Question :
111. For the manufacturing business, inventory which in the process of : 1251537
111. For the manufacturing business, inventory which is in the process of being manufactured is referred to as:
A. supplies inventory
B. work in process inventory
C. finished goods inventory
D. direct materials inventory
112. The proper journal entry to record the purchase of $25,000 of raw materials on account would be:
A. Jan 2 Raw Material Inventory 25,000
Accounts Receivable 25,000
B. Jan 2 Raw Material Inventory 25,000
Accounts Payable 25,000
C. Jan 2 Inventory 25,000
Accounts Receivable 25,000
D. Jan 2 Inventory 25,000
Cash 25,000
113. Select the proper journal entry to record the movement of 1,450 units of part number 116B to work in process when each unit of 116B has a value of $2.00.
A. Jan 15 Raw Material Inventory 2,900
Work in Process 2,900
B. Jan 15 Work in Process 2,900
Factory Overhead 2,900
C. Jan 15 Work in Process 2,900
Raw Material Inventory 2,900
D. Jan 15 Work in Process 2,900
Cash 2,900
114. Which of the following represents the factory overhead applied to a product?
A. Predetermined factory overhead rate times estimated activity base.
B. Actual factory overhead rate times estimated activity base.
C. Predetermined factory overhead rate times actual activity base.
D. Actual factory overhead rate times actual activity base.
115. Which of the following is the correct formula to calculate the predetermined factory overhead rate?
A. Estimated total factory overhead costs divided by estimated activity base.
B. Actual total factory overhead costs divided by estimated activity base.
C. Estimated total factory overhead costs divided by actual activity base.
D. Actual total factory overhead costs divided by actual activity base.
116. The following budget data are available for Oldest Company:
Estimated direct labor hours12,000
Estimated direct dollars$90,000
Estimated factory overhead costs$179,000
If factory overhead is to be applied based on direct labor hours, the predetermined overhead rate is
A. $2.57
B. $.51
C. $.067
D. $14.92
117. A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $360,000 and direct labor hours would be 45,000. Actual factory overhead costs incurred were $377,200, and actual direct labor hours were 47,000. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year?
A. $16,000 overapplied.
B. $16,000 underapplied.
C. $1,200 overapplied.
D. $1,200 underapplied.
118. A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $360,000 and direct labor hours would be 45,000. Actual manufacturing overhead costs incurred were $377,200, and actual direct labor hours were 46,000. What is the predetermined overhead rate per direct labor hour?
A. $8.00
B. $8.20
C. $8.38
D. $7.83
119. A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $360,000 and direct labor hours would be 45,000. Actual manufacturing overhead costs incurred were $377,200, and actual direct labor hours were 47,000. The entry to apply the factory overhead costs for the year would include a
A. debit to factory overhead for $360,000.
B. credit to factory overhead for $376,000.
C. debit to factory overhead for $377,200.
D. credit to factory overhead for $360,000.
120. Bar code scanners are now being used to track incoming materials and to electronically transmit this data. Scanners have replaced which of the following:
A. receiving report
B. materials requisition
C. materials ledger
D. job cost sheet
