Job 101 Job 102 Job 103 Material $2,000,000 $3,000,000 $500,000 Labor 132,000 144,000 36,000 Overhead 550,000 600,000 150,000 $2,682,000 $3,744,000 $686,000 Jobs 102 103 are completed during the period Material and overhead are paid upon delivery Direct labor is paid on the day earned What is the amount of Cost of Goods Manufactured a $6,416,000 b $4,430,000 c $2,682,000 d $7,102,000 Job 101 Job 102 Job 103 Material $2,000,000 $3,000,000 $500,000 Labor 132,000 144,000 36,000 Overhead 550,000 600,000 150,000 $2,682,000 $3,744,000 $686,000 Jobs 102 103 are completed during the period Material and overhead are paid upon delivery Direct labor is paid on the day earned What is the total expense reported on the income statement for Job 101 a $ 0 b $2,682,000 c $2,782,000 d You cannot tell from the information given ABC Manufacturing Co is currently working on two jobs The job order cost sheets for Job 101 and Job 102 provide the following information Job 101 Job 102 Direct Materials $12,000 $15,000 Direct Labor $24,000 $45,000 ABC applies overhead jobs at $ 60 per direct labor dollar Job 102 is finished and has been sold for $100,000 ABC's gross margin on Job 102 is a $87,000 b $40,000 c $27,000 d $13,000 XYZ Company paid cash wages to production workers Which of the following choices reflects how this event affects the company's financial statements Balance Sheet Income State Assets Liab Equity Rev Exp Net Inc a NA NA NA NA NA b NA NA c NA NA NA d NA NA NA NA NA a a b b c c d d RST's accountant made the following entry in the accounting records Work in Process Inventory XXX Raw Materials Inventory XXX a Total assets and total liabilities increase b Total assets are unaffected, but total equity increases c c Total assets and total equity are unaffected d d Total assets decrease and total liabilities increase Sadie Electronics purchased $12,000 worth of material on account and used $14,000 worth of materials in production The time ticket indicated 60 hours worked at $12 per hour Sadie paid cash for $12,500 worth of accounts payable for materials Sadie applied overhead at the rate of $ 0 50 per direct material dollar used What is the total cost of production a $18,720 b $18,750 c $20,750 d $21,720 Sadie Electronics purchased $12,000 worth of material on account and used $14,000 worth of materials in production The time ticket indicated 60 hours worked at $12 per hour Sadie paid cash for $12,500 worth of accounts payable for materials Sadie applied overhead at the rate of $ 0 50 per direct material dollar used Actual overhead for the period was $6,000 Assuming Sadie paid cash for all items except materials, overhead was a perfect no over or underapplied overhead b applied at $6,250 and over applied c underapplied by $250 d overapplied $1,000

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Job 101 Job 102 Job 103 Material $2,000,000 $3,000,000 $500,000 Labor 132,000 144,000 36,000 Overhead 550,000 600,000 150,000 $2,682,000 $3,744,000 $686,000 ========= ========= ========= Jobs

	Job 101	Job 102	Job 103
Material	$2,000,000	$3,000,000	$500,000
Labor	132,000	144,000	36,000
Overhead	550,000	600,000	150,000
	$2,682,000	$3,744,000	$686,000
	=========	=========	=========

Jobs 102 & 103 are completed during the period. Material and overhead are paid upon delivery. Direct labor is paid on the day earned. What is the amount of Cost of Goods Manufactured?

a.	$6,416,000
b.	$4,430,000
c.	$2,682,000
d.	$7,102,000

	Job 101	Job 102	Job 103
Material	$2,000,000	$3,000,000	$500,000
Labor	132,000	144,000	36,000
Overhead	550,000	600,000	150,000
	$2,682,000	$3,744,000	$686,000
	=========	=========	=========

Jobs 102 & 103 are completed during the period. Material and overhead are paid upon delivery. Direct labor is paid on the day earned. What is the total expense reported on the income statement for Job 101?

a.	$ 0
b.	$2,682,000
c.	$2,782,000
d.	You cannot tell from the information given

ABC Manufacturing Co. is currently working on two jobs. The job order cost sheets for Job 101 and Job 102 provide the following information:

	Job 101	Job 102
Direct Materials	$12,000	$15,000
Direct Labor	$24,000	$45,000

ABC applies overhead jobs at $.60 per direct labor dollar. Job 102 is finished and has been sold for $100,000. ABC's gross margin on Job 102 is

a.	$87,000.
b.	$40,000.
c.	$27,000.
d.	$13,000.

XYZ Company paid cash wages to production workers. Which of the following choices reflects how this event affects the company's financial statements? Balance Sheet Income State

	Assets = Liab + Equity	Rev - Exp = Net Inc.
a	+ - NA NA	NA NA NA
b	- NA -	NA + -
c	+ - NA NA	NA + -
d	- NA NA	NA NA NA

a.	a.
b.	b.
c.	c.
d.	d.

RST's accountant made the following entry in the accounting records:

Work in Process Inventory	XXX
Raw Materials Inventory	XXX

a.	Total assets and total liabilities increase.
b.	Total assets are unaffected, but total equity increases.
c.	c. Total assets and total equity are unaffected.
d.	d. Total assets decrease and total liabilities increase.

Sadie Electronics purchased $12,000 worth of material on account and used $14,000 worth of materials in production. The time ticket indicated 60 hours worked at $12 per hour. Sadie paid cash for $12,500 worth of accounts payable for materials. Sadie applied overhead at the rate of $ 0.50 per direct material dollar used. What is the total cost of production?