Question : 101. Materials purchased account during the month amounted to $195,000. Materials : 1251536

101. Materials purchased on account during the month amounted to $195,000. Materials requisitioned and placed in production totaled $168,000. From the following, select the entry to record the transaction on the day the materials were requisitioned by the production department. 
A. Materials                             168,000
  Work in Process                                     168,000
B. Work in Process                  195,000
  Materials                                                195,000
C. Work in Process                  168,000
  Materials                                                168,000
D. Work in Process                  168,000
  Cash                                                       168,000

102. During the period, labor costs incurred on account amounted to $250,000 including $200,000 for production orders and $50,000 for general factory use. In addition, factory overhead charged to production was $23,000. From the following, select the entry to record the direct labor costs. 
A. Work in Process                  200,000
   Wages Payable                                       200,000
B. Work in Process                  250,000
   Wages Payable                                       250,000
C. Wages Payable                   250,000
  Work in Process                                       250,000
D. Wages Payable                    200,000
  Work in Process                                     200,000

103. During the period, labor costs incurred on account amounted to $250,000 including $200,000 for production orders and $50,000 for general factory use. In addition, factory overhead applied to production was $23,000. From the following, select the entry to record the actual factory overhead costs incurred. 
A. Accounts Payable                  50,000
  Factory Overhead                                     50,000
B. Factory Overhead                  23,000
  Accounts Payable                                     23,000
C. Work in Process                     50,000
  Wages Payable                                         50,000
D. Factory Overhead                   50,000
  Wages Payable                                         50,000

104. During the period, labor costs incurred on account amounted to $250,000 including $200,000 for production orders and $50,000 for general factory use. In addition, factory overhead applied to production was $23,000. From the following, select the entry to record the factory overhead applied to production. 
A. Work in Process                     50,000
  Factory Overhead                                     50,000
B. Factory Overhead                   23,000
  Work in Process                                       23,000
C. Work in Process                     23,000
  Factory Overhead                                     23,000
D. Factory Overhead                   50,000
  Accounts Payable                                     50,000

105. The cost of production of completed and finished goods during the period amounted to $400,000, and the finished products shipped to customers had total production costs of $337,000. From the following, select the entry to record the transfer of costs from work in process to finished goods. 
A. Finished Goods                    337,000
  Work in Process                                     337,000
B. Finished Goods                    400,000
  Work in Process                                     400,000
C. Work in Process                  400,000
  Finished Goods                                     400,000
D. Work in Process                  337,000
  Finished Goods                                     337,000

106. The cost of production of completed and finished goods during the period amounted to $400,000, and the finished products shipped to customers had total production costs of $337,000. From the following, select the entry to record the transfer of costs from finished goods to cost of goods sold. 
A. Finished Goods                    400,000
  Cost of Goods Sold                              400,000
B. Finished Goods                    337,000
  Cost of Goods Sold                              337,000
C. Cost of Goods Sold             337,000
  Finished Goods                                     337,000
D. Cost of Goods Sold             400,000
  Finished Goods                                     400,000

107. Costs that are used in generating revenues during the current period are often referred to as: 
A. period costs
B. conversion costs
C. factory overhead costs
D. product costs

108. Costs that are treated as assets until the product is sold are called: 
A. product costs
B. period costs
C. conversion costs
D. selling expenses

109. The period costs of a textbook publisher would include: 
A. wages of a press operator
B. factory utility costs
C. advertising expenses
D. paper costs

110. Which types of inventories does a manufacturing business report on the balance sheet? 
A. Finished goods inventory and work in process inventory
B. Direct materials inventory and work in process inventory
C. Direct materials inventory, work in process inventory, and finished goods inventory
D. Direct materials inventory and finished goods inventory