Accounting HW

1.

Selected data for Lemon Grass, Inc. for the year are provided below: Factory Utilities $1,700 Indirect Materials Used 37,500 Direct Materials Used 305,000 Property Taxes on Factory Building 5,100 Sales Commissions 81,000 Indirect Labor Incurred 24,000 Direct Labor Incurred 145,000 Depreciation on Factory Equipment 6,000 What is the total manufacturing overhead? 0 A. $12,800 0 B. $61,500 0 C. $74,300 0 D. $450,000 Belstone, Inc. is a merchandiser of stone ornaments. It sold 15,000 units during the year. The company has provided the following information: Sales Revenue $525,000 Purchases (excluding Freight In) 326,000 Selling and Administrative Expenses 32,000 Freight In 15,800 Beginning Merchandise Inventory 44,500 Ending Merchandise Inventory 58,000 How much is the gross prot for the year? O A. $328,300 0 B. $199,000 0 C. $196,700 0 D. $228,700 Star Health, Inc. is a fitness center in Oklahoma City. In October, the company earned $558,000 in revenues and incurred the following operating costs from 300 customers: Manager's Salary $5,500 Gym Rent 1,600 Depreciation ExpenseEquipment 7,500 Ofce Supplies Expense 2,450 Utilities Expense 1,400 Trainer's Salary 24,500 How much is the unit cost per customer? (Round your answer to the nearest cent.) 0 A. $143.17 0 B. $100.00 0 C. $18.17 0 D. $1,860.00 Uniq Works purchased raw materials amounting to $129,000 on account and $17,000 for cash. The materials will be used to manufacture upholstery for fumiture manufacturers on a contract basis. Which of the following journal entries correctly records this transaction? O A. Accounts Payable 129,000 Cash 17,000 Raw Materials Inventory 146,000 0 B. Work - in - Process Inventory 146,000 Accounts Payable 146,000 0 C. Finished Goods Inventory 146,000 Accounts Payable 146,000 0 D. Raw Materials Inventory 146,000 Cash 17,000 Accounts Payable 129,000 The Equinox Fabrication Plant suffered a tire incident in August, and most of the records for the year were destroyed. The following accounting data for the year were recovered: Total manufacturing overhead estimated at the beginning of the year $101,440 Total direct labor costs estimated at the beginning of the year $184,000 Total direct labor hours estimated at the beginning of the year 3,400 direct labor hours Actual manufacturing overhead costs for the year $98,380 Actual direct labor costs for the year $140,000 Actual direct labor hours for the year 2,500 direct labor hours The company bases its manufacturing overhead allocation on the number of direct labor hours. What was the predetermined overhead allocation rate for the year? (Round your answer to the nearest cent.) O A. $73.60 0 B. $1.87 0 c. $40.58 0 o. $29.84 At the beginning of the year, Judge Manufacturing had the following account balances: Work In Process Inventory 20,000 Finished Goods Inventory 8,000 Manufacturing Overhead 0 Cost of Goods Sold 0 Sales Revenue The following additional details are provided for the year: Direct materials placed in production Direct labor incurred Manufacturing overhead incurred Manufacturing overhead allocated to production Cost of jobs completed and transferred to nished goods Cost of Goods Sold $82,300 191,500 301,100 295,500 501,200 500,000 The ending balance in the Finished Goods Inventory account is a O A. credit of $501,200 0 B. debit of $8,000 0 C. debit of $501,200 0 D. debit of $9,200 At the beginning of the year, Springeld Manufacturing had the following account balances: Work - in - Process Inventory 2,000 Finished Goods Inventory 8,000 Manufacturing Overhead 0 Cost of Goods Sold 0 Sales Revenue The following additional details are provided for the year: Direct materials placed in production Direct labor incurred Manufacturing overhead incurred Manufacturing overhead allocated to production Cost of jobs completed and transferred Total revenue Cost of goods sold (before adjustment) $83,000 194,000 303,000 291,000 501,000 758,000 444,600 After recording all these transactions and adjusting for the over/underallocated overhead, the ending balance in the Cost of Goods Sold account is a O A. debit of $444,600 0 8. credit of $456,600 0 C. debit of $456,600 O D. debit of $432,600 Singh Enterprises manufactures picture frames. Its production operations are divided into two departments Assembly and Finishing. The company uses a process costing system. Singh incurred the following costs during the year to produce 6,300 picture frames: Assembly $9,700 Finishing $1.450 If Singh can only sell 5,300 picture frames during the year, what will be the cost per unit of the picture frames produced? (Round your answer to the nearest cent.) 0 A. $1.83 0 a. $2110 0 c. $1.54 0 D. $1.77 The cost of materials for beginning work - in - process is $10,300. Materials costs added during the period were $131,300. The equivalent units of production for materials is 56,000 units. Using the weighted - average method, what is the cost per equivalent unit for materials? o A. $2.53 0 B. $0.18 0 c. $3.53 0 D. $2.34 Richardson, Inc. purchased raw materials worth $300 for cash. The journal entry to record this transaction will include . Process costing is used. 0 A. a debit to Raw Materials Inventory for $300 and a credit to Cash for $300 0 B. a debit to Accounts Payable for $300 and a credit to Raw Materials Inventory for $300 0 C. a debit to Cash for $300 and a credit to Raw Materials Inventory for $300 0 D. a debit to Raw Materials Inventory for $300 and a credit to Accounts Payable for $300