tb chap 5 - 1. When direct materials are transferred using...

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1. When direct materials are transferred using a material requisition form, what account is credited? a. Raw Materials Inventory b. Manufacturing Overhead c. Work in Process Inventory d. Finished Goods Inventory correct: a 2. If a normal loss is anticipated on all jobs: a. the predetermined overhead rate should not include the estimated costs of defects and spoilage. b. the predetermined overhead rate should include an amount for the net cost of defects and spoilage. c. the loss should be written off as a period cost. d. any loss in excess of the normal loss is included in the predetermined overhead rate. correct: b 3. Which account is credited to record the indirect labor cost of a job? a. Raw Materials Inventory b. Wages and Salaries Payable c. Work in Process Inventory d. Manufacturing Overhead correct: b 4. The journal entry to apply overhead to production involves a debit to: a. Work in Process Inventory.
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This note was uploaded on 12/12/2008 for the course ACCT 310 taught by Professor Nacemagner during the Fall '08 term at Western Kentucky University.

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tb chap 5 - 1. When direct materials are transferred using...

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