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Boursaw Corporation has provided the following data concerning last month's operations. Boursaw Corporation has provided the following data concerning last month's operations. Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. -How much is the total manufacturing cost for the month on the Schedule of Cost of Goods Manufactured? A) $144,000 B) $160,000 C) $216,000 D) $164,000 Boursaw Corporation has provided the following data concerning last month's operations. Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. -How much is the total manufacturing cost for the month on the Schedule of Cost of Goods Manufactured? A) $144,000 B) $160,000 C) $216,000 D) $164,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. -How much is the total manufacturing cost for the month on the Schedule of Cost of Goods Manufactured?


A) $144,000
B) $160,000
C) $216,000
D) $164,000

E) A) and C)
F) B) and C)

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In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold,the "Total raw materials available" is computed by adding together the "Beginning raw materials inventory" and:


A) Ending raw materials inventory
B) Raw materials used in production
C) Purchases of raw materials
D) Indirect materials included in manufacturing overhead

E) None of the above
F) B) and C)

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Boursaw Corporation has provided the following data concerning last month's operations. Boursaw Corporation has provided the following data concerning last month's operations. Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. -How much is the cost of goods available for sale on the Schedule of Cost of Goods Sold? A) $141,000 B) $185,000 C) $144,000 D) $136,000 Boursaw Corporation has provided the following data concerning last month's operations. Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. -How much is the cost of goods available for sale on the Schedule of Cost of Goods Sold? A) $141,000 B) $185,000 C) $144,000 D) $136,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. -How much is the cost of goods available for sale on the Schedule of Cost of Goods Sold?


A) $141,000
B) $185,000
C) $144,000
D) $136,000

E) B) and C)
F) None of the above

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Fossil Manufacturing uses a predetermined overhead rate of $17.80 per direct labor-hour.This predetermined rate was based on 11,000 estimated direct-labor-hours and $195,800 of estimated total manufacturing overhead.The company incurred actual manufacturing overhead costs of $194,000 and 10,500 direct labor-hours. Required: a.Determine the amount of underapplied or overapplied manufacturing overhead for the period. b.Assuming that the company closed manufacturing overhead to cost of goods sold,make the journal entry to close manufacturing overhead. c.What is the effect of this entry on the company's gross margin?

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a.Overhead over or underapplie...

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Haver Corporation has provided the following data concerning last month's operations. Haver Corporation has provided the following data concerning last month's operations. How much is the cost of goods available for sale on the Schedule of Cost of Goods Sold? A) $180,000 B) $148,000 C) $131,000 D) $134,000 Haver Corporation has provided the following data concerning last month's operations. How much is the cost of goods available for sale on the Schedule of Cost of Goods Sold? A) $180,000 B) $148,000 C) $131,000 D) $134,000 How much is the cost of goods available for sale on the Schedule of Cost of Goods Sold?


A) $180,000
B) $148,000
C) $131,000
D) $134,000

E) B) and C)
F) B) and D)

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In a job-order costing system,manufacturing overhead applied is recorded as a debit to:


A) Raw Materials inventory.
B) Finished Goods inventory.
C) Work in Process inventory.
D) Cost of Goods Sold.

E) B) and C)
F) A) and D)

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On December 1,Mogro Corporation had $26,000 of raw materials on hand.During the month,the Corporation purchased an additional $60,000 of raw materials.During December,$62,000 of raw materials were requisitioned from the storeroom for use in production.The debits entered in the Raw Materials account during the month of December total:


A) $26,000
B) $86,000
C) $60,000
D) $62,000

E) A) and B)
F) A) and D)

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Rieb Inc.has provided the following data for the month of September.There were no beginning inventories; consequently,the direct materials,direct labor,and manufacturing overhead applied listed below are all for the current month. Rieb Inc.has provided the following data for the month of September.There were no beginning inventories; consequently,the direct materials,direct labor,and manufacturing overhead applied listed below are all for the current month. Manufacturing overhead for the month was overapplied by $7,000. The company allocates any underapplied or overapplied overhead among work in process,finished goods,and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts. Required: Provide the journal entry that would record the allocation of underapplied or overapplied among work in process,finished goods,and cost of goods sold. Manufacturing overhead for the month was overapplied by $7,000. The company allocates any underapplied or overapplied overhead among work in process,finished goods,and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts. Required: Provide the journal entry that would record the allocation of underapplied or overapplied among work in process,finished goods,and cost of goods sold.

