41.Work in Process Inventory includes the cost of
A.goods which are only partially completed.
B.all goods sold during the period.
C.all materials purchased during the last period.
D.all goods which are completed and ready to sell.
42.Which of the following is not a cost that is included in the ending balances of the Work in Process Inventory account in a job-order cost system?
A.Cost of Goods Sold
B.Costs of tires attached to wagons by a toy manufacturer
C.Factory-related costs
D.Cost of wages earned by assembly workers
43.Which of the following lists presents the accounts in the order in which product costs flow?
A.Cost of Goods Sold, Work in Process Inventory, Raw Materials Inventory, Finished Goods Inventory
B.Work in Process Inventory, Finished Goods Inventory, Cost of Goods Sold, Raw Materials Inventory
C.Raw Materials Inventory, Finished Goods Inventory, Work in Process Inventory, Cost of Goods Sold
D.Raw Materials Inventory, Work in Process Inventory, Finished Goods Inventory, Cost of Goods Sold
44.Cost of goods manufactured
A.is the amount transferred from Work in Process Inventory to Finished Goods Inventory during the period.
B.is equal to the beginning Work in Process Inventory plus the current period’s manufacturing costs plusthe ending Work in Process Inventory.
C.is always equal to cost of goods sold.
D.is transferred to Raw Material Inventory account.
45.DistaBricks manufactures custom brickand applies job-order costing. The following information relates to the fiscal year ending December 31, 2013.
Beginning balance in Raw Materials Inventory $ 13,600
Purchases of raw material 211,000
Ending balance in Raw Materials Inventory 15,100
Beginning balance in Work in Process 18,700
Ending balance in Work in Process 16,500
Direct labor cost 78,600
Manufacturing overhead applied 47,900
Actual manufacturing overhead 44,800
Beginning balance in Finished Goods 26,200
Ending balance in Finished Goods 24,500
Sales 421,000
Selling expenses 115,400
General and administrative expenses 75,900
How much is the cost of direct materials transferred into production?
A.$224,600
B.$212,500
C.$209,500
D.$211,000
46.DistaBricks manufactures custom brick and applies job-order costing. The following information relates to the fiscal year ending December 31, 2013.
Beginning balance in Raw Materials Inventory $ 13,600
Purchases of raw material 211,000
Ending balance in Raw Materials Inventory 15,100
Beginning balance in Work in Process 18,700
Ending balance in Work in Process 16,500
Direct labor cost 78,600
Manufacturing overhead applied 47,900
Actual manufacturing overhead 44,800
Beginning balance in Finished Goods 26,200
Ending balance in Finished Goods 24,500
Sales 421,000
Selling expenses 115,400
General and administrative expenses 75,900
How much is the cost of goods manufactured?
A.$336,000
B.$338,200
C.$335,100
D.None of these answer choices are correct
47.DistaBricks manufactures custom brick and applies job-order costing. The following information relates to the fiscal year ending December 31, 2013.
Beginning balance in Raw Materials Inventory $ 13,600
Purchases of raw material 211,000
Ending balance in Raw Materials Inventory 15,100
Beginning balance in Work in Process 18,700
Ending balance in Work in Process 16,500
Direct labor cost 78,600
Manufacturing overhead applied 47,900
Actual manufacturing overhead 44,800
Beginning balance in Finished Goods 26,200
Ending balance in Finished Goods 24,500
Sales 421,000
Selling expenses 115,400
General and administrative expenses 75,900
How much is cost of goods sold?
A.$339,900
B.$338,200
C.$336,000
D.None of these answer choices are correct
48.The manufacturing operations of Saltic Enterprises had the following balances for the month of March:
March 1, 2013 March 31, 2013
Raw Materials $11,000 $14,000
Work in Process 8,000 10,000
Finished Goods 25,000 28,000
If Saltic reportscost of goods sold totaling $249,000 in March, how much did it transfer out of Workin Process as completed goods?
A.$277,000
B.$246,000
C.$251,000
D.$252,000
49.Blue Dynamics manufactures custom water fountains and employs job-order costing system. Beginning raw materials on October 1 totaled $15,600. During October, Blue Dynamic’s transactions and accounts included the following:
Raw materials acquired for cash $ 7,500
Raw materials received on account 88,900
Direct materials requisitioned and transferred to production 91,200
Cost of goods manufactured 187,900
How much is the balance of Raw Materials onOctober 31?
A.$20,800
B.$96,400
C.$5,200
D.$9,800
50.Hard WalksInc. designs and builds custom sidewalks and employs a job-order costing system. During June, the company’s transactions and accounts included the following:
Raw materials purchased $282,000
Direct materials used in production 290,000
Raw materials inventory, beginning 11,400
Corporate administrative costs 22,500
Selling expenses 16,500
Sales 389,000
Total manufacturing overhead applied 45,300
Total manufacturing overhead incurred 49,100
Finished goods, beginning 21,400
Work in process inventory, beginning 31,800
Work in process inventory, ending 28,700
Direct labor cost incurred 42,300
Finished goods, ending 23,500
How much is cost of goods manufactured for June?
A.$348,900
B.$377,600
C.$380,700
D.$384,500
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