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Question : 131.At the end of the period, the Manufacturing Overhead account : 1302695

Economics

 

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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July 1, 2023
    

 

 

91. Accompanying the bank statement was a debit memo for bank service charges.  On the bank reconciliation, the item is  
A. a deduction from the balance per company's records
B. an addition to the balance per bank statement
C. a deduction from the balance per bank statement
D. an addition to the balance per company's records

 

92. Accompanying the bank statement was a debit memo for bank service charges.  What entry is required in the company's accounts? 
A. debit Miscellaneous Administrative Expense; credit Cash
B. debit Cash; credit Other Income
C. debit Cash; credit Accounts Payable
D. debit Accounts Payable; credit Cash

 

93. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.  This item would be included in the bank reconciliation as a(n)  
A. deduction from the balance per the company's records
B. addition to the balance per the bank statement
C. deduction from the balance per the bank statement
D. addition to the balance per the company's records

 

94. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? 
A. debit Accounts Payable; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Accounts Payable
D. debit Accounts Receivable; credit Cash

 

95. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  This item would be included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

96. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  What entry is required in the company's accounts? 
A. debit Sales; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Sales
D. debit Accounts Receivable; credit Cash

 

97. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company.  This item is a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

98. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer.  What entry is required in the company's accounts? 
A. debit Notes Receivable; credit Cash
B. debit Cash; credit Miscellaneous Income
C. debit Cash; credit Notes Receivable
D. debit Accounts Receivable; credit Cash

 

99. The amount of deposits in transit is included on the bank reconciliation as a(n)  
A. deduction from the balance per the company's books
B. deduction from the balance per bank statement
C. addition to the balance per bank statement
D. addition to the balance per company books

 

100. The amount of the outstanding checks is included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

 

default image
July 1, 2023
    

 

 

91. Accompanying the bank statement was a debit memo for bank service charges.  On the bank reconciliation, the item is  
A. a deduction from the balance per company's records
B. an addition to the balance per bank statement
C. a deduction from the balance per bank statement
D. an addition to the balance per company's records

 

92. Accompanying the bank statement was a debit memo for bank service charges.  What entry is required in the company's accounts? 
A. debit Miscellaneous Administrative Expense; credit Cash
B. debit Cash; credit Other Income
C. debit Cash; credit Accounts Payable
D. debit Accounts Payable; credit Cash

 

93. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.  This item would be included in the bank reconciliation as a(n)  
A. deduction from the balance per the company's records
B. addition to the balance per the bank statement
C. deduction from the balance per the bank statement
D. addition to the balance per the company's records

 

94. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? 
A. debit Accounts Payable; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Accounts Payable
D. debit Accounts Receivable; credit Cash

 

95. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  This item would be included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

96. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  What entry is required in the company's accounts? 
A. debit Sales; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Sales
D. debit Accounts Receivable; credit Cash

 

97. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company.  This item is a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

98. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer.  What entry is required in the company's accounts? 
A. debit Notes Receivable; credit Cash
B. debit Cash; credit Miscellaneous Income
C. debit Cash; credit Notes Receivable
D. debit Accounts Receivable; credit Cash

 

99. The amount of deposits in transit is included on the bank reconciliation as a(n)  
A. deduction from the balance per the company's books
B. deduction from the balance per bank statement
C. addition to the balance per bank statement
D. addition to the balance per company books

 

100. The amount of the outstanding checks is included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

 

default image
July 1, 2023
    

 

 

91. Accompanying the bank statement was a debit memo for bank service charges.  On the bank reconciliation, the item is  
A. a deduction from the balance per company's records
B. an addition to the balance per bank statement
C. a deduction from the balance per bank statement
D. an addition to the balance per company's records

 

92. Accompanying the bank statement was a debit memo for bank service charges.  What entry is required in the company's accounts? 
A. debit Miscellaneous Administrative Expense; credit Cash
B. debit Cash; credit Other Income
C. debit Cash; credit Accounts Payable
D. debit Accounts Payable; credit Cash

 

93. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.  This item would be included in the bank reconciliation as a(n)  
A. deduction from the balance per the company's records
B. addition to the balance per the bank statement
C. deduction from the balance per the bank statement
D. addition to the balance per the company's records

 

94. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? 
A. debit Accounts Payable; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Accounts Payable
D. debit Accounts Receivable; credit Cash

 

95. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  This item would be included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

96. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  What entry is required in the company's accounts? 
A. debit Sales; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Sales
D. debit Accounts Receivable; credit Cash

 

97. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company.  This item is a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

98. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer.  What entry is required in the company's accounts? 
A. debit Notes Receivable; credit Cash
B. debit Cash; credit Miscellaneous Income
C. debit Cash; credit Notes Receivable
D. debit Accounts Receivable; credit Cash

 

99. The amount of deposits in transit is included on the bank reconciliation as a(n)  
A. deduction from the balance per the company's books
B. deduction from the balance per bank statement
C. addition to the balance per bank statement
D. addition to the balance per company books

 

100. The amount of the outstanding checks is included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

 

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