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
