Question : 63.A firm purchased 50 units of materials with a unit : 1169248

 

 

63.A firm purchased 50 units of materials with a unit price of $1.30 on June 1. On June 15, the firm purchased 50 units with a unit price of $1.20. If the firm uses the FIFO method of inventory pricing, the total cost of 65 units issued on June 20 would be   

A. $83.00.

 

B. $79.50.

 

C. $78.00.

 

D. $84.50.

 

 

 

64.A raw material subsidiary ledger   

A. contains a raw materials card for each item of direct materials only.

 

B. contains a raw materials card for each item of indirect materials only.

 

C. contains a raw materials card for each item of direct materials and indirect materials.

 

D. contains a raw material card for each supplier of raw materials.

 

 

 

 

65.Job order cost sheets constitute a subsidiary ledger that supports   

A. the Work in Process Inventory account.

 

B. the Finished Goods Inventory account.

 

C. the Raw Materials Inventory account.

 

D. the Cost of Goods Manufactured account.

 

 

 

 

66.Process cost accounting is appropriate   

A. exclusively for companies that produce only one product.

 

B. when a company produces more than one product in batches rather than on a continuous basis.

 

C. when a company produces what each customer wants on special order.

 

D. when there are continuous operations on standard types of products.

 

 

 

 

67.The total direct labor charged to all job cost sheets must agree with the direct labor debited to   

A. Time Tickets.

 

B. Wages Payable.

 

C. Work in Process Inventory.

 

D. Wages Expense.

 

 

 

 

68.What is the subsidiary ledger that contains a record for each overhead item called?   

A. Manufacturing Overhead Control

 

B. Manufacturing Overhead Ledger

 

C. Manufacturing Overhead Records Book

 

D. Manufacturing Overhead Card

 

 

 

 

69.Manufacturing overhead includes all of the following except   

A. indirect labor.

 

B. direct labor.

 

C. utilities.

 

D. payroll taxes on factory labor.

 

 

 

 

70.The ______ is a record of all manufacturing costs charged to a specific job.   

A. Cost of Goods Sold

 

B. Standard Costs Card

 

C. Work in Process Inventory

 

D. Job Order Cost Sheet

 

 

 

 

71.If the manufacturing overhead was overapplied, then the   

A. the manufacturing overhead account had more debits than credits.

 

B. the manufacturing overhead account had more credits than debits.

 

C. the actual overhead expenses were more than the amount going to Work in Process.

 

D. the debits to Work in Process were more than the credits to Work in Process.

 

 

 

 

72.The McGreen Company employees worked 10,000 hours last year with an average hourly rate of $11 per hour. The overhead was $495,000. If overhead is based on direct labor costs, then the overhead rate is ________ per direct labor dollar.   

A. $11.00

 

B. $49.50

 

C. $4.50

 

D. $4.95

 

 

 

 

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