5 mcq questions.

1|.I"|||'hen goods are transferred from the Work in Process Inventory account to the Finished Goods Inventory account, D A. total liabilities increase and total equity decreases by the same amount C} E. total assets of the company remain constant C} C. total assets and total liabilities increase by the same amount D D. total equity and total assets increase by the same amount During the year, a company incurred $533,000 of manufacturing overhead costs and allocated $479,000 of manufacturing overhead costs. At year - end, the adjustment entry needed to adjust the Manufacturing Overhead account balance to zero will include a debit to Cost of Goods Sold. O True O FalseBaptiste Accounting Services expects its accountants to work a total of 33,000 direct labor hours per year. The company's estimated total indirect costs are $152,000. The direct labor rate is $101 per hour. The company uses direct labor hours as the allocation base for indirect costs. If Baptiste performs a job requiring 50 hours oi direct labor and bills the client using a standard markup oi4|1% of costs. calculate the amount of the client's bill. [Round any intermediate calculations to the nearest cent. and your nal answer to the nearest dollar.) 0 A. $202,000 0 a. $5,050 0 c. $2,112 u, 0 o. $13.93 Martinez Products manufactures a line of desk chairs. Marlinez's production operations are divided into two departments Departrnent1 and Department 2. The company uses a process costing system. Martinez incurred The following costs during the year to produce 25,800 chairs: Department 1 $851500 Department 2 $293,000 If Martinez sells 23.201] [hairs during the year. what will be The Dost per chair produced? (Round your answer to two decimal places.) 0 A $33.24 C) B. $44.59 C) C. $49.59 C) D. $36.96 Which of the following best describes the term equivalent units? O A. partially completed units expressed in terms of fully completed units O B. partially completed units of output that will be sold as is O C. different types of units that have same selling price O D. substitute of units that are partially completed