Indirect materials Indirect labor Other overhead Overhead applied Star Promotions $ 11,400 56,700 16,400 92,200 Valle Builders $ 7,000 46,700 49,200 97,200 Star Promotions 1-a. Determine whether overhead is overapplied or underapplied. forhood to Cost of Goods
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- In a job order cost system, utility expense incurred is debited to which account? A. work in process inventory B. finished goods inventory C. manufacturing overhead D. cost of goods soldDescribe the Source 01 the data for increasing Work in Process for (a) direct materials, (b) direct labor, and (c) factory overheadttempt%3D1347310&cmid%3D701917 ming services SQU Libraries SQU Portal Attendance English (en Which of the following is correct with resnect to closing out underapplied manufacturing overhead to Cost of Goods Sold versus closing it out to Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold? Select one: a. The balance in the Work-in-Process account after allocation will be higher if the underapplied overhead is closed out by allocating it to all appropriate accounts. b. The balance in the Work-in-Process account after allocation will be the same under either method. C. None of given ANSWER is correct. d. Operating income will be higher if all of the underapplied overhead is closed out to Cost of Goods Sold. X e. Cost of Goods Sold will be higher if the underapplied. overhead is closed out by allocatinog it to the inventory accounts as well as to Cost of Goods Sold. The corect
- D. What is the journal entry to dispose of the over- or underapplied overhead? If an amount box does not require an entry, leave it blank. Cost of Goods Sold 38 Manufacturing OverheadHagy Corporation has an activity-based costing system with three activity cost pools-Processing, Setting Up, and Other. The company's overhead costs, which consist of factory utilities and indirect labor, are allocated to the cost pools in proportion to the activity cost pools' consumption of resources. Data concerning the company's costs and activity-based costing system appear below: Factory utilities (total) Indirect labor (total) Distribution of Resource Consumption Across Activity Cost Pools Setting Up 0.40 0.30 Factory utilities Indirect labor $101,000 $ 14,000 Factory utilities indirect labor Processing 0.20 0.20 Required: Assign overhead costs to activity cost pools using activity-based costing. Other 0.40 0.50 Activity Cost Pools Processing Setting Up Other TotalSaved Help Sav CH 07 i Klumper Corporation is a diversified manufacturer of industrial goods. The company's activity-based costing system cont following six activity cost pools and activity rates: Activity Cost Pool Supporting direct labor Machine processing Machine setups Activity Rates $6 per direct labor-hour $ 4 per machine-hour $ 50 per setup $ 90 per order $ 14 per shipment $ 840 per product Production orders Shipments Product sustaining Activity data have been supplied for the following two products: Total Expected Activity K425 M67 Number of units produced per year Direct labor-hours 200 2,000 80 500 Machine-hours Machine setups Production orders 100 1,500 1 4 4 Shipments Product sustaining 1 10 1 Required: How much total overhead cost would be assigned to K425 and M67 using the activity-based costing system? DELL F3 prt sc home end F4 F5 F6
- Please solve this MCQs The journal entry to record the completion of a contract in a job costing system for a service firm is: A. Cost of Services Billed xxx Wages Payable xxx B. Work-In-Process Inventory xxx Wages Payable xxx C. Cost of Services Billed xxx Work-In-Process Inventory xxx D. Finished Goods Inventory xxx Work-In-Process Inventory xxx Option A Option B Option C Option DQuestion 6Many firms use two overhead accounts: Factor overhead control and factory overhead applied. During the period,which account receives numerous debits and credits?A. Factor overhead appliedB. Factor overhead controlC. BothD. Neither 7.In cost terminology, conversion costs consist of:A. Indirect labor and variable factory overheadB. Direct labor and factory overheadC. Direct and indirect laborD. Direct labor and direct materials 8.Which of the following items is not included in or not charged to factory overhead?A. Costs of marketing departmentB. Factory depreciation and suppliesC. Costs of service departmentD. Costs of maintenance departmentSystems Design: Job-Order Costing 201 12. Which of the following statements related to manufacturing overhead is true? Credits to subsidiary manufacturing overhead records occur at the time b- Both debits and credits to subsidiary manufacturing overhead records a. the manufacturing overhead costs are incurred. occur at the time manufacturing overhead costs are incurred. Credits to manufacturing overhead allocated occur as the allocation base is consumed. с. d. Manufacturing overhead costs incurred are dependent upon uhe allocation method used.
- T F 1. Cost accounting systems measure, record, and report product costs. T F 2. A job order cost system tracks costs from materials inventory to work in process inventory to finished goods inventory to cost of goods sold. T F 3. A job order cost system provides product costs for each manufacturing department or process. T F 4. A receiving report indicates the quantity of materials received and the condition of th- materials received. T F 5. The predetermined factory overhead rates equals estimated total factory overhead costs divided by the minimum activity base. T F 6. Over-applied factory overhead occurs when less than the total factory overhead is applied. T F 7. Work in Process includes direct materials cost, direct labor cost, and applied factory overhead costs. T F 8. Period costs are added to the finished goods account. T F 8. A job order cost system can be used by managers for cost evaluation and control. T F 10. A materials ledger is a separate ledger for each type of work in…You have the following data: Cost of goods sold Direct labour Direct materials Cost of goods manufactured Work-in-process ending Finished goods ending Manufacturing overhead Which of the following represents the beginning work-in-process inventory? O $25. $15. O $20. $55. $70 $20 $15 $80 $10 $15 $30Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. a. $76,400 in raw materials were purchased for cash. b. $73,000 in raw materials were used in production. Of this amount, $65,100 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,700 were incurred and paid. Of this amount, $134,700 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,800 were incurred and paid. e. Manufacturing overhead of $126,700 was applied to production using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2. Determine the…