131.At the end of the period, the Manufacturing Overhead account had a $4,200 debit balance.The balances in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold were $10,000, $20,000, and $70,000, respectively.Assuming that the balance in Manufacturing Overhead is considered material, which of the following is part of the journal entry to close the Manufacturing Overhead account at the end of the period?
A.A$4,200 debit to Finished Goods Inventory.
B.A$4,200 debit to Cost of Goods Sold.
C.Debits to Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold for $420, $840, and $2,940, respectively.
D.Debits to Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold for $1,400 each
132.At the end of the period, the Manufacturing Overhead account had a $21,000 debit balance.The balances in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold were $10,000, $20,000, and $70,000, respectively.Assuming that the balance in Manufacturing Overhead is considered immaterial, which of the following is a part of the journal entry to close the Manufacturing Overhead account at the end of the period?
A.A$21,000 debit to Cost of Goods Sold.
B.A$21,000 debit to Finished Goods Inventory.
C.Debits to Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold for $7,000 each.
D.Debits to Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold for $2,100, $4,200, and $14,700, respectively.
133.At the end of the period, Massive Designs had the following debit balances in its accounts.
Raw Materials Inventory $ 20,000
Work in Process Inventory 40,000
Finished Goods Inventory 60,000
Cost of Goods Sold 400,000
Manufacturing Overhead 8,000
Assuming the amount in Manufacturing Overhead is considered material, the entry to allocate Manufacturing Overhead will include a
A.debit to Cost of Goods Sold for $6,400.
B.debit to Cost of Goods Sold for $8,000.
C.debit to Cost of Goods sold for $6,154.
D.credit to Work in Process Inventory for $6,400.
134.At the end of 2013, Harbin Toys had the following balances in its accounts
Raw Materials Inventory $ 12,000
Work in Process Inventory 30,000
Finished Goods Inventory 48,000
Cost of Goods Sold 360,000
Manufacturing Overhead (credit) 3,200
Assuming the amount in Manufacturing Overhead is considered immaterial, which of the following accounts will be credited for $3,200 in eliminating the Manufacturing Overhead?
A.Raw Materials Inventory
B.Work in Process Inventory
C.Manufacturing Overhead
D.Cost of Goods Sold
135.Actual manufacturing overhead incurred during the year was $332,000 and manufacturing overhead applied to jobs was $336,000.Assuming the balance in the Manufacturing Overhead account is considered immaterial, the journal entry to close the Manufacturing Overhead account will include a $4,000 debit to
A.Cost of Goods Sold.
B.Work in Process Inventory.
C.Manufacturing Overhead.
D.Finished Goods.
136.Overhead applied to jobs during the period was $180,000.Actual overhead costs incurred were $181,000.Budgeted overhead used to calculate the predetermined overhead rate was $184,000.Which of the following is a correct entry to close the Manufacturing Overhead account?
A.Manufacturing Overhead 1,000
Cost of Goods Sold 1,000
B.Cost of Goods Sold 1,000
Manufacturing Overhead 1,000
C.Manufacturing Overhead 3,000
Cost of Goods Sold 3,000
D.Cost of Goods Sold 4,000
Manufacturing Overhead 4,000
137.Hanover Fence produces custom wrought iron fencing. At the end of 2013, the account balances indicated the following:
Raw Materials Inventory $ 18,000
Work in Process Inventory 74,000
Finished Goods Inventory 42,000
Cost of Goods Sold 384,000
Manufacturing Overhead (credit balance) 8,000
Hanover considers the balance of manufacturing overhead to be immaterial. How much will Hanover Fence report as Cost of Goods Sold on its income statement for the year ending December 31, 2013?
A.$376,000
B.$392,000
C.$384,000
D.$382,000
138.Walston’sDesigns produces custom portable spas. At the end of its accounting period, the account balances indicated the following:
Raw Materials Inventory $ 22,000
Work in Process Inventory 38,000
Finished Goods Inventory 62,000
Cost of Goods Sold 300,000
Manufacturing Overhead (credit balance) 9,000
Walston’s Designs considers the balance of manufacturing overhead to be material in amount. How much is the adjusted balance of Cost of Goods Soldto be reported by Walston on its income statement?
A.$300,000
B.$293,250
C.$306,750
D.$294,313
139.Raindrop Gear utilizes job-order costing for production of umbrellas.Each division establishes its own estimates regarding overhead, which are as follows:
Division ADivision B
Total estimated overhead $78,750 $240,000
Total estimated machine hours 26,250 15,000
Total estimated direct labor costs $262,500 $120,000
If Division A allocates overhead on the basis of direct labor costs, and Division B allocates overhead based on machine hours, what will bethe predetermined overhead rate for each division?
Division ADivision B
A.$3.00 per direct labor dollar$16.00 per machine hour
B.$3.00 per machine direct labor dollar$0.625 per machine hour
C.$0.30per machine direct labor dollar$16.00 per machine hour
D.$0.30per machine direct labor dollar$2.00 per machine hour
140.Kamins Company uses a predetermined overhead rate of $6.00 per machine hour.Overhead was underapplied by $40,000 for the year, and actual machine hours totaled70,000. How much was the actual overhead cost?
A.$460,000
B.$380,000
C.$420,000
D.$360,000
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