Question
No need explanation, just give me the answer 1. Manufacturing overhead costs allocated to a job amounted to $490,000. The actual manufacturing overhead costs incurred
No need explanation, just give me the answer
1. Manufacturing overhead costs allocated to a job amounted to $490,000. The actual manufacturing overhead costs incurred during the year were $550,000. Overhead costs have been underallocated.
True
False
2. 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 | $540,000 |
Purchases (excluding Freight In) | 330,000 |
Selling and Administrative Expenses | 35,500 |
Freight In | 15,500 |
Beginning Merchandise Inventory | 42,500 |
Ending Merchandise Inventory | 56,500 |
How much is the gross profit for the year?
A. $210,000
B. $244,000
C. $331,500
D. $208,500
3. The cost of materials for beginning workinprocess is $10,300. Materials costs added during the period were $131,700. The equivalent units of production for materials is 55,000 units. Using the weightedaverage method, what is the cost per equivalent unit for materials?
A. $3.58
B. $2.39
C. $0.19
D. $ 2.58
4. The journal entry to issue $800 of direct materials and $80 of indirect materials to production involves debit(s) to the ________.
A. WorkinProcess Inventory account for $800 and Manufacturing Overhead account for $80
B. WorkinProcess Inventory account for $880
C. Manufacturing Overhead account for $880
D. WorkinProcess Inventory account for $800 and Finished Goods Inventory account for
5. The following information was obtained from Moreau Manufacturing, Inc.:
Advertising Costs | $9,500 |
Indirect Labor | 84,000 |
CEO's Salary | 620,000 |
Direct Labor | 45,000 |
Indirect Materials Used | 4,000 |
Direct Materials Used | 62,000 |
Factory Utilities | 720 |
Factory Janitorial Costs | 2,800 |
Manufacturing Equipment Depreciation | 3,000 |
Delivery Vehicle Depreciation | 2,500 |
Administrative Wages and Salaries | 22,000 |
Calculate Moreau Manufacturing's total product costs.
A. $195,000
B. $654,000
C. $201,520
D. $107,000
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