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The entire difference between the actual manufacturing overhead cost for a period and the applied manufacturing overhead cost is typically closed to the Work In Process account.

A) True
B) False

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Seuell Inc.has provided the following data for the month of December.There were no beginning inventories; consequently,the direct materials,direct labor,and manufacturing overhead applied listed below are all for the current month. Seuell Inc.has provided the following data for the month of December.There were no beginning inventories; consequently,the direct materials,direct labor,and manufacturing overhead applied listed below are all for the current month. Manufacturing overhead for the month was overapplied by $12,000. The Corporation allocates any underapplied or overapplied manufacturing overhead among work in process,finished goods,and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts. The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for December would include the following: A) debit to Finished Goods of $56,160 B) credit to Finished Goods of $56,160 C) debit to Finished Goods of $2,520 D) credit to Finished Goods of $2,520 Manufacturing overhead for the month was overapplied by $12,000. The Corporation allocates any underapplied or overapplied manufacturing overhead among work in process,finished goods,and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts. The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for December would include the following:


A) debit to Finished Goods of $56,160
B) credit to Finished Goods of $56,160
C) debit to Finished Goods of $2,520
D) credit to Finished Goods of $2,520

E) B) and C)
F) C) and D)

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Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: -What is the journal entry to record the direct and indirect labor costs incurred during the year? A) B) C) D) -What is the journal entry to record the direct and indirect labor costs incurred during the year?


A) Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: -What is the journal entry to record the direct and indirect labor costs incurred during the year? A) B) C) D)
B) Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: -What is the journal entry to record the direct and indirect labor costs incurred during the year? A) B) C) D)
C) Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: -What is the journal entry to record the direct and indirect labor costs incurred during the year? A) B) C) D)
D) Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: -What is the journal entry to record the direct and indirect labor costs incurred during the year? A) B) C) D)

E) C) and D)
F) A) and B)

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Niles Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Niles Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Results of operations: -The amount of direct material purchased during the year was: A) $66,000 B) $70,000 C) $65,000 D) $74,000 Results of operations: Niles Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Results of operations: -The amount of direct material purchased during the year was: A) $66,000 B) $70,000 C) $65,000 D) $74,000 -The amount of direct material purchased during the year was:


A) $66,000
B) $70,000
C) $65,000
D) $74,000

E) A) and D)
F) All of the above

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Weyant Corporation has provided the following data concerning last month's operations. Weyant Corporation has provided the following data concerning last month's operations. The company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold.How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold? A) $173,000 B) $127,000 C) $133,000 D) $141,000 Weyant Corporation has provided the following data concerning last month's operations. The company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold.How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold? A) $173,000 B) $127,000 C) $133,000 D) $141,000 The company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold.How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold?


A) $173,000
B) $127,000
C) $133,000
D) $141,000

E) A) and B)
F) C) and D)

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During September at Renfro Corporation,$65,000 of raw materials were requisitioned from the storeroom for use in production.These raw materials included both direct and indirect materials.The indirect materials totaled $4,000.The journal entry to record this requisition would include a debit to Manufacturing Overhead of:


A) $65,000
B) $4,000
C) $0
D) $61,000

E) None of the above
F) A) and B)

