test chapter 3

test chapter 3 - Which of the following situations always...

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Which of the following situations always results in underapplied overhead? Actual overhead is less than applied overhead Estimated overhead is less than actual overhead Actual overhead is greater than applied overhead Estimated overhead is greater than actual overhead Melillo Corporation has provided data concerning the company's Manufacturing Overhead account for the month of October. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $67,000 and the total of the credits to the account was $57,000. Which of the following statements is true? Manufacturing overhead applied to Work in Process for the month was $67,000. Actual manufacturing overhead for the month was $67,000. Manufacturing overhead for the month was overapplied by $10,000. Manufacturing overhead transferred from Finished Goods to Cost of Goods Sold during the month was $57,000. Inks Corporation incurred $69,000 of actual Manufacturing Overhead costs during June. During the same period, the Manufacturing Overhead applied to Work in Process was $70,000. The journal entry to record the incurrence of the actual Manufacturing Overhead costs would include a: debit to Work in Process of $70,000 credit to Work in Process of $70,000 debit to Manufacturing Overhead of $69,000 credit to Manufacturing Overhead of $69,000 During December, Fleeger Corporation incurred $51,000 of direct labor costs and $5,000 of indirect labor costs. The journal entry to record the accrual of these wages would include a: credit to Work in Process of $51,000 debit to Work in Process of $56,000 credit to Work in Process of $56,000 debit to Work in Process of $51,000 Choice of allocation base should be made based on: The base's relation to direct labor. Whether the base actually drives the cost being allocated. The relative size of the base. The base's activity.
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Mincks Corporation incurred $64,000 of actual Manufacturing Overhead costs during November. During the same period, the Manufacturing Overhead applied to Work in Process was $61,000. The journal entry to record the application of Manufacturing Overhead to Work in Process would include a: credit to Manufacturing Overhead of $61,000 debit to Work in Process of $64,000 credit to Work in Process of $64,000 debit to Manufacturing Overhead of $61,000 During October, Kreitner Inc. transferred $73,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $76,000. The journal entries to record these transactions would include a: credit to Work in Process of $73,000 credit to Finished Goods of $73,000 debit to Finished Goods of $76,000 credit to Cost of Goods Sold of $76,000 Which of the following companies would be most likely to use a job-order costing system rather than a process costing system? fast food restaurant
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test chapter 3 - Which of the following situations always...

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