Question :
122.Minstrel Manufacturing uses a job order costing system. During one : 1236601
122.Minstrel Manufacturing uses a job order costing system. During one month Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, paid in cash, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead application rate of 150% of direct labor cost. Minstrel’s beginning and ending Work in Process Inventory are $15,500 and $27,000 respectively. Compute the cost of product transferred to Finished Goods Inventory:
A.$558,500.
B.$440,000.
C.$413,000.
D.$428,500.
E.$415,000.
123.Finished goods inventory is $190,000. If overhead applied to these goods is $72,000, and the overhead rate is 120% of direct labor, how much direct materials cost was incurred in producing the inventory?
A.$31,600.
B.$58,000.
C.$56,000.
D.$60,000.
E.$86,400.
124.Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Adams estimated total overhead of $396,000; materials of $410,000 and direct labor of $220,000. During the year Adams incurred $418,000 in materials costs, $413,200 in overhead costs and $224,000 in direct labor costs. Compute the overhead application rate.
A.180%.
B.55.6%.
C.186%.
D.184%.
E.96.6%.
125.Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Adams estimated total overhead of $396,000; materials of $410,000 and direct labor of $220,000. During the year Adams incurred $418,000 in materials costs, $413,200 in overhead costs and $224,000 in direct labor costs. Compute the amount of overhead applied to jobs during the year.
A.$396,000.
B.$424,450.
C.$413,190.
D.$413,200.
E.$403,200.
126.Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Adams estimated total overhead of $396,000; materials of $410,000 and direct labor of $220,000. During the year Adams incurred $418,000 in materials costs, $413,200 in overhead costs and $224,000 in direct labor costs. Compute the amount of under- or overapplied overhead for the year.
A.$10,000 overapplied.
B.$17,200 overapplied.
C.$10,000 underapplied.
D.$17,200 underapplied.
E.$4,800 underapplied.
127.Using the following accounts and an overhead rate of 130% of direct labor cost, compute the amount of applied overhead.
D.M.55,300203,300
D.L.?
A.$78,000.
B.$60,000.
C.$138,000.
D.$71,890.
E.$90,500.
128.Portside Watercraft uses a job order costing system. During one month Portside purchased $153,000 of raw materials on credit; issued materials to production of $164,000 of which $24,000 were indirect. Portside incurred a factory payroll of $95,000, paid in cash, of which $25,000 was indirect labor. Portside uses a predetermined overhead rate of 170% of direct labor cost. The journal entry to record the issuance of materials to production is:
A.Debit Raw Materials Inventory $153,000; credit Accounts Payable $153,000.
B.Debit Work in Process Inventory $140,000; debit Factory Overhead $24,000; credit Raw Materials Inventory $164,000.
C.Debit Raw Materials Inventory $195,000; credit Work in Process Inventory $195,000.
D.Debit Work in Process Inventory $140,000; debit Raw Materials Inventory $24,000; credit Materials Inventory $164,000.
E.Debit Finished Goods Inventory $140,000; credit Raw Materials Inventory $140,000.
129.Portside Watercraft uses a job order costing system. During one month Portside purchased $153,000 of raw materials on credit; issued materials to production of $164,000 of which $24,000 were indirect. Portside incurred a factory payroll of $95,000, paid in cash, of which $25,000 was indirect labor. Portside uses a predetermined overhead rate of 170% of direct labor cost. The journal entry to record the allocation of factory payroll to production is:
A.Debit Work in Process Inventory $95,000; credit Factory Payroll $95,000.
B.Debit Work in Process Inventory $95,000; credit Cash $95,000.
C.Debit Factory Payroll $95,000; credit Cash $95,000.
D.Debit Work in Process Inventory $70,000; debit Factory Overhead $25,000; credit Factory Payroll $95,000.
E.Debit Work in Process Inventory $70,000; debit Factory Overhead $25,000; credit Cash $95,000.
130.Portside Watercraft uses a job order costing system. During one month Portside purchased $153,000 of raw materials on credit; issued materials to production of $164,000 of which $24,000 were indirect. Portside incurred a factory payroll of $95,000, paid in cash, of which $25,000 was indirect labor. Portside uses a predetermined overhead rate of 170% of direct labor cost. The journal entry to record the application of factory overhead to production is:
A.Debit Work in Process Inventory $55,800; credit Factory Overhead $55,800.
B.Debit Work in Process Inventory $161,500; credit Factory Overhead $161,500.
C.Debit Work in Process Inventory $119,000; credit Factory Overhead $119,000.
D.Debit Factory Overhead $119,000; credit Work in Process Inventory $119,000.
E.Debit Work in Process Inventory $95,000; credit Factory Payroll $95,000.
131.Copy Center pays an average wage of $12 per hour to employees for printing and copying jobs, and allocates $18 of overhead for each employee hour worked. Materials are assigned to each job according to actual cost. If Job M-47 used $350 of materials and took 20 hours of labor to complete, what is the total cost that should be assigned to the job?
A.$590
B.$600
C.$380
D.$950
E.$710
132.Copy Center pays an average wage of $12 per hour to employees for printing and copying jobs, and allocates $18 of overhead for each employee hour worked. Materials are assigned to each job according to actual cost. Jobs are marked up 20% above cost to determine the selling price. If Job M-47 used $350 of materials and took 20 hours of labor to complete, what is the selling price that should be assigned to the job?
A.$852
B.$1,140
C.$456
D.$720
E.$708
