Question :
61.The following information has been collected from Harper Tools’ accounting : 1302688
61.The following information has been collected from Harper Tools’ accounting records for the month of April:
Direct materials added to Work in Process Inventory $ 160,000
Indirect materials added to Manufacturing Overhead 40,000
Direct labor added to Work in Process Inventory 150,000
Indirect labor added to Manufacturing Overhead 65,000
Manufacturing overhead added to Work in Process Inventory 100,000
Depreciation Expense added to Manufacturing Overhead 50,000
Cost of Goods Sold 340,000
Cost of Goods Manufactured 380,000
What is the amount of the current manufacturing costs?
A.$410,000
B.$565,000
C.$500,000
D.$550,000
62.Reason Apparel applied overhead totaling $140,000 during March.Inventories were as follows:
BeginningEnding
Raw material $15,000 $21,000
Work in Process $24,000 $26,000
Finished Goods $11,000 $15,000
How much is cost of goods manufactured?
A.$138,000
B.$136,000
C.$140,000
D.Not enough information provided
63.During the month of August, Ross MotorCo applied overhead to jobs using an overhead rate of $0.80per dollar of direct labor. Direct labor in August was $138,000. Estimated overhead in August was $112,800. Actual overhead was composed of the following items:
Indirect materials $ 16,400
Indirect labor 24,900
Utilities 24,500
Depreciation 38,700
Repair expense 13,500
Total $118,000
How much will be recorded as a debit to Work in Process for overhead during the year for Ross MotorCo?
A.$112,800
B.$118,000
C.$110,400
D.More information is needed to answer
64.During the month of August, Ross MotorCo applied overhead to jobs using an overhead rate of $0.80 per dollar of direct labor. Direct labor in August was $138,000. Estimated overhead in August was $112,800. Actual overhead was composed of the following items:
Indirect materials $ 16,400
Indirect labor 24,900
Utilities 24,500
Depreciation 38,700
Repair expense 13,500
Total $118,000
How much will Ross MotorCorecord as a debit to Manufacturing Overhead during the year?
A.$112,800
B.$118,000
C.$110,400
D.More information is needed to answer
65.A job-order costing system is most likely to be used by a
A.soft-drink bottler.
B.breakfast cereal manufacturer.
C.paint manufacturer.
D.caterer.
66.Which of the following companies willmost likely use a process costing system?
A.A company that produces recycle bins
B.A company that designs and bakes wedding cakes
C.An ambulance service
D.An attorney that handles divorce cases
67.Companies that use process costing systems
A.generally produce large quantities of identical items.
B.trace costs to specific items produced.
C.accumulate costs by completed products rather than by departments.
D.All of theseanswerchoices are correct.
68.When work is completed on a job, costs for the completed job are found in which of the following accounts?
A.Cost of Goods Manufactured
B.Work in Process Inventory
C.Finished Goods Inventory
D.Cost of Goods Sold
69.Which of the following statements about job-order costing is nottrue?
A.Materials are traced to jobs using materials requisition forms.
B.Indirect labor is traced to jobs using time tickets.
C.Manufacturing overhead cannot be traced directly to jobs, so it is assigned using anoverhead allocation rate.
D.Manufacturing overhead costs are applied to jobs by crediting the Manufacturing Overhead account and debiting it to Work in Process Inventory.
70.Load King Manufacturing transferred $265,000 of costs from the work-in-process inventory account to the finished goods inventory account during the month. The company’s inventory balances follow:
BeginningEnding
Work-in-Process $22,000 $25,400
Finished Goods $31,500 $29,200
How much is cost of goods sold for the month?
A.$262,700
B.$261,600
C.$267,300
D.Not enough information is provided
