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principles of accounting volume 1

Questions and Answers of Principles Of Accounting Volume 1

The table shows a list of expenses involved in the production of custom snowboard bindings.A. For each item listed, state if the cost is manufacturing or sales and administration.B. If the cost is a
Break-even for a multiple product firm ________.A. can be calculated by dividing total fixed costs by the contribution margin of a composite unitB. can be calculated by multiplying fixed costs by the
Burnham Industries incurs these costs for the month:What is the prime cost? Direct materials Direct labor Factory depreciation expense Factory utilities expense CEO's
Wallace Industries has total contribution margin of $58,560 and net income of $24,400 for the month of April. Wallace expects sales volume to increase by 5% in May. What are the degree of operating
Choco’s Chocolates incurs the following costs for the month:A. What is the prime cost?B. What is the conversion cost? Direct materials Direct labor Factory depreciation expense Factory utilities
Macom Manufacturing has total contribution margin of $61,250 and net income of $24,500 for the month of June. Marcus expects sales volume to increase by 10% in July. What are the degree of operating
Choco’s Chocolates incurs these costs for the month:What is the conversion cost? Direct materials Direct labor Factory depreciation expense Factory utilities expense Payroll staff's
If a firm has a contribution margin of $59,690 and a net income of $12,700 for the current month, what is their degree of operating leverage?A. 0.18B. 1.18C. 2.4D. 4.7
If a firm has a contribution margin of $78,090 and a net income of $13,700 for the current month, what is their degree of operating leverage?A. 0.21B. 1.21C. 2.4D. 5.7
Which of the following product situations is better suited to job order costing than to process costing?A. Each product batch is exactly the same as the prior batch.B. The costs are easily traced to
A printing company manufactures notebooks of various sizes. The company manufactures 3,000 notebooks each day. Should the company use process costing or job order costing?
Little Things manufactures toys. For each item listed, identify whether it is a product cost, a period cost, or not an expense.A. Internet provider servicesB. Material expenseC. Raw materials
Burnham Industries incurs these costs for the month:A. What is the prime cost?B. What is the conversion cost? Direct materials Direct labor Factory depreciation expense Factory utilities
Abuah Goods manufactures clothing. For each item listed, identify whether it is a product cost, a period cost, or not an expense.A. Pins to keep materials together while garment is being
For each item listed, state whether a job order costing system or process costing system would be best.A. CerealB. Team uniformsC. HousesD. Beach chairsE. PlasticF. Restaurant-specific pizza boxesG.
A job order costing system is most likely used by which of the following?A. A pet food manufacturerB. A paper manufacturing companyC. An accounting firm specializing in tax returnsD. A stereo
Summary information from a company’s job cost sheets shows the following information:What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for
Rulers Company is a neon sign company that estimated overhead will be $60,000, consisting of 1,500 machine hours. The cost to make Job 416 is $95 in neon, 15 hours of labor at $13 per hour, and five
Which of the following is a prime cost?A. Indirect materialsB. Direct laborC. Administrative expensesD. Factory depreciation expenses
Steinway’s records show their work in process inventory had a beginning balance of $3,000 and an ending balance of $3,500. How much overhead was applied if the records also show the following:
Complete the information in the cost computations shown here: Raw Materials Beginning inventory Purchases Materials available for use Ending inventory Materials used in production Finished Goods
Complete the information in the cost computations shown here: Beginning Inventory Purchases Materials available for use Ending inventory Materials used in production Finished Goods Inventory Finished
Event Forms expects $120,000 in overhead during the next year. It doesn’t know whether it should apply overhead on the basis of its anticipated direct labor hours of 6,000 or its expected machine
Which of the following is a conversion cost?A. Raw materialsB. Direct materialsC. Administrative expensesD. Factory depreciation expenses
How do job order costing and process costing differ with respect to recording direct materials and direct labor?
Marzoni’s records show raw materials inventory had a beginning balance of $200 and an ending balance of $300. If the cost of materials used during the month was $900, what were the purchases made
Masonry’s records show the raw materials inventory had purchases of $1,000 and an ending raw materials inventory balance of $200. If the cost of materials used during the month was $900, what was
During production, to what are the costs in job order costing applied?A. Manufacturing overheadB. Cost of goods soldC. Each individual productD. Each individual department
Why are product costs assigned to the product and period costs immediately expensed?