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Hardigree Corporation uses a job-order costing system. The following data relate to the just completed month's operations. Hardigree Corporation uses a job-order costing system. The following data relate to the just completed month's operations. Where appropriate, post the above transactions to the Work in Process and Manufacturing Overhead T-accounts below. -The ending balance in the Work in Process account is closest to: A) $110,000 B) $120,000 C) $100,000 D) $90,000 Where appropriate, post the above transactions to the Work in Process and Manufacturing Overhead T-accounts below. Hardigree Corporation uses a job-order costing system. The following data relate to the just completed month's operations. Where appropriate, post the above transactions to the Work in Process and Manufacturing Overhead T-accounts below. -The ending balance in the Work in Process account is closest to: A) $110,000 B) $120,000 C) $100,000 D) $90,000 Hardigree Corporation uses a job-order costing system. The following data relate to the just completed month's operations. Where appropriate, post the above transactions to the Work in Process and Manufacturing Overhead T-accounts below. -The ending balance in the Work in Process account is closest to: A) $110,000 B) $120,000 C) $100,000 D) $90,000 -The ending balance in the Work in Process account is closest to:


A) $110,000
B) $120,000
C) $100,000
D) $90,000

E) A) and B)
F) B) and C)

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Rist Corporation uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs.The Corporation estimated that it would incur $255,000 in manufacturing overhead during the year and that it would work 100,000 machine-hours.The Corporation actually worked 105,000 machine-hours and incurred $270,000 in manufacturing overhead costs.By how much was manufacturing overhead underapplied or overapplied for the year?


A) $15,000 overapplied
B) $15,000 underapplied
C) $2,250 overapplied
D) $2,250 underapplied

E) A) and B)
F) B) and D)

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The following partially completed T-accounts are for Stanford Corporation: The following partially completed T-accounts are for Stanford Corporation: -The cost of goods sold (after adjustment for underapplied or overapplied manufacturing overhead) is: A) $58,000 B) $69,000 C) $72,000 D) $65,000 The following partially completed T-accounts are for Stanford Corporation: -The cost of goods sold (after adjustment for underapplied or overapplied manufacturing overhead) is: A) $58,000 B) $69,000 C) $72,000 D) $65,000 The following partially completed T-accounts are for Stanford Corporation: -The cost of goods sold (after adjustment for underapplied or overapplied manufacturing overhead) is: A) $58,000 B) $69,000 C) $72,000 D) $65,000 The following partially completed T-accounts are for Stanford Corporation: -The cost of goods sold (after adjustment for underapplied or overapplied manufacturing overhead) is: A) $58,000 B) $69,000 C) $72,000 D) $65,000 The following partially completed T-accounts are for Stanford Corporation: -The cost of goods sold (after adjustment for underapplied or overapplied manufacturing overhead) is: A) $58,000 B) $69,000 C) $72,000 D) $65,000 The following partially completed T-accounts are for Stanford Corporation: -The cost of goods sold (after adjustment for underapplied or overapplied manufacturing overhead) is: A) $58,000 B) $69,000 C) $72,000 D) $65,000 The following partially completed T-accounts are for Stanford Corporation: -The cost of goods sold (after adjustment for underapplied or overapplied manufacturing overhead) is: A) $58,000 B) $69,000 C) $72,000 D) $65,000 The following partially completed T-accounts are for Stanford Corporation: -The cost of goods sold (after adjustment for underapplied or overapplied manufacturing overhead) is: A) $58,000 B) $69,000 C) $72,000 D) $65,000 -The cost of goods sold (after adjustment for underapplied or overapplied manufacturing overhead) is:


A) $58,000
B) $69,000
C) $72,000
D) $65,000

E) All of the above
F) A) and D)

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Gurtner Corporation has provided the following data concerning last month's operations. Gurtner Corporation has provided the following data concerning last month's operations. Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. -How much is the unadjusted cost of goods sold on the Schedule of Cost of Goods Sold? A) $203,000 B) $163,000 C) $170,000 D) $167,000 Gurtner Corporation has provided the following data concerning last month's operations. Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. -How much is the unadjusted cost of goods sold on the Schedule of Cost of Goods Sold? A) $203,000 B) $163,000 C) $170,000 D) $167,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. -How much is the unadjusted cost of goods sold on the Schedule of Cost of Goods Sold?


