132. When a job is completed in a service organization, the job costs are transferred to the A. work in process account.B. cost of services account.C. finished goods account.D. cost of goods sold account.
133. The following budget data are available for Happy Company:
Estimated direct labor hours
12,000
Estimated direct dollars
$90,000
Estimated factory overhead costs
$179,000
Actual direct labor hours
11,500
Actual direct dollars
$92,000
Actual factory overhead costs
$180,000
If factory overhead is to be applied based on direct labor dollars, the predetermined overhead rate is A. 199%B. 196%C. $14.92D. $15.65
134. The following budget data are available for Happy Company:
Estimated direct labor hours
12,000
Estimated direct dollars
$90,000
Estimated factory overhead costs
$180,000
Actual direct labor hours
11,500
Actual direct dollars
$92,000
Actual factory overhead costs
$181,000
If factory overhead is to be applied based on direct labor hours as the cost allocation base for the predetermined overhead rate, the amount of overhead applied into production is A. $180,000B. $181,000C. $172,500D. $184,000
135. Scooby Company has applied $567,988 of overhead into production on Jobs in the Work in Process account. Actual overhead at the end of the year is $575,000. What is the adjustment for over or underapplied overhead? A. $7,012 Overapplied, increase Cost of Goods SoldB. $7,012 Underapplied, increase Cost of Goods SoldC. $7,012 Overapplied, decrease Cost of Goods SoldD. $7,012 Underapplied, decrease Cost of Goods Sold
136. Zeke Company is a manufacturing company that has worked on several production jobs during the 1st quarter of the year. Below is a list of all the jobs for the quarter:
Balance
Job 356
$ 450
Job 357
1,235
Job 358
378
Job 359
689
Job 360
456
Job 356, 357, 358, & 359 were completed. Jobs 356 & 357 were sold at a profit of $500 on each job. What is the ending balance of Work in Process for Zeke Company as of the end of the 1st quarter? A. $0B. $456C. $3,208D. $2,752
137. Zeke Company is a manufacturing company that has worked on several production jobs during the 1st quarter of the year. Below is a list of all the jobs for the quarter:
Balance
Job 356
$ 450
Job 357
1,235
Job 358
378
Job 359
689
Job 360
456
Job 356, 357, 358, & 359 were completed. Jobs 356 & 357 were sold at a profit of $500 on each job. What is the ending balance of Finished Goods for Zeke Company as of the end of the 1st quarter? A. $456B. $1,067C. $1,685D. $2,752
138. Zeke Company is a manufacturing company that has worked on several production jobs during the 1st quarter of the year. Below is a list of all the jobs for the quarter:
Balance
Job 356
$ 450
Job 357
1,235
Job 358
378
Job 359
689
Job 360
456
Job 356, 357, 358, & 359 were completed. Jobs 356 & 357 were sold at a profit of $500 on each job. What is the ending balance of Cost of Goods sold for Zeke Company as of the end of the 1st quarter? A. $456B. $2,685C. $1,685D. $685
139. Zeke Company is a manufacturing company that has worked on several production jobs during the 1st quarter of the year. Below is a list of all the jobs for the quarter:
Balance
Job 356
$ 450
Job 357
1,235
Job 358
378
Job 359
689
Job 360
456
Job 356, 357, 358, & 359 were completed. Jobs 356 & 357 were sold at a profit of $500 on each job. What is Sales for Zeke Company as of the end of the 1st quarter? A. $1,685B. $2,685C. $1,000D. $685
140. Zeke Company is a manufacturing company that has worked on several production jobs during the 1st quarter of the year. Below is a list of all the jobs for the quarter:
Balance
Job 356
$ 450
Job 357
1,235
Job 358
378
Job 359
689
Job 360
456
Job 356, 357, 358, & 359 were completed. Jobs 356 & 357 were sold at a profit of $500 on each job. What is Gross Margin for Zeke Company as of the end of the 1st quarter? A. $1,685B. $2,685C. $1,000D. $685
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