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