Question
1) Selected accounts with amounts omitted are as follows Work in Process Aug. 1 Balance 260,530 Aug. 31 Goods finished 144,980 31 Direct materials X
1)
Selected accounts with amounts omitted are as follows
Work in Process | |||||
Aug. 1 | Balance | 260,530 | Aug. 31 | Goods finished | 144,980 |
31 | Direct materials | X | |||
31 | Direct labor | 36,500 | |||
31 | Factory overhead | X |
Factory Overhead | |||||
Aug. 1 31 | Costs incurred | 103,630 | Aug. 1 | Balance | 12,940 |
31 | Applied | ||||
(30% of direct labor cost) | X |
If the balance of Work in Process on August 31 is $198,090, what was the amount debited to Work in Process for direct materials in August?
a.$350,140
b.$495,120
c.$98,940
d.$35,090
2)
When Job 117 was completed, direct materials totaled $9,947; direct labor, $12,580; and factory overhead, $6,729. A total of 1,219 units were produced at a per-unit cost of
a.$29,256
b.$22,527
c.$1,219
d.$24
3)
Selected accounts with some amounts omitted are as follows
Work in Process | |||||
Aug. 1 | Balance | 252,600 | Aug. 31 | Goods finished | 123,000 |
31 | Direct materials | X | |||
31 | Direct labor | 47,300 | |||
31 | Factory overhead | X |
Factory Overhead | |||||
Aug. 1 31 | Costs incurred | 93,500 | Aug. 1 | Balance | 12,000 |
31 | Applied | X |
If the balance of Work in Process on August 31 is $202,800, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs?
a.$14,190
b.$12,000
c.$123,000
d.$93,500
4)
At the end of the year, overhead applied was $3,714,000. Actual overhead was $3,202,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to
a.increase by $512,000
b.decrease by $1,024,000
c.increase by $1,024,000
d.decrease by $512,000
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