During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory
During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory
Freeman Furnishings has summarized its data as shown. Direct labor hours will be used as the activity base to allocate overhead:Compute the cost of goods manufactured. Raw materials purchased Raw
Job order cost sheets show the following costs assigned to each job:The company assigns overhead at twice the direct labor cost. What is the total cost for each job? Direct materials Direct labor Job
Which document lists the inventory that will be removed from the raw materials inventory?A. Job cost sheetB. Purchase orderC. Materials requisition formD. Receiving document
Job order cost sheets show the following costs assigned to each job:The company assigns overhead at $1.25 for each direct labor dollar spent. What is the total cost for each of the jobs? Direct
Freeman Furnishings has summarized its data as shown:Compute the cost of goods manufactured, assuming that the overhead is allocated based on direct labor hours. Depreciation of factory
Is the cost of goods manufactured the same as the cost of goods sold?
Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was
Langston’s purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was
A company estimates its manufacturing overhead will be $750,000 for the next year. What is the predetermined overhead rate given the following independent allocation bases?A. Budgeted direct labor
Which document shows the cost of direct materials, direct labor, and overhead applied for each specific job?A. Job cost sheetB. Purchase orderC. Materials requisition formD. Receiving document
From beginning to end, place these items in the order of the flow of goods.A. Cost of goods soldB. Raw materials inventoryC. Finished goods inventoryD. Work in process inventory
Mountain Peaks applies overhead on the basis of machine hours and reports the following information:A. What is the predetermined overhead rate?B. How much overhead was applied during the year?C. Was
Mountain Tops applies overhead on the basis of direct labor hours and reports the following information:A. What is the predetermined overhead rate?B. How much overhead was applied during the year?C.
A new company started production. Job 1 was completed, and Job 2 remains in production. Here is the information from the job cost sheets from their first and only jobs so far:Using the information
A company estimates its manufacturing overhead will be $840,000 for the next year. What is the predetermined overhead rate given each of the following independent allocation bases?A. Budgeted direct
Which document lists the total direct materials used in a specific job?A. Job cost sheetB. Purchase orderC. Materials requisition formD. Receiving document
Queen Bee’s Honey, Inc., estimated its annual overhead to be $110,000 and based its predetermined overhead rate on 27,500 direct labor hours. At the end of the year, actual overhead was $106,000
How is the predetermined overhead rate applied?
A company has the following information relating to its production costs:Compute the actual and applied overhead using the company’s predetermined overhead rate of $23.92 per machine hour. Was the
Which document lists the total direct labor used in a specific job?A. Job cost sheetB. Purchase orderC. Employee time ticketD. Receiving document
Match the concept on the left to its correct description. A. job order costing B. materials requisition sheet C. overapplied overhead D. predetermined overhead rate E. process costing F. time
Assigning indirect costs to specific jobs is completed by which of the following?A. Applying the costs to manufacturing overheadB. Using the predetermined overhead rateC. Using the manufacturing
Why are the overhead costs first accumulated in the manufacturing overhead account instead of in the work in process inventory account?
Inez has the following information relating to Job AA5. Direct material cost was $200,000, direct labor was $36,550, and overhead applied on the basis of direct labor hours was $73,100. What was the
The actual overhead for a company is $74,539. Overhead was based on 6,000 direct labor hours and was $2,539 underapplied for the year.A. What is the overhead application rate per direct labor hour?B.
The actual overhead for a company is $73,175. Overhead was based on 4,500 machine hours and was $3,325 overapplied for the year.A. What is the overhead application rate per direct labor hour?B. What
In a job order cost system, which account shows the overhead used by the company?A. Work in process inventoryB. Finished goods inventoryC. Cost of goods soldD. Manufacturing overhead
Why is the manufacturing overhead account debited as expenses are recognized and then credited when overhead is applied?
When setting its predetermined overhead application rate, Tasty Box Meals estimated its overhead would be $100,000 and would require 25,000 machine hours in the next year. At the end of the year, it
When setting its predetermined overhead application rate, Tasty Turtle estimated its overhead would be $75,000 and manufacturing would require 25,000 machine hours in the next year. At the end of the
In a job order cost system, raw materials purchased are debited to which account?A. Raw materials inventoryB. Work in process inventoryC. Finished goods inventoryD. Cost of goods sold
During the month, Job AB2 used specialized machinery for 450 hours and incurred $500 in utilities on account, $300 in factory depreciation expense, and $100 in property tax on the factory. Prepare
A company has the following transactions during the week.• Purchase of $3,000 raw materials inventory• Assignment of $700 of raw materials inventory to Job 7• Payroll for 10 hours and $3,000 is
The following data summarize the operations during the year. Prepare a journal entry for each transaction.A. Purchase of raw materials on account: $3,000B. Raw materials used by Job 1: $500C. Raw
The following data summarize the operations during the year. Prepare a journal entry for each transaction.A. Purchase of raw materials on account: $1,500B. Raw materials used by Job 1: $400C. Raw
A company’s individual job sheets show these costs:Overhead is applied at 1.25 times the direct labor cost. Use the data on the cost sheets to perform these tasks:A. Apply overhead to each of the
In a job order cost system, overhead applied is debited to which account?A. Work in process inventoryB. Finished goods inventoryC. Manufacturing overheadD. Cost of goods sold
When compared to manufacturing companies, service industries do not generally use ________ as a component of product cost.
