhead cost was $22,000 and actual machine hours were 12,000.The overhead application rate per hour based on machine hours is:

Given the following accounts: [1]Expense accounts. [2]Accounts receivable [3]Finished goods inventory. [4]Work in process inventory. [5]Raw materials inventory. [6]Factory supplies inventory. [7]Overhead applied [8]Accumulated depreciation factory equipment [9]Accounts payable. [10]Payroll [11]Utilities payable [12]Sales. [13]Raw materials purchases. [14]Overhead-control. [15]Cost of goods sold. Indicate the account(s) to be debited and credited to record the following transactions. -Issued raw materials to production. Debit ________ & ________ & ________ Credit ________ & ________ & ________

Finished Goods Inventory appears on which of the following statements on the worksheet?

A clock card is:

Freight costs to bring the raw materials in should be charged to:

The second step in determining total manufacturing costs is to calculate:

The following data are available for Skyway: $\begin{array} { | l | l | } \hline \text { Estimated machine hours } & 45,000 \text { hours } \\\hline \text { Estimated overhead costs } & \$ 90,000 \\\hline\end{array}$ If overhead is applied based on machine hours,the predetermined overhead rate is:

The three manufacturing inventories are raw materials,work-in-process,and finished goods.

Raw material inventory appears on the:

What is the journal entry to record issuing raw materials from the storeroom?

The entry for indirect materials (such as glue,etc.) requisitioned for use in production is:

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement(s) on which the account balance is reported, and in Column 4 the account's nature (permanent/temporary). - $\begin{array} { | l | l | l | l | l | } \hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 & \text { Column } 4 \\\hline \text { Work in process } & & & & \\\hline \text { inventory } & & & & \\\hline\end{array}$

Journal entries crediting Payroll and debiting Work-in-Process Inventory are made for: