multiple choice accounting

multiple choice accounting - Table 1 Lakeside Company...

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Unformatted text preview: Table 1 Lakeside Company reports the following data for isa3, its first year of operations: Cost of goods manufactured $420,000 Work in process inventory, Dec, 31, 19X3 120,000 Direct materials used 110,000 Manufacturing overhead incurred 150,000 Finished goods inventory, Dec. 31, 19x3 60,000 T. Refer to Table 1. What are the total manufacturing costs to account for by Lakeside Company for 10x3? a. $150,000 h. $100,000 c. $500,000 d. $300,000 0. Refer to Table 1, What is cost of goods sold for Lakeside Company for 19x3: a. $240,000 0, $300,000 c. $300,000 0, $400,000 0. Bluebell Company reports the following data for 19x3: Cost of goods manufactured $60,300 Direct materials used 27,000 Direct labor incurred 30,000 Work in process inventory, Jan. 1, 10X} 9,000 Manufacturing overhead is 75% of the cost of direct labor. Work in process inventory on December 31, 19X3, is: a. $19,200 0, $10,200 c. $22,500 d. $13,500 10. 11. 12. 13. Selected data for the Allgood Company for 10KB is presented below: Direct labor incurred $30,000 Indirect labor incurred 21,000 Factory depreciation 5,000 Factory utilities 0,000 Indirect materials used 2,000 Direct materials used 12,000 Property taxes on factory building 3,000 Sales commissions 0,000 What is the manufacturing overhead incurred during 19x5: a. $47,000 h. $50,000 C. $30,000 d. $46,000 In job costing, direct materials used in production are debited to: a. manufacturing overhead b. work in process inventory c. finished goods inventory d. either manufacturing overhead or work in process inventory The journal entry to issue 3500 of direct materials and $30 of indirect materials to production involves a debit to: a. work in process inventory for $530 b. manufacturing overhead for $530 c, work in process inventory for $500 and a debit to manufacturing overhead for 530 on work in process inventory for $500 and a credit to manufacturing overhead for 530 The journal entry to allocate $1,500 of direct labor and $200 of indirect labor for the current period involves a debit to: a. work in process inventory for $1,100 be manufacturing overhead for $1,?00 c. work in process inventory for $1,500 and a credit to manufacturing overhead for 5200 d. work in process inventory for $1,500 and a debit to manufacturing overhead for $200 Table 2 Hhitefield's selected cost data for July is shown below: Cost of goods manufactured $420,000 Work in process inventory, July 1 100,000 Work in process inventory, July 31 120,000 flirect materials used 50,000 Manufacturing overhead is allocated at 60% of direct labor cost. 14. Refer to Table 2. What are the total manufacturing costs for July? a. $550,000 0, $040,000 c. $400,000 0. none of the above 15. Refer to Table 2. What was the amount of direct labor incurred in July? a. $200,000 0. $214,000 0. $330,000 d. $243,?50 Table 3 Dover Furniture Company constructs custom furniture. Job cost records during the second and third quarters of 19X5 are shown below: Date Date Total Cost of Manufacturing Job He. started Finished Job on July 1 Costs Added in July 110 June 1 July 15 $32,000 $43,000 111 June 3 August 25 $10,100 $111,200 112 July 2 July 30 — 5105.000 113 July 6 July 31 — 502.800 114 July 15 Auguet 19 - $120,000 16. Refer to Table 3. What is the total cost of July 31 work in process inventory and tinisned goods inventory? Work in Process inventory Finished goods inventorg a. $303,000 $02,000 0. $321,700 $309,240 c. $450,?00 $22?,300 0. $400,600 $209,200 1?. Refer to Table 3. assuming Jobs No. 110 and 112 are sold to customers in July. what is the total cost of goods sold in July? a. $221,440 b. $304,240 0. $108,000 0. 32?],000 Table 0 The 0wens Company's manufacturing overhead account showed a $20,000 underallocated balance at the end of 19x5. Other accounts showed the following balances: Materials inventory $10,000 Work in process inventory 30,000 Finished goods inventory 45,000 Cost of goods sold 75,000 18. Refer to Table 4. The ending balance in cost of goods sold after allocating the proper amount of the manufacturing overhead balance will he {Assume that underellocated overhead is material.}: a. $69,000 h. $81,000 c. $75,000 0. $05,000 Table 5 19+ 20. Jones Company presents the following cost data for 19x3: Estimated manufacturing overhead costs $21flifi00 Estimated direct labor cost $303,00fl Estimated direct labor hours 30,000 Actual direct labor cost $315,309 Actual direct labor hours 33,000 Allocation base: Direct labor cost Other expenses: Factory depreciation $63,300 Factory rent 49,000 Factory utilities 23,900 Factory property taxes 26,900 Indirect labor 23,30fl Indirect materials 32.000 Sales commissions 52,500 Refer to Table 5. The predetermined manufacturing overhead rate for lBKS is: a. 143% of direct labor cost h. 14% of direct labor cost c. Tflh of direct labor cost d. 3?.00 per direct labor hour Actual manufacturing overhead for the current period is $12,300 while allocated manufacturing overhead for the current period is $13,100. assuming the amount to be insignificant, the proper entry to dispose of the manufacturing overhead balance involves a debit to: a. manufacturing overhead and a credit to work in process inventory for $1,409 h. manufacturing overhead and a credit to cost of goods sold for $1,400 c. cost of goods sold and a credit to manufacturing overhead for $1,4UG d. cost of goods sold and a credit to finished goods inventory for $1,400 Table 6 The Red Tide Company manufactures lightouibs in a single process. The following information is available Work in process inventory, Jan. 1 0 units Units started in production 14,000 units Units completed and transferred out 9,000 units Work in process inventory, Dec. 31 5,000 units Production costs Direct materials $38,500 Direct labor 13,9?5 Manufacturing overhead 3,600 The units still in process are 100% complete with respect to direct materials and 35% complete with respect to conversion costs. 21. Refer to Table 6. The total costs to account for are a, $22,575 0. $38,500 c. 301,0?5 d. cannot be determined from the information given 22. Refer to Table 6. The equivalent units for direct materials are a. 5,000 units 0. 14,000 units c- 9,000 units d. cannot be determined from the information given 23. Refer to Table 6. The equivalent units for conversion costs are a. 10,750 units 0. 14,000 units c. 9,000 units 0. 12,250 units Table 7 The American—Made Company manufactures flags in a single process. The following information is available Work in process inventoryr Jan. 1 “0— units Units started in production iTr000 units Units completed and transferred out 12,000 units work in process inventory, Decv 31 5,000 units Production costs: Direct materials $2l3rT50 Direct labor 51?,500 Manufacturing overhead 391:8T5 The units still in process are 45% complete with respect to direct materials and 35% complete with respect to conversion COSES . 24. Refer to Table T. The equivalent units for direct materials are a. 14,250 units b. 1T,UDG units c. 12,000 units d. 13,150 units 25. Refer to Table 1. The cost per equivalent unit for conversion costs 13 a. $42.00 b. $28.50 c. $T0.50 d. $85.50 26. Refer to Table 7. The total cost of units completed and transferred out is a. $1,183,l25 b. $1,026,000 o. 542?,500 d. $15?,125 2?. Refer to Table T. The total cost of units in ending work in process inventory is a. $151,125 b. $352,500 c. 5427.500 d. cannot be determined from the information given ...
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This note was uploaded on 09/09/2010 for the course ACCOUNTING 2345 taught by Professor Dr.ijueh during the Spring '10 term at twsu.edu.

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multiple choice accounting - Table 1 Lakeside Company...

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