Quiz05 - Quiz Chapter 05 1. The manufacturing operation...

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Page 1 Quiz – Chapter 05 1. The manufacturing operation that would be most likely to use a job-order costing system is: A) toy manufacturing. B) candy manufacturing. C) crude oil refining. D) shipbuilding. 2. A proper journal entry to close over-applied overhead to Cost of Goods Sold would be: A) D. Cost of Goods Sold XXX Cr. Work In Progress XXX B) D. Cost of Goods Sold XXX Cr. Manufacturing Overhead XXX C) D. Cost of Goods Sold XXX Cr. Finished Goods XXX D) D. Manufacturing Overhead XXX Cr. Cost of Goods Sold XXX 3. A proper journal entry to record issuing raw materials to be used on a job would be: A) D. Finished Goods XXX Cr. Materials Inventory XXX B) D. Materials Inventory XXX Cr. Work In Process XXX C) D. Work In Process XXX Cr. Raw Materials XXX D) D. Materials Inventory XXX Cr. Finished Goods XXX 4. Nil Co. uses a Predetermined Overhead Rate based on Direct Labor Cost to apply Manufacturing Overhead to jobs. For the year ended December 31, Nil's estimated Manufacturing Overhead was $600,000, based on an estimated volume of 50,000 Direct Labor Hours, at a Direct Labor Rate of $6.00 per hour.
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Quiz05 - Quiz Chapter 05 1. The manufacturing operation...

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