A) $203,000
B) $163,000
C) $170,000
D) $167,000

E) All of the above
F) B) and D)

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Kahanaoi Corporation is a manufacturer that uses job-order costing.The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year.The company has supplied the following data for the just completed year: Kahanaoi Corporation is a manufacturer that uses job-order costing.The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year.The company has supplied the following data for the just completed year: Results of operations: Required: a.What is the journal entry to record raw materials used in production? b.What is the ending balance in Raw Materials? c.What is the journal entry to record the direct and indirect labor costs incurred during the year? d.What is the total amount of manufacturing overhead applied to production during the year? e.What is the total manufacturing cost added to Work in Process during the year? f.What is the journal entry to record the transfer of completed goods from Work in Process to Finished Goods? g.What is the ending balance in Work in Process? h.Is manufacturing overhead overapplied or underapplied for the year? By how much? i.What is the cost of goods available for sale during the year? j.What is the journal entry to record the unadjusted cost of goods sold? k.What is the adjusted cost of goods sold for the year? l.What is the gross margin for the year? m.What is the net operating income for the year? Results of operations: Kahanaoi Corporation is a manufacturer that uses job-order costing.The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year.The company has supplied the following data for the just completed year: Results of operations: Required: a.What is the journal entry to record raw materials used in production? b.What is the ending balance in Raw Materials? c.What is the journal entry to record the direct and indirect labor costs incurred during the year? d.What is the total amount of manufacturing overhead applied to production during the year? e.What is the total manufacturing cost added to Work in Process during the year? f.What is the journal entry to record the transfer of completed goods from Work in Process to Finished Goods? g.What is the ending balance in Work in Process? h.Is manufacturing overhead overapplied or underapplied for the year? By how much? i.What is the cost of goods available for sale during the year? j.What is the journal entry to record the unadjusted cost of goods sold? k.What is the adjusted cost of goods sold for the year? l.What is the gross margin for the year? m.What is the net operating income for the year? Required: a.What is the journal entry to record raw materials used in production? b.What is the ending balance in Raw Materials? c.What is the journal entry to record the direct and indirect labor costs incurred during the year? d.What is the total amount of manufacturing overhead applied to production during the year? e.What is the total manufacturing cost added to Work in Process during the year? f.What is the journal entry to record the transfer of completed goods from Work in Process to Finished Goods? g.What is the ending balance in Work in Process? h.Is manufacturing overhead overapplied or underapplied for the year? By how much? i.What is the cost of goods available for sale during the year? j.What is the journal entry to record the unadjusted cost of goods sold? k.What is the adjusted cost of goods sold for the year? l.What is the gross margin for the year? m.What is the net operating income for the year?

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a.The journal entry to record the raw ma...

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Ruddick Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year: Cost of goods manufactured. $1,486,000Cost of goods sold (unadjusted) . $1,337,000\begin{array}{lr}\text {Cost of goods manufactured. }&\$1,486,000\\\text {Cost of goods sold (unadjusted) . }&\$1,337,000\\\end{array} The journal entry to record the transfer of completed goods from Work in Process to Finished Goods is:


A) Finished Goods . 1,337,000Work in Process 1,337,000\begin{array}{lr}\text {Finished Goods . }&1,337,000\\\text {Work in Process }&&1,337,000\\\end{array}

B)  Finished Goods.1,486,000Work in Process 1,486,000\begin{array}{lr}\text { Finished Goods.}&1,486,000\\\text {Work in Process }&&1,486,000\\\end{array}

C) Work in Process 1,337,000Finished Goods 1,337,000\begin{array}{lr}\text {Work in Process }&1,337,000\\\text {Finished Goods }&&1,337,000\\\end{array}

D) Work in Process 1,486,000Finished Goods 1,486,000\begin{array}{lr}\text {Work in Process }&1,486,000\\\text {Finished Goods }&&1,486,000\\\end{array}

E) C) and D)
F) None of the above

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