Chapter 3 Quiz Spring 2019 (3).docx

Firebaugh corporation is a manufacturer that uses job

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7) Firebaugh Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Raw materials purchased on account $ 520,000 Raw materials (all direct) requisitioned for use in production $ 467,000 What is the journal entry to record raw materials used in production? A. Work in Process 467,000 Raw Materials 467,000 B. Raw Materials 467,000 Work In Process 467,000
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C. Work in Process 520,000 Raw Materials 520,000 D. Raw Materials 520,000 Work In Process 520,000 8) Tomlison Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Cost of goods manufactured $ 1,589,000 Cost of goods sold (unadjusted) $ 1,517,000 The journal entry to record the unadjusted Cost of Goods Sold is: 9) In October, Raddatz Inc. incurred $73,000 of direct labor costs and $6,000 of indirect labor costs. The journal entry to record the accrual of these wages would include a:
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10) Lister Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year: Estimated total manufacturing overhead at the beginning of the year $624,000 Estimated direct labor-hours at the beginning of the year 39,000 direct labor-hours Results of operations: Actual direct labor-hours 36,000 direct labor-hours Manufacturing Overhead Indirect labor cost $ 131,000 Other manufacturing overhead costs incurred $ 543,000 The total amount of manufacturing overhead applied to production is:
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  • Fall '19
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