Question : 102.The amount by which the overhead applied to jobs during : 1236599

Accounting

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:

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

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July 1, 2023

61.When there is a shortage in a market, prices are likely to:

A. Fall because buyers do not wish to buy as much as sellers want to sell.

B. Rise because some buyers will offer to pay a higher price.

C. Fall because sellers are likely to reduce their production if prices rise.

D. Rise because the government will put a price ceiling in place.

62.If a market shortage exists:

A. The invisible hand will work to reduce the price.

B. The only solution is for the government to raise the price.

C. Producers will compete for customers by reducing prices.

D. Consumers will compete for the product by offering to pay more.

63.A market surplus occurs when:

A. People cannot buy the amount of goods and services that they are willing and able to buy.

B. The price is less than the equilibrium price.

C. The quantity supplied exceeds the quantity demanded at a given price.

D. There is a price ceiling.

64.When there is a surplus in a market, prices are likely to fall because:

A. Buyers do not wish to buy as much as sellers want to sell.

B. Some buyers will offer to pay a higher price, initiating a move up the supply curve.

C. Sellers are likely to increase their production.

D. Buyers will wait for the government to establish a price floor.

65.If a market surplus exists:

A. The only resolution is for the government to set the price.

B. Consumers will compete for the product buy offering to pay more.

C. Producers will compete for customers by reducing prices.

D. The equilibrium price is equal to the price ceiling.

66.If demand is constant, a decrease in the supply of gasoline will cause the equilibrium price:

A. To rise and quantity to fall.

B. And quantity both to rise.

C. To fall and quantity to rise.

D. And quantity both to fall.

67.If demand is constant, a leftward shift in the supply curve will result in:

A. A decrease in equilibrium quantity and a lower equilibrium price.

B. An increase in equilibrium quantity and a lower equilibrium price.

C. A decrease in equilibrium quantity and a higher equilibrium price.

D. An increase in equilibrium quantity and a higher equilibrium price.

68.The price of chocolate candy bars rises. This could be due to:

A. A decrease in the wage rate paid to workers in the candy bar factories.

B. A decrease in the cost of chocolate, which is used to produce candy bars.

C. A subsidy by the federal government for the producers of chocolate candy bars.

D. A decrease in the number of chocolate candy bar producers.

69.If demand is unchanged, a rightward shift in the supply curve for plasma TVs will cause:

A. A decrease in equilibrium quantity and a higher equilibrium price.

B. An increase in equilibrium quantity and a higher equilibrium price.

C. An increase in equilibrium quantity and a lower equilibrium price.

D. A decrease in equilibrium quantity and a lower equilibrium price.

70.Which of the following would cause a decrease in the price of automobiles?

A. A technological advance in automobile manufacturing.

B. An increase in the wages paid to automobile assembly line workers.

C. A decrease in the cost of gasoline.

D. An increase in the number of buyers.