Question

Exercise 5 When Job 711 was completed, direct materials totaled $3,000; direct labor, $3,500; and factory...

Exercise 5

When Job 711 was completed, direct materials totaled $3,000; direct labor, $3,500; and factory overhead, $1,500, respectively. Units produced totaled 1,000. Unit costs are:

Select one:

a. $8,000

b. $800

c. $80

d. $8

Exercise 6

Compute conversion costs given the following data: Direct Materials, $247,800; Direct Labor, $183,400; Factory Overhead, $121,300.

Select one:

a. $431,200

b. $552,500

c. $304,700

d. $369,100

Exercise 7

Albany, Inc. has estimated total factory overhead costs of $400,000 and 20,000 direct labor hours for the current fiscal year. If direct labor hours for Job N41 total 1,000, calculate applied factory overhead applied to this job.

Select one:

a. $40,000

b. $20,000

c. $2,000

d. cannot be determined

Exercise 8

Compute factory overhead cost from the following costs:

Depreciation on factory buildings

$ 15,000

Depreciation on office equipment

20,000

Direct materials used

70,000

Indirect labor

3,000

Select one:

a. $3,000

b. $35,000

c. $18,000

d. $108,000

Exercise 9

The following information is available for the first month of operations for Atlantis, Inc.:

Sales

$570,000

Gross Profit

200,000

Indirect Labor

20,000

Indirect Materials

9,000

Other factory overhead

7,500

Materials purchased

250,000

Total manufacturing costs

420,000

Materials inventory, end of period

10,000

a. Calculate cost of goods sold:

Select one:

a. $420,000

b. $370,000

c. $286,500

d. $277,500

b. Calculate direct materials cost used in production:

Select one:

a. $231,000

b. $240,000

c. $250,000

d. $259,000

Exercise 10

In a job order cost accounting system the effect of receiving materials and the invoice is to

Select one:

a. increase Work in Process, decrease Materials Inventory

b. increase Materials Inventory, increase Accounts Payable

c. increase Materials Inventory, decrease Accounts Payable

d. decrease Work in Process, decrease Materials Inventory

Exercise 11

Which of the following would probably NOT be found in the accounting system of a service provider?

Select one:

a. Cost ledger

b. Finished goods ledger

c. Cost of services account

d. Job cost sheets

Exercise 12

A DISADVANTAGE of maintaining high inventory levels includes:

Select one:

a. providing a ‘buffer’ to protect against process problems

b. hiding underlying production problems such as unexpected scrap and rework

c. maintaining inventory is wasteful and unnecessary

d. both (b) and (c) are disadvantages of maintaining inventory

Exercise 13

The amount of time spent by an employee in the factory is usually recorded on:

Select one:

a. time tickets

b. job order cost sheets

c. employees' earnings records

d. clock cards

Homework Answers

Answer #1

If any query Relating to a solution please comment

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1.Manufacturing costs are typically classified as Select one: a. direct materials or direct labor b. product...
1.Manufacturing costs are typically classified as Select one: a. direct materials or direct labor b. product costs or period costs c. direct materials, direct labor, or manufacturing overhead d. direct materials, direct labor, or selling and administrative 2. Raw materials inventory, January 1 $ 12,000 Raw materials inventory, December 31 16,000 Work in process, January 1 5,000 Work in process, December 31 8,000 Finished goods, January 1 17,000 Finished goods, December 31 12,000 Raw materials purchases 118,000 Direct labor 165,000...
Entries for Factory Costs and Jobs Completed Munch Printing Inc. began printing operations on January 1....
Entries for Factory Costs and Jobs Completed Munch Printing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $510...
ENTRIES FOR FACTORY COSTS AND JOBS COMPLETED ****ONLY NEED ANSWER FOR C.****** Old School Publishing Inc....
ENTRIES FOR FACTORY COSTS AND JOBS COMPLETED ****ONLY NEED ANSWER FOR C.****** Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor...
Entries for Factory Costs and Jobs Completed Collegiate Publishing Inc. began printing operations on March 1....
Entries for Factory Costs and Jobs Completed Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $4,500...
Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed...
Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $7,900 of indirect materials and $13,200 of...
Inventory Valuation under The reporting of the costs of manufactured products, normally direct materials, direct labor,...
Inventory Valuation under The reporting of the costs of manufactured products, normally direct materials, direct labor, and factory overhead, as product costs.Absorption Costing and The concept that considers the cost of products manufactured to be composed only of those manufacturing costs that increase or decrease as the volume of production rises or falls (direct materials, direct labor, and variable factory overhead).Variable Costing At the end of the first year of operations, 6,200 units remained in the finished goods inventory. The...
The following information is available for completed Job No. 402: Direct materials, $150,000; direct labor $190,000;...
The following information is available for completed Job No. 402: Direct materials, $150,000; direct labor $190,000; manufacturing overhead applied, $80,000; units produced, 6,000 units; units sold, 5,000 units. The cost of the finished goods on hand from this job is? At 19,000 direct labor hours, the flexible budget for indirect materials is $54,000. If $40,400 are incurred at 20,400 direct labor hours, the flexible budget report should show the following difference for indirect materials (show your work): What is the...
Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed...
Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $7,400 of indirect materials and $12,000 of...
Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed...
Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $7,500 of indirect materials and $11,800 of...
Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed...
Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $8,400 of indirect materials and $13,700 of...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT