Question :
11) For externally reported inventory costs, the Work-in-Process Control account : 1217176
11) For externally reported inventory costs, the Work-in-Process Control account is increased (debited) by:
A) marketing costs
B) allocated plant utility costs
C) the purchase costs of direct and indirect materials
D) customer-service costs
12) What is the appropriate journal entry if $100,000 of materials were purchased on account for the month of August?
A) Materials Control100,000
Accounts Payable Control100,000
B) Work-in-Process Control100,000
Accounts Payable Control100,000
C) Manufacturing Overhead Control100,000
Accounts Receivable Control100,000
D) Manufacturing Allocated100,000
Accounts Receivable Control100,000
13) What is the appropriate journal entry if direct materials of $20,000 and indirect materials of $3,000 are sent to the manufacturing plant floor?
A) Work-in-Process Control 20,000
Materials Control 20,000
B) Work-in-Process Control 23,000
Materials Control 23,000
C) Manufacturing Overhead Control 3,000
Materials Control 20,000
Work-in-Process Control 23,000
D) Work-in-Process Control 20,000
Manufacturing Overhead Control 3,000
Materials Control 23,000
14) All of the following items are debited to Work-in-Process EXCEPT:
A) allocated manufacturing overhead
B) completed goods being transferred out of the plant
C) direct labor consumed
D) direct materials consumed
15) What would be the appropriate journal entry if the following labor wages were incurred in a furniture manufacturing company?
Assembly workers $20,000
Janitors $10,000
A) Work-in-Process Control 30,000
Wages Payable Control 30,000
B) Work-in-Process Control 20,000
Manufacturing Overhead Control 10,000
Wages Payable Control 30,000
C) Manufacturing Overhead Control 30,000
Wages Payable Control 30,000
D) Wages Payable Control 30,000
Work-in-Process Control 30,000
16) Manufacturing overhead costs incurred for the month are:
Utilities $30,000
Depreciation on equipment $25,000
Repairs $20,000
Which is the correct journal entry assuming utilities and repairs were on account?
A) Manufacturing Overhead Control 75,000
Accounts Payable Control 50,000
Accumulated Depreciation Control 25,000
B) Manufacturing Overhead Control 75,000
Accounts Payable Control 75,000
C) Manufacturing Overhead Control 75,000
Accumulated Depreciation Control 75,000
D) Accumulated Depreciation Control 25,000
Accounts Payable Control 50,000
Manufacturing Overhead Control 75,000
17) Which of the following statements regarding manufacturing overhead allocation is FALSE?
A) It includes all manufacturing costs that cannot be directly traced to a product or service.
B) The costs can be grouped in either a single indirect-cost pool or in multiple indirect-cost pools.
C) Total costs are unknown at the end of the accounting period.
D) Allocated amounts are debited to Work-in-Process.
18) When a job is complete:
A) Work-in-Process Control is debited
B) Finished Goods Control is credited
C) the cost of the job is transferred to Manufacturing Overhead Control
D) actual direct materials, actual direct manufacturing labor, and allocated manufacturing overhead will comprise the total cost of the job
19) During an accounting period, job costs are computed on an ongoing basis by the use of:
A) actual allocation rates
B) budgeted indirect-cost rates
C) overallocated indirect-cost rates
D) underallocated indirect-cost rates
20) The advantage of using normal costing instead of actual costing is:
A) indirect costs are assigned at the end of the year when they are known
B) the job cost is more accurate under normal costing
C) indirect costs are assigned to a job on a timely basis
D) normal costing provides a higher gross profit margin
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