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Exam 26: Accounting for Manufacturing Activities

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Question 1

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The following information appears on the income statement of the Davis Company at the end of the year. $\begin{array}{lr}\text { Sales } & \$ 512,000 \\\text { Cost of Goods Manufactured } & 357,000 \\\text { Gross Profit on Sales } & 168,000 \\\text { Beginning finished goods inventory } & 118,000\end{array}$ Ending finished goods inventory is:

A) $239,000.
B) $105,000.
C) $307,000.
D) $131,000.

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

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Question 2

Multiple Choice

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The manufacturing costs incurred during the year are:

A) shown as expense accounts, such as Wages Expense and Utilities Expense, that are listed in the Operating Expenses section of the income statement.
B) shown as Direct Labor, Raw Materials, and Manufacturing Overhead in the Operating Expenses section of the income statement.
C) shown in the Cost of Goods Sold section of the income statement.
D) used in the calculation of cost of goods manufactured.

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

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Question 3

Multiple Choice

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The following information appears on the Statement of Cost of Goods Manufactured for the Coleman Company at the end of the year. The cost for Direct Labor is:

Calculate the total manufacturing cost from the information given:

Reversing entries are required by:

On the completed worksheet of a manufacturing business, the accounts related to materials purchases, direct labor, and factory overhead:

In adjusting entries for a manufacturing business, the beginning balance of the work in process inventory is eliminated by crediting Work in Process Inventory and debiting:

The statement of cost of goods manufactured:

Keyes Company manufactured 1,000 widgets for $37.00 per unit. The material cost assigned to each unit is $13. Direct labor accounts for 25% of the total manufacturing cost. What is the Per-unit cost of manufacturing overhead?

Use the following information for the questions. -The above listed items are used by Paige Manufacturing to make dollhouses. Categorize each as Direct Materials (DM), Direct Labor (DL), or Manufacturing Overhead (MOH).

Organizations that utilize the perpetual inventory method record additions and deletions of inventory items:

Total manufacturing cost is the sum of direct materials used, direct labor incurred and manufacturing overhead applied.

A statement of cost of goods manufactured supports the income statement.

Raw Materials Used is not a component of manufacturing overhead.

Which of the following is NOT an adjusting entry?

The raw materials inventory is shown in the------------ section of the balance sheet of a manufacturing business.

Raw materials and work in process are costs incurred while manufacturing a product and are considered period expenses and thus appear on the income statement.

The balance of the manufacturing summary account is closed to Income Summary.

Fill in the missing line items on the Income Statement given. Include correct indentations, underlines, dates, and capitalization when needed. Panache Manufacturing Income Statement Year Ended March 31, 2019

The cost of indirect materials and supplies used in manufacturing operations are part of----------and are included in the calculation of total manufacturing costs.