1)Martinson Company adds direct materials at the beginning of the process and adds conversion costs throughout the process. The following data represents data in the Finishing Department:Finishing Department WIP, April 1 12,000 units Transferredminusin costs in WIP, April 1 $79,940 Direct materials (100%) in WIP, April 1 $24,420 Conversion costs (75%) in WIP, April 1 $23,400 Units transferredminusin 47,000 Transferredminusin costs during April $550,900 Units completed 42,000 April direct materials cost $155,500 April conversion costs $239,250 WIP, April 30 17,000 units (100% for materials and 60% for conversion costs) What are the equivalent units for conversion costs? A. 49,200 B. 52,200 C. 59,000 D. 54,750

2) Martinson Company adds direct materials at the beginning of the process and adds conversion costs throughout the process. The data that represents the Finishing Department is listed below: WIP, April 1 11 comma 00011,000 units Transferredminusin costs in WIP, April 1 $79,940 Direct materials (100%) in WIP, April 1 $24,420 Conversion costs (75%) in WIP, April 1 $23,400 Units transferredminusin 47 comma 00047,000 Transferredminusin costs during April $550,900 Units completed 46 comma 00046,000 April direct materials cost $155,500 April conversion costs $239,250 WIP, April 30 12 comma 00012,000 units (100% for materials and 60% for conversion costs) Which of the following is the total number of physical units? A)57000 B)46000 C)58000 D)59000

3)Baron Corporation has two sequential processing departments: Assembly and Shaping. The Shaping Department reports the following information. Conversion costs are applied evenly throughout the process. Beginning WIP Inventory 8,000 units Transferredminusin costs in beginning WIP Inventory $110,200 Direct materials cost in beginning WIP Inventory $24,500 Conversion costs in beginning WIP Inventory $22,750 Units transferredminusin 57,000 units Transferredminusin costs $546,300 Units completed 52,000 Costs added: direct materials $167,120 Costs added: conversion costs $245,570 Ending WIP Inventory 13,000 units (40% complete for materials and 30% complete for conversion) The total cost of units transferred out to Finished Goods Inventory would be closest to A. $958,990. B. $423,800. C. $949,000. D. $1,040,250.

4) At Panther Company, materials are added at the beginning of the process and conversion costs are added uniformly. Work in process, beginning: Number of units 9,000 Transferredminusin costs $94,000 Direct materials (100%) $22,500 Conversion costs (75%) $25,400 Units transferredminusin: Number of units 47,500 Transferredminusin costs $640,500 Units completed 43,000 Costs during the period: Direct materials $155,475 Conversion costs $213,225 Work in process, ending: Number of units 13,500 (100% complete for materials and 35% complete for conversion) The total cost of units transferred out to Finished Goods Inventory is closest to A. $350,450. B. $1,004,625. C. $909,450. D. $1,151,100.

5) Fun Stuff Manufacturing produces frisbees using a threeminusstep sequential process that includes molding, coloring and finishing. When the frisbees and associated costs are transferred from the molding process to the coloring process, which account is debited? A. WIP Inventorylong dashFinishing B. WIP InventoryminusColoring C. Raw Materials Inventory D. WIP InventoryminusMolding

6)The entry to record the use of direct materials in production would include a A. debit to Raw Materials Inventory. B. debit to WIP Inventory. C. credit to Finished Goods Inventory. D. debit to Finished Goods Inventory

. 9)Blossom Company has two sequential processing departments: Assembly and Shaping. The Shaping Department reports the following information. Conversion costs are applied evenly throughout the process. Beginning WIP Inventory 9,000 units Transferredminusin costs in beginning WIP Inventory $98,000 Direct materials costs in beginning WIP Inventory 25,600 Conversion costs in beginning WIP Inventory $23,750 Units transferredminusin 47,000 units Transferredminusin costs $645,000 Units completed 43,000 Costs added: materials $155,040 Costs added: conversion $230,710 Ending WIP Inventory 13,000 units (50% complete for materials and 40% complete for conversion) What would have been the journal entry to record the transfer of product from the assembly department to the Shaping Department? A. WIPlong dashShaping (Dr); WIPlong dashAssembly (Cr) 645,000 B. WIPlong dashAssembly (Dr); WIPlong dashShaping (Cr) 728,000 C. WIPlong dashAssembly (Dr); WIPlong dashShaping (Cr) 645,000 D. WIPlong dashShaping (Dr); WIPlong dashAssembly (Cr) 728,000

12) A shampoo manufacturer offers the following information: WIP Inventory, January 1 0 units Units started 25,600 units Units completed and transferred out 19,200 units WIP Inventory, December 31 6,400 units Direct materials $276,480 Direct labor $585,000 Manufacturing Overhead $328,920 The units in ending WIP Inventory were 60% complete for materials and 40% complete for conversion costs. On December 31, what is the total cost of units completed and transferred? A. $1,036,800 B. $853,527 C. $1,071,254 D. $1,050,353

15)A tennis ball maker gives us its data for the year: WIP Inventory, January 1 0 units Units started 8,500 units Units completed and transferred out 5,600 units WIP Inventory, ending 2,900 units Direct materials $14,778 Direct labor $6,500 Manufacturing Overhead $5,611 Units in ending WIP Inventory were 90% complete for materials and 60% complete for conversion costs. On December 31, the cost per equivalent unit for direct materials would be closest to A. $1.65. B. $2.01. C. $1.80. D. $1.33.

17)A tennis ball maker gives us its data for the year: WIP Inventory, January 1 0 units Units started 8,500 units Units completed and transferred out 5,600 units WIP Inventory, ending 2,900 units Direct materials $14,778 Direct labor $6,500 Manufacturing Overhead $5,611 Units in ending WIP Inventory were 90% complete for materials and 60% complete for conversion costs. On December 31, the total cost of the units in ending WIP would be closest to A. $6,239. B. $10,005. C. $7,569. D. $19,320.

19)The following information is provided by Zander Corporation: WIP Inventory, January 1 0 units Units started 14,000 Units completed and transferred out 9,000 WIP Inventory, December 31 5,000 Direct materials $28,200 Direct labor $18,000 Manufacturing Overhead $7,500 The units in ending WIP Inventory were 80% complete for materials and 45% complete for conversion costs. At the end of the year, what are the equivalent units for conversion costs? A. 11,250 B. 6,300 C. 2,250 D. 9,000

22)There are a total of 14,000 students at a school. Eighty percent of them go full time at 16 hours per term. Ten percent take a halfminusload of 8 hours per term, and ten percent take a threeminusquarter load of 12 hours per term. What is the equivalent number of fullminustime students? A. 1,750 B. 11,200 C. 12,950 D. 14,000

55)James Industries uses departmental overhead rates to allocate its manufacturing overhead to jobs. The company has two departments: Assembly and Sanding. The Assembly Department uses a departmental overhead rate of $35 per machine hour, while the Sanding Department uses a departmental overhead rate of $20 per direct labor hour. Job 603 used the following direct labor hours and machine hours in the two departments: Actual results Assembly Department Sanding Department Direct labor hours used 8 5 Machine hours used 10 7 The cost for direct labor is $30 per direct labor hour and the cost of the direct materials used by Job 603 is $1,400. What was the total cost of Job 603 if James Industries used the departmental overhead rates to allocate manufacturing overhead? A. $1,790 B. $2,240 C. $2,170 D. $1,850

56)Ryan Fabrication allocates manufacturing overhead to each job using departmental overhead rates. Ryan's operations are divided into a metal casting department and a metal finishing department. The casting department uses a departmental overhead rate of $52 per machine hour, while the finishing department uses a departmental overhead rate of $28 per direct labor hour. Job A216 used the following direct labor hours and machine hours in the two departments: Actual results Casting Department Finishing Department Direct labor hours used 5 12 Machine hours used 4 3 The cost for direct labor is $32 per direct labor hour and the cost of the direct materials used by Job A216 is $1,800. How much manufacturing overhead would be allocated to Job A216 using the departmental overhead rates? A. $1,360 B. $454 C. $544 D. $596

57)Ryan Fabrication allocates manufacturing overhead to each job using departmental overhead rates. Ryan's operations are divided into a metal casting department and a metal finishing department. The casting department uses a departmental overhead rate of $52 per machine hour, while the finishing department uses a departmental overhead rate of $28 per direct labor hour. Job A216 used the following direct labor hours and machine hours in the two departments: Actual results Casting Department Finishing Department Direct labor hours used 5 12 Machine hours used 4 3 The cost for direct labor is $32 per direct labor hour and the cost of the direct materials used by Job A216 is $1,800. What was the total cost of Job A216 if Ryan Fabrication used the departmental overhead rates to allocate manufacturing overhead? A. $2,940 B. $2,344 C. $2,434 D. $2,888

58)Cooper's Bags Company manufactures cloth grocery bags to be sold to grocery stores and other retailers. Cooper's Bags Company sells the bags in cases of 1,000 bags. The bags come in three sizes: Large, Medium, and Small. Currently, Cooper's Bags Company uses a single plantminuswide overhead rate to allocate its $8,088,000 of annual manufacturing overhead. Of this amount, $2,210,000 is associated with the Large Bag line, $3,418,800 is associated with the Medium Bag line, and $2,459,200 is associated with the Small Bag line. Cooper's Bags Company is currently running a total of 40,000 machine hours: 13,000 in the Large Bag line, 15,400 in the Medium Bag line, and 11,600 in the Small Bag line. Cooper's Bags Company uses machine hours as the cost driver for manufacturing overhead costs. The plantminuswide manufacturing overhead rate would be closest to A. $202.20 per machine hour. B. $55.25 per machine hour. C. $222.00 per machine hour. D. $170.00 per machine hour.

59)Cooper's Bags Company manufactures cloth grocery bags to be sold to grocery stores and other retailers. Cooper's Bags Company sells the bags in cases of 1,000 bags. The bags come in three sizes: Large, Medium, and Small. Currently, Cooper's Bags Company uses a single plantwide overhead rate to allocate its $8,088,000 of annual manufacturing overhead. Of this amount, $2,210,000 is associated with the Large Bag line, $3,418,800 is associated with the Medium Bag line, and $2,459,000 is associated with the Small Bag line. Cooper's Bags Company is currently running a total of 40,000 machine hours: 13,000 in the Large Bag line, 15,400 in the Medium Bag line, and 11,600 in the Small Bag line. Cooper's Bags Company uses machine hours as the cost driver for manufacturing overhead costs. The departmental manufacturing overhead rate for the Small Bag line would be closest to A. $212.00 per machine hour. B. $222.00 per machine hour. C. $202.20 per machine hour. D. $170.00 per machine hour.

60)Cooper's Bags Company manufactures cloth grocery bags to be sold to grocery stores and other retailers. Cooper's Bags Company sells the bags in cases of 1,000 bags. The bags come in three sizes: Large, Medium, and Small. Currently, Cooper's Bags Company uses a single plantwide overhead rate to allocate its $8,088,000 of annual manufacturing overhead. Of this amount, $2,210,000 is associated with the Large Bag line, $3,418,800 is associated with the Medium Bag line, and $2,459,000 is associated with the Small Bag line. Cooper's Bags Company is currently running a total of 40,000 machine hours: 13,000 in the Large Bag line, 15,400 in the Medium Bag line, and 11,600 in the Small Bag line. Cooper's Bags Company uses machine hours as the cost driver for manufacturing overhead costs. Which product line(s) have been overcosted or undercosted by using the plantwide manufacturing overhead rate? A. Large, Medium, and Small Bags have all been undercosted. B. Large Bags has been overcosted; Medium and Small have been undercosted. C. Large Bags has been undercosted; Medium and Small have been overcosted. D. Large, Medium, and Small Bags have all been overcosted

