Question :
102.The amount by which the overhead applied to jobs during : 1258478
102.The amount by which the overhead applied to jobs during a period exceeds the overhead incurred during the period is known as:
A. Adjusted overhead.
B. Estimated overhead.
C. Predetermined overhead.
D. Underapplied overhead.
E. Overapplied overhead.
103.The amount by which overhead incurred during a period exceeds the overhead applied to jobs is:
A. Balanced overhead.
B. Predetermined overhead.
C. Actual overhead.
D. Underapplied overhead.
E. Overapplied overhead.
104.If a company applies overhead to production with a predetermined overhead rate, a credit balance in the Factory Overhead account at the end of the period means that:
A. The bookkeeper has made an error because the debits don’t equal the credits.
B. The balance will be carried forward to the next period as an overhead cost.
C. Actual overhead incurred was less than the overhead amount applied to production.
D. The overhead was underapplied for the period.
E. Actual overhead was greater than the overhead amount applied to production.
105.Marshall Enterprises charged the following amounts of overhead to jobs during the year: $20,000 to jobs still in process, $60,000 to jobs completed but not sold, and $120,000 to jobs finished and sold. At year-end, Marshall Enterprise’s Factory Overhead account has a credit balance of $5,000, which is not a material amount. What entry should Marshall make at year-end?
A. No entry is needed.
B. Debit Factory Overhead $5,000; credit Cost of Goods Sold $5,000.
C. Debit Cost of Goods Sold $5,000; credit Factory Overhead $5,000.
D. Debit Factory Overhead $5,000; credit Work in Process Inventory $5,000.
E. Debit Factory Overhead $5,000; credit Finished Goods Inventory $5,000.
106.Clemmens Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for the year were $112,500 and $125,000, respectively. During the year, actual overhead was $107,400 and actual direct labor cost was $120,000. The entry to close the over- or underapplied overhead at year-end, assuming an immaterial amount, would include:
A. A debit to Cost of Goods Sold for $600.
B. A credit to Factory Overhead for $600.
C. A credit to Finished Goods Inventory for $600.
D. A debit to Work in Process Inventory for $600.
E. A credit to Cost of Goods Sold for $600.
107.If overapplied or underapplied overhead is material, it should be disposed of by allocating it to:
A. Cost of goods sold and finished goods inventory.
B. Finished goods inventory and work in process inventory.
C. work in process inventory, finished goods inventory, and cost of goods sold.
D. work in process inventory.
E. Raw materials inventory, work in process inventory, and finished goods inventory.
108.The Marina Corp. has applied overhead to jobs during the period as follows:
Jobs finished and sold$46,000
Jobs started and in process54,000
Jobs finished and unsold100,000
The application of overhead has resulted in a $5,600 credit balance in the Factory Overhead account, and this amount is not material. The entry to dispose of this remaining factory overhead balance is:
A. Debit Cost of Goods Sold $5,600; credit Factory Overhead $5,600.
B. Debit Factory Overhead $5,600; credit Cost of Goods Sold $5,600.
C. Debit Factory Overhead $5,600; credit Work in Process Inventory $5,600.
D. Debit Work in Process Inventory $5,600; credit Factory Overhead $5,600.
E. No entry is needed.
109.Andrew Industries purchased $165,000 of raw materials on account during the month of March. The beginning Raw Materials Inventory balance was $22,000, and the materials used to complete jobs during the month were $141,000 direct materials and $13,000 indirect materials. What is the ending Raw Materials Inventory balance for March?
A. $46,000
B. $11,000
C. $33,000
D. $24,000
E. $9,000
110.Andrew Industries purchased $165,000 of raw materials on account during the month of March. The beginning Raw Materials Inventory balance was $22,000, and the materials used to complete jobs during the month were $141,000 direct materials and $13,000 indirect materials. How should Andrews journalize the purchase of raw materials for March?
A. Debit Raw Materials Inventory $165,000; credit Accounts Payable $165,000
B. Debit Work In Process Inventory $165,000; credit Raw Materials Inventory $165,000
C. Debit Raw Materials Inventory $187,000; credit Cash $187,000
D. Debit Accounts Payable $165,000; credit Raw Materials Inventory $165,000
E. Debit Accounts Payable $187,000; credit Raw Materials Inventory $187,000
111.Andrew Industries purchased $165,000 of raw materials on account during the month of March. The beginning Raw Materials Inventory balance was $22,000, and the materials used to complete jobs during the month were $141,000 direct materials and $13,000 indirect materials. What amount will Andrew transfer to Work In Process Inventory for the month of March?
A. $165,000
B. $154,000
C. $13,000
D. $141,000
E. $33,000
