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Exam 3: Job-Order Costing: Cost Flows and External Reporting

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Question 71

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Brendal Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Results of operations: How much is the total manufacturing cost added to Work in Process during the year?

A) $1,215,000
B) $1,803,000
C) $1,498,500
D) $2,023,500

E) C) and D)
F) B) and D)

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Question 72

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Boursaw Corporation has provided the following data concerning last month's operations. Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. How much is the cost of goods available for sale on the Schedule of Cost of Goods Sold?

A) $141,000
B) $185,000
C) $144,000
D) $136,000

E) A) and B)
F) A) and C)

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Question 73

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Weyant Corporation has provided the following data concerning last month's operations. The company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold. How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold?

Caple Corporation applies manufacturing overhead on the basis of machine-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $16,660. Actual manufacturing overhead for the year amounted to $25,000 and actual machine-hours were 1,460. The company's predetermined overhead rate for the year was $11.90 per machine-hour.The applied manufacturing overhead for the year was closest to:

Dukes Corporation used a predetermined overhead rate this year of $2 per direct labor-hour, based on an estimate of 20,000 direct labor-hours to be worked during the year. Actual costs and activity during the year were: The overapplied or underapplied manufacturing for the year was:

Gallon Corporation had $24,000 of raw materials on hand on April 1. During the month, the Corporation purchased an additional $52,000 of raw materials. During April, $62,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $2,000. The debits to the Work in Process account as a consequence of the raw materials transactions in April total:

Entry (1) in the below T-account represents the purchase rather than use of raw materials.

Wears Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. The Cost of Goods Manufactured for the year was $537,000. Required: What was the Cost of Goods Sold for the year?

Ellithorpe Corporation has provided the following data concerning last month's operations. Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. Required: Determine the adjusted cost of goods sold for the month.

Centore Incorporated has provided the following data for the month of June. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Manufacturing overhead for the month was underapplied by $3,000.The company allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts.The work in process inventory at the end of June after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:

Amunrud Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on January 1 appears below: Summaries of the transactions completed during January appear below: Required:Completely fill in the spreadsheet below.

Calfee Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Results of operations: The ending balance in the Work in Process inventory account is:

Koczela Incorporated has provided the following data for the month of May:Inventories: Additional information: Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.The cost of goods manufactured for May is:

Faughn Corporation has provided the following data concerning manufacturing overhead for July: The company's Cost of Goods Sold was $243,000 prior to closing out its Manufacturing Overhead account. The company closes out its Manufacturing Overhead account to Cost of Goods Sold. Which of the following statements is true?

Refer to the T-account below: Entry (4) could represent which of the following except?

Crich Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 21,800 hours and the total estimated manufacturing overhead was $497,040. At the end of the year, actual direct labor-hours for the year were 21,500 hours and the actual manufacturing overhead for the year was $492,040. Overhead at the end of the year was: (Do not round your intermediate calculations.)

In a job-order costing system, which of the following events would trigger recording data on a job cost sheet?

Entry (4) in the below T-account could represent the cost of overhead applied to Work in Process.

Holmstrom Corporation has provided the following data concerning last month's operations. How much is the cost of goods available for sale on the Schedule of Cost of Goods Sold?

Hardigree Corporation uses a job-order costing system. The following data relate to the just completed month's operations. The ending balance in the Work in Process account is closest to: