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