11. Lilled Inc accounting reconds reflect the following i Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2021 $40,000 52.000 50,000 Dec. 31,2002 $ 32,000 58,000 46,000 During 2022, Lilland purchased $725,000 of raw materials, incumed direct labor costs of $125,000, and incurred manufacturing overhead totaling $80,000 Assume Lilland's cost of good manufactured for 2022 much would it report as cost of goods sold for the year? A) $784,000 B) $826,000 C) $834,000 $830,000 D) $880,000 12. Lillard Inc.'s accounting records reflect the following inventories. Raw materials inventory Work in process inventory Finished goods inventory Dec. 31,2021 $ 40,000 52.000 50,000 Dec. 31, 2022 $ 32,000 58,000 46.000 During 2022, Lillard purchased $725,000 of raw materials, incurred direct labor costs of $125,000, and incurred manufacturing overhead totaling $80,000. How much raw materials were transferred to production during 2022 for Lillard A) $717,000 B) $725,000 C) $693,000 D) $733,000 Version 1 Page 5 13. Rabonis Macaring has the following labor costs Factory-Gross was Factory-Net wa Employer Payroll Taxes Payable $50,000 42,000 5,000 The entry to record the cost of factory labor and the associated payroll tax expense will include a debit to Factory Labor for A) $45,000. B) $47,000 C $55,000 D) $50,000 14. Towm, Inc applies overhead to production at a predetermined rate of 90% based on direct labor cost. Job No. 608-C, the only job still in process at the end of August, bon charged with manufacturing overhead of $2.025. What was the amount of direct ials charged to Job 60s-Cassuming the balance in Work in Process inventory is $7.5000 A) $7.500. B) $3,225 C) $ 2.025 D) $ 2.250. 15. Which one of the following is a source document that impacts the job cost sheet? A) Labor time tickets. B) Raw materials receiving slips. C) Finished goods shipping documents. D) Materials purchase orders. 16. When determining costs of jobs, how does a company account for indirect materials? A) It is transferred out of raw materials into work in process as used. B) It is transferred out of raw materials into manufacturing overbead when used. C) It is added to work in process as used D) It remains part of raw materials inventory. Version 1 Page 6 Inventory accom at the end o A C The The soal of the amounts te D) The total of manufacturing overheal applied w 18. At the end of the year, any balance in the Manufacturing Overheal account is generally eliminated by adjusting A) Raw Materialy. B) Cost of Goods Sold Work In Process Inventory D) Finished Goods Inventory the beginning of 2022, there was $4,800 of materials on hand. During the year, the company 5942,000. How much inventory was requisitioned for use on jobs during 20227 19. As of December 31, 2022, Nurkic Industries had $6,000 of raw materials inventory. At A) $1,030,800 B) $1,063,200 C) $1,060,800 D) $1,033,200 20. The two basic types of cost accounting systems are A) job order and process cost systems. B) process cost and batch systems C) job order and batch systems. D) job order and job accumulation systems. 21. If Manufacturing Overhead has a credit balance at the end of the period, then A) management must take corrective action. B) overhead has been underapplied. C) the overhead assigned to Work in Process Inventory is less than the overhead incurred. D) overhead has been overapplied. Version 1 Page 7