Job 113 was completed at a cost of $5,000, and Job 85 was completed at a cost of $3,000 and sold on account for $4,500. Prepare journal entries for the following:A. Completion of Job 113.B.
During the month, Job Arch2 used specialized machinery for 350 hours and incurred $700 in utilities on account, $400 in factory depreciation expense, and $200 in property tax on the factory. Prepare
A summary of material requisition slips and time tickets, along with the overhead allocation, show these costs:A. Prepare an entry to record the assignment of direct material to work in process.B.
The following events occurred during March for Ajax Company. Prepare a journal entry for each transaction.A. Materials were purchased on account for $35,429. B. Materials were requisitioned to
A company’s individual job sheets show these costs:Overhead is applied at 1.75 times the direct labor cost. Use the data on the cost sheets to perform these tasks:A. Apply overhead to each of the
The following events occurred during March for Ajax Company. Prepare a journal entry for each transaction.A. Materials were purchased on account for $5,429.B. Materials were requisitioned to begin
In a job order cost system, factory wage expense is debited to which account?A. Raw materials inventoryB. Work in process inventoryC. Finished goods inventoryD. Cost of goods sold
A summary of materials requisition slips and time tickets, along with the overhead allocation, show these costs:A. Prepare an entry to record the assignment of direct material to work in process.B.
Job 113 was completed at a cost of $7,500, and Job 85 was completed at a cost of $2,300 and sold on account for $4,500. Prepare journal entries for the following:A. Completion of Job 113.B.
A movie production studio incurred the following costs related to its current movie:A. Purchased office supplies on account: $33,000B. Issued direct supplies: $22,512C. Issued indirect supplies:
A leather repair shop incurred the following expenses while repairing luggage for a major airline.A. Time cards showing direct labor: $750B. Time cards showing indirect labor: $100C. Purchased repair
In a job order cost system, utility expense incurred is debited to which account?A. Work in process inventoryB. Finished goods inventoryC. Manufacturing overheadD. Cost of goods sold
In a job order cost system, indirect labor incurred is debited to which account?A. Work in process inventoryB. Finished goods inventoryC. Manufacturing overheadD. Cost of goods sold
The activity base for service industries is most likely to be ________.A. Machine hoursB. Administrative salariesC. Direct labor costD. Direct labor hours
Explain how process costing differs from job order costing.
How many units were started into production in a period if there were zero units of beginning work in process inventory, 1,100 units in ending work in process inventory, and 21,500 completed and
Given the following information, determine the equivalent units of ending work in process for materials and conversion using the weighted-average method:• Beginning inventory of 750 units is 100%
Pant Risers manufactures bands for self-dressing assistive devices for mobility-impaired individuals. Manufacturing is a one-step process where the bands are cut and sewn. This is the information
Vexar manufactures nails. Manufacturing is a one-step process where the nails are forged. This is the information related to this year’s production:Ending inventory was 100% complete as to
The following product costs are available for Haworth Company on the production of chairs: direct materials, $15,500; direct labor, $22,000; manufacturing overhead, $16,500; selling expenses, $6,900;
The following product costs are available for Stellis Company on the production of erasers: direct materials, $22,000; direct labor, $35,000; manufacturing overhead, $17,500; selling expenses,
Which of the following production characteristics is better suited for process costing and not job order costing?A. Each product batch is distinguishable from the prior batch.B. The costs are easily
Would a pharmaceutical manufacturer use process or job order costing? Why?
A company started a new product, and in the first month started 100,000 units. The ending work in process inventory was 20,000 units that were 100% complete with materials and 75% complete with
There were 2,000 units in beginning inventory that were 70% complete with regard to conversion. During the month, 15,000 units were started, and 16,000 were transferred to finished goods. The ending
The following product costs are available for Arrez Company on the production of DVD cases: direct materials, $1,450; direct labor, $15.50; manufacturing overhead, applied at 150% of direct labor
The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct
Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs. Use the information provided to complete a
A process costing system is most likely used by which of the following?A. Airplane manufacturingB. A paper manufacturing companyC. An accounting firm specializing in tax returnsD. A hospital
Which costs are assigned using the weighted-average method?
Given the following information, determine the equivalent units of ending work in process for materials and conversion under the weighted-average method:• Beginning inventory of 2,500 units is 100%

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