. 61)Job 543 started on June 1 and finished on July 15. Total cost on July 1 was $10,800, and the costs added in July were $164,300. The product was sold. What is the debit to cost of goods sold? A. $164,300 B. $153,500 C. $10,800 D. $175,100 63)Here is selected data for Lori Corporation: Cost of raw material purchased $77,000 Cost of requisitioned direct materials 43,000 Cost of requisitioned indirect materials 3,000 Direct labor 80,000 Manufacturing overhead incurred 100,000 Cost of goods completed 233,500 Cost of goods sold 142,000 Beginning raw materials inventory 17,000 Beginning work in process inventory 32,000 Beginning finished goods inventory 35,000 Manufacturing overhead allocation rate (based on direct labor) 130% The journal entry to transfer completed goods to the finished goods inventory account would include a A. credit to WorkminusinminusProcess Inventory account for $237,500. B. debit to Finished Goods account for $233,500. C. debit to Finished Goods Inventory account for $237,500. D. debit to WorkminusinminusProcess Inventory account for $233,500. 64)Here is selected data for Lori Corporation: Cost of raw material purchased $77,000 Cost of requisitioned direct materials 43,000 Cost of requisitioned indirect materials 3,000 Direct labor 80,000 Manufacturing overhead incurred 100,000 Cost of goods completed 233,500 Cost of goods sold 142,000 Beginning raw materials inventory 17,000 Beginning work in process inventory 32,000 Beginning finished goods inventory 35,000 Manufacturing overhead allocation rate (based on direct labor) 130% The journal entry to close manufacturing overhead would include a A. debit to Manufacturing Overhead account for $4,000. B. debit to WorkminusinminusProcess Inventory account for $4,000. C. credit to Manufacturing Overhead account for $4,000. D. debit to Cost of Goods Sold for $4,000. 65)Here is selected data for Lori Corporation: Cost of raw material purchased $77,000 Cost of requisitioned direct materials 43,000 Cost of requisitioned indirect materials 3,000 Direct labor 80,000 Manufacturing overhead incurred 100,000 Cost of goods completed 233,500 Cost of goods sold 142,000 Beginning raw materials inventory 17,000 Beginning work in process inventory 32,000 Beginning finished goods inventory 35,000 Manufacturing overhead allocation rate (based on direct labor) 130% The journal entry to close manufacturing overhead would include a A. credit to Cost of Goods Sold account for $4,000. B. credit to WorkminusinminusProcess Inventory account for $4,000. C. credit to Manufacturing Overhead account for $4,000. D. debit to WorkminusinminusProcess Inventory account for $4,000.

66)Matthew Company uses a job cost system. The overhead account shows a $5,000 overallocated balance at the end of the year. Actual overhead incurred was $100,000. Other balances are: Ending raw materials $15,000 Work in process inventory at end of year 32,000 Finished goods inventory at end of year 47,000 Cost of goods sold for year $282,000 The entry to close manufacturing overhead would include a A. debit to Cost of Goods Sold account for $5,000. B. debit to Manufacturing Overhead account for $5,000. C. credit to WorkminusinminusProcess Inventory account for $5,000. D. debit to WorkminusinminusProcess Inventory account for $5,000.

67)The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing Company: Work in process inventory $0 Raw materials inventory $28,000 Finished goods inventory $40,000 Additional data: 1. Actual manufacturing overhead for January amounted to $62,000. 2. Total direct labor cost for January was $63,000. 3. The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $250,000 of direct labor cost and $350,000 of manufacturing overhead costs. 4. The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $5,200 (800 direct labor hours) and total direct material charges were $14,000. 5. Cost of direct materials placed in production during January totaled $123,000. There were no indirect material requisitions during January. 6. January 31 balance in raw materials inventory was $35,000. 7. Finished goods inventory balance on January 31 was $34,500. What is the amount of materials purchased during January? A. $130,000 B. $60,000 C. $123,000 D. $158,000

68)The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing Company: Work in process inventory $0 Raw materials inventory $28,000 Finished goods inventory $40,000 Additional data: 1. Actual manufacturing overhead for January amounted to $62,000. 2. Total direct labor cost for January was $63,000. 3. The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $250,000 of direct labor cost and $350,000 of manufacturing overhead costs. 4. The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $5,200 (800 direct labor hours) and total direct material charges were $14,000. 5. Cost of direct materials placed in production during January totaled $123,000. There were no indirect material requisitions during January. 6. January 31 balance in raw materials inventory was $35,000. 7. Finished goods inventory balance on January 31 was $34,500. What is the cost of goods sold for January? A. $213,586 B. $314,200 C. $253,220 D. $236,500

69)The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing Company: Work in process inventory $0 Raw materials inventory $28,000 Finished goods inventory $40,000 Additional data: 1. Actual manufacturing overhead for January amounted to $62,000. 2. Total direct labor cost for January was $63,000. 3. The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $250,000 of direct labor cost and $350,000 of manufacturing overhead costs. 4. The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $5,200 (800 direct labor hours) and total direct material charges were $14,000. 5. Cost of direct materials placed in production during January totaled $123,000. There were no indirect material requisitions during January. 6. January 31 balance in raw materials inventory was $35,000. 7. Finished goods inventory balance on January 31 was $34,500. Has manufacturing overhead been overallocated or underallocated and by what amount as of January 31? A. $17,000 overallocated B. $26,200 underallocated C. $26,200 overallocated D. $17,000 underallocated

