Question : 131. Which of the following entries would probably not be found : 1239427

 

 

131. Which of the following entries would probably not be found on the books of a service provider? A. Debit Work in Process; credit MaterialsB. Debit Work in Process; credit Wages PayableC. Debit Work in Process; credit OverheadD. Debit Cost of Services; credit Work in Process

 

132. In a job order cost accounting system used by a service business, which of the following items would normally not be included as part of overhead? A. MaterialsB. Direct laborC. RentD. Supplies

 

133. The direct labor and overhead costs of providing services to clients are accumulated in: A. finished services expenseB. work in processC. administrative salaries expenseD. overhead

 

134. When a job is completed in a service organization, the job costs are transferred to the A. work in process account.B. cost of services account.C. finished goods account.D. cost of goods sold account.

 

135. The following budget data are available for Happy Company: 

Estimated direct labor hours

12,000

Estimated direct labor dollars

$90,000

Estimated factory overhead costs

$179,000

Actual direct labor hours

11,500

Actual direct labor dollars

$92,000

Actual factory overhead costs

$180,000

 

 

If factory overhead is to be applied based on direct labor dollars, the predetermined overhead rate is A. 199%B. 196%C. $14.92D. $15.65

 

136. The following budget data are available for Happy Company: 

Estimated direct labor hours

12,000

Estimated direct labor dollars

$90,000

Estimated factory overhead costs

$180,000

Actual direct labor hours

11,500

Actual direct labor dollars

$92,000

Actual factory overhead costs

$181,000

 

 

If factory overhead is to be applied based on direct labor hours as the cost allocation base for the predetermined overhead rate, the amount of overhead applied into production is A. $180,000B. $181,000C. $172,500D. $184,000

 

137. Scooby Company has applied $567,988 of overhead into production on Jobs in the Work in Process account.  Actual overhead at the end of the year is $575,000.  What is the adjustment for over or underapplied overhead? A. $7012 Overapplied, increase Cost of Goods SoldB. $7012 Underapplied, increase Cost of Goods SoldC. $7012 Overapplied, decrease Cost of Goods SoldD. $7012 Underapplied, decrease Cost of Goods Sold

 

138. Zeke Company is a manufacturing company that has worked on several production jobs during the 1st quarter of the year.  Below is a list of all the jobs for the quarter:

 

Balance

Job 356

$   450

Job 357

$1,235

Job 358

$   378

Job 359

$   689

Job 360

$   456

 

 

Job 356, 357, 358 & 359 were completed.  Jobs 356 & 357 were sold at a profit of $500 on each job. What is the ending balance of Work in Process for Zeke Company as of the end of the 1st quarter? A. $0B. $456C. $3,208D. $2,752

 

139. Zeke Company is a manufacturing company that has worked on several production jobs during the 1st quarter of the year.  Below is a list of all the jobs for the quarter:

 

Balance

Job 356

$   450

Job 357

$1,235

Job 358

$   378

Job 359

$   689

Job 360

$   456

 

 

Job 356, 357, 358 & 359 were completed.  Jobs 356 & 357 were sold at a profit of $500 on each job. What is the ending balance of Finished Goods for Zeke Company as of the end of the 1st quarter? A. $456B. $1,067C. $1,685D. $2,752

 

140. Zeke Company is a manufacturing company that has worked on several production jobs during the 1st quarter of the year.  Below is a list of all the jobs for the quarter:

 

Balance

Job 356

$   450

Job 357

$1,235

Job 358

$   378

Job 359

$   689

Job 360

$   456

 

 

Job 356, 357, 358 & 359 were completed.  Jobs 356 & 357 were sold at a profit of $500 on each job. What is the ending balance of Cost of Goods sold for Zeke Company as of the end of the 1st quarter? A. $456B. $2,685C. $1,685D. $685

 

 

 

141. Zeke Company is a manufacturing company that has worked on several production jobs during the 1st quarter of the year.  Below is a list of all the jobs for the quarter:

 

Balance

Job 356

$   450

Job 357

$1,235

Job 358

$   378

Job 359

$   689

Job 360

$   456

 

 

Job 356, 357, 358 & 359 were completed.  Jobs 356 & 357 were sold at a profit of $500 on each job. What is Sales for Zeke Company as of the end of the 1st quarter? A. $1,685B. $2,685C. $1,000D. $685

 

142. Zeke Company is a manufacturing company that has worked on several production jobs during the 1st quarter of the year.  Below is a list of all the jobs for the quarter:

 

Balance

Job 356

$   450

Job 357

$1,235

Job 358

$   378

Job 359

$   689

Job 360

$   456

 

 

Job 356, 357, 358 & 359 were completed.  Jobs 356 & 357 were sold at a profit of $500 on each job. What is Gross Margin for Zeke Company as of the end of the 1st quarter? A. $1,685B. $2,685C. $1,000D. $685

 

143. The Cavy Company estimates that the factory overhead for the following year will be $1,250,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 40,000 hours. The machine hours for the month of April for all of the jobs was 4,780. If the actual factory overhead totaled $141,800, determine the over or under applied amount for the month. A. $7,575 underappliedB. $35,220 underappliedC. $7,575 overappliedD. $35,220 overapplied

 

144. The Winston Company estimates that the factory overhead for the following year will be $1,250,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 50,000 hours. The total machine hours for the year was 54,300. The actual factory overhead for the year was $1,375,000.  Determine the over or under applied amount for the year. A. $17,500 overappliedB. $17,500 underappliedC. $118,250 overappliedD. $118,250 underapplied