Question
1. Three costs in every product are direct materials, direct labor, and period costs direct materials, work in process, and manufacturing overhead direct materials, direct
1. Three costs in every product are
direct materials, direct labor, and period costs | ||
direct materials, work in process, and manufacturing overhead | ||
direct materials, direct labor, and manufacturing overhead | ||
direct materials, work in progress, and finished goods |
2. What is the journal entry for under applied overhead?
Manufacturing overhead Finished Goods Inventory | ||
Finished Goods Inventory Manufacturing Overhead | ||
Manufacturing overhead Cost of goods sold | ||
Cost of goods sold Manufacturing overhead |
3. Use a piece of scrap paper to prepare a cost of Goods Manufactured from the following numbers: Direct materials -$69,000. Direct Labor-$27,000. Factory Overhead $34,000.
Beginning work in process inventory $15,000. Ending Work in process Inventory $19,500 What are the total manufacturing costs incurred?
$103,000 | ||
$130,000 | ||
$96,000 | ||
$157,000 |
4. Use a piece of scrap paper to prepare a cost of Goods Manufactured from the following numbers: Direct materials -$69,000. Direct Labor-$27,000. Factory Overhead $34,000.
Beginning work in process inventory $15,000. Ending Work in process Inventory $19,500
What is the cost of goods manufactured?
$130,000 | ||
$103,000 | ||
$125,500 | ||
$145,000 |
5. Which describes process costing?
unique products | ||
special orders | ||
small quantities of one of a kind items | ||
homogeneous product |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started