SE_Ch05 - SAMPLE EXAM QUESTIONS: CHAPTER 5 *SEE SOLUTION AT...

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SAMPLE EXAM QUESTIONS: CHAPTER 5 ***SEE SOLUTION AT END OF FILE*** 1. The following information relates to a job cost system in a factory: For the year Estimated Actual Factory Overhead $600,000 $635,000 Direct Labor $500,000 $525,000 Direct Materials $500,000 $520,000 Direct Labor Hours 300,000 hrs. 290,000 hrs. The factory uses a predetermined overhead rate per direct labor hour to apply factory overhead. During the year jobs which cost $1,200,000 were completed, and finished goods costing $1,000,000 were sold. No inventories were on hand at the beginning of the year. The amount of applied factory overhead is: a. $614,800 b. $600,300 c. $600,000 d. $580,000 e. none of the above 2. At year end, Cougar Manufacturing accrued property taxes of $200 on the factory building and $100 on the sales/administrative offices building. Which of the following journal entries is correct to record the accrual of property taxes for the period? a. Property Tax Expense $300 Property Taxes Payable $300 b. Property Tax Expense $100 Manufacturing Overhead 200 Property Taxes Payable $300 c. Property Tax Expense $200 Manufacturing Overhead 100 Property Taxes Payable $300 $100 Manufacturing Overhead 200 Property Taxes Payable $300 e. Property Tax Expense $300 $300
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USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT 3 QUESTIONS: Larry’s Lariats, Inc. produced 2,000 cartons of lariats in January. By the end of the month, 500 cartons were sold. Assume there were no beginning inventories and no ending work in process inventory. Costs for the period were: Direct materials used $2,400 Direct labor $3,200 Manufacturing overhead applied $1,600 Selling and Administrative Expense $3,200 3. The correct accounts for the journal entry to record the direct materials used is: a. Direct materials expense Raw materials inventory b. Work in process Direct materials expense c. Finished Goods Raw materials inventory d. Work in process Raw materials inventory
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SE_Ch05 - SAMPLE EXAM QUESTIONS: CHAPTER 5 *SEE SOLUTION AT...

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