70)The following information was gathered for the Wesley Corporation for the most recent year. Manufacturing overhead is allocated using direct labor hours. Estimated direct labor hours 40,000 Actual direct labor hours 51,000 Estimated manufacturing overhead costs $840,000 Actual manufacturing overhead costs $985,000 What is the company's predetermined manufacturing overhead rate? A. $24.63 per direct labor hour B. $16.47 per direct labor hour C. $21.00 per direct labor hour D. $19.31 per direct labor hour

71)The following information was gathered for the Wesley Corporation for the most recent year. Manufacturing overhead is allocated using direct labor hours. Estimated direct labor hours 40,000 Actual direct labor hours 51,000 Estimated manufacturing overhead costs $840,000 Actual manufacturing overhead costs $985,000 What amount of manufacturing overhead would be allocated for the year? A. $985,000 B. $1,071,000 C. $1,255,875 D. $840,000

72)The following information was gathered for the Wesley Corporation for the most recent year. Manufacturing overhead is allocated using direct labor hours. Estimated direct labor hours 40,000 Actual direct labor hours 51,000 Estimated manufacturing overhead costs $840,000 Actual manufacturing overhead costs $985,000 What is the amount of overallocated or underallocated overhead for the year? A. $145,000 underallocated B. $86,000 underallocated C. $86,000 overrallocated D. $145,000 overallocated

78)Ohio Steel uses a job costing system. Ohio Steel uses estimated direct labor hours of 100,000 and estimated manufacturing overhead costs of $320,000 in establishing its predetermined manufacturing overhead rate. Actual results for the year showed: Actual manufacturing overhead cost 350,000 Allocated manufacturing overhead cost 326,400 The number of direct labor hours worked during the period was A. 100,000. B. 109,375. C. 102,000. D. 93,257.

83)Manufacturers follow four steps to implement a manufacturing overhead allocation system. In the last step, the company estimates the total amount of manufacturing overhead costs for the year. T/F?

85)Ryan's Paints allocates overhead based on machine hours. Selected data for the most recent year follow. Estimated manufacturing overhead cost $235,000 Actual manufacturing overhead cost $244,000 Estimated machine hours 20,000 Actual machine hours 22,500 The estimates were made as of the beginning of the year, while the actual results were for the entire year. The predetermined manufacturing overhead rate per machine hour is closest to A. $10.84. B. $12.20. C. $11.75. D. $10.44.

86)Poland's Paints allocates overhead based on machine hours. Selected data for the most recent year follow. Estimated manufacturing overhead cost $238,000 Actual manufacturing overhead cost $244,000 Estimated machine hours 20,000 Actual machine hours 22,500 The estimates were made as of the beginning of the year, while the actual results were for the entire year. The predetermined manufacturing overhead rate per machine hour is closest to A. $11.90. B. $12.20. C. $10.84. D. $10.58.

87)Poland's Paints allocates overhead based on machine hours. Selected data for the most recent year follow. Estimated manufacturing overhead cost $238,000 Actual manufacturing overhead cost $244,000 Estimated machine hours 20,000 Actual machine hours 22,500 The estimates were made as of the beginning of the year, while the actual results were for the entire year. The amount of manufacturing overhead allocated for the year based on machine hours would have been A. $241,000. B. $267,750. C. $238,000. D. $244,000.

88)Here are selected data for Tyler Corporation: Cost of materials purchases on account $68,000 Cost of materials requisitioned (includes $4,500 of indirect) 51,000 Direct labor costs incurred 77,000 Manufacturing overhead costs incurred, including indirect materials 97,500 Cost of goods manufactured 223,000 Cost of goods sold 151,000 Beginning raw materials inventory 14,500 Beginning work in process inventory 29,700 Beginning finished goods inventory 32,800 Predetermined manufacturing overhead rate (as % of direct labor cost) 130% What is the balance in work in process inventory at the end of the year? A. $30,300 B. $23,800 C. $49,200 D. $27,700

100)Lucky Cow Dairy provided the following expense information for May: Assemblyminusline workers' wages $72,000 Caps for milk bottles 3,000 Reconfiguring the assembly line 125,000 Customer support hotline 10,000 Delivery expenses 20,000 Depreciation on factory equipment 75,000 Plastic milk bottles 52,000 Salaries of salespeople 63,000 Salaries of research scientists 70,000 Customer tollminusfree order line 6,000 What is the total cost for the distribution category of the value chain? A. $217,000 B. $23,000 C. $20,000 D. $151,000