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Andrew Industries purchased $165,000 of raw materials on account during the month of March. The beginning Raw Materials Inventory balance was $22,000, and the materials
Andrew Industries purchased $165,000 of raw materials on account during the month of March. The beginning Raw Materials Inventory balance was $22,000, and the materials used to complete jobs during the month were $141,000 of direct materials and $13,000 of indirect materials. What is the ending Raw Materials Inventory balance for March? Multiple Choice $11,000 O $33,000 O $24,000 O $9,000 O O $46,000 A company that makes which of the following types of products would best be suited for a job costing system? Multiple Choice Fruit juice Snack chips O Custom jewelry O O Swimming suits Phone chargers The production activities for a customized product represent a(n): Multiple Choice Pool. Process. Unit O O Operation. O Job. Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of 150% of direct labor cost. The journal entry to record the payment of the factory payroll is: Multiple Choice Debit Work in Process Inventory $110,000; credit Cash $150,000. Debit Factory Wages Payable $150,000; credit Cash $150,000. O Debit Work in Process Inventory $150,000; credit Cash $150,000. Debit Factory Overhead $40,000; credit Factory Wages Payable $40,000. Debit Work in Process Inventory $150,000; credit Factory Wages Payable $150,000. Large aircraft manufacturers normally use: Multiple Choice Process costing. Simple costing. Mixed costing. O Full costing. O Job order costing
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