Part 1: The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year:

Raw Materials
Debit		Credit
Beginning Balance	4,850		8,700
	5,050

Work in Process
Debit		Credit
Beginning Balance	3,950		22,050
	6,050
	8,350
	8,150

Finished Goods
Debit		Credit
Beginning Balance	2,050		20,250
	22,050

Manufacturing Overhead
Debit		Credit
	2,650		8,150
	3,350
	3,050

Wages & Salaries Payable
Debit		Credit
	20,250	Beginning Balance	2,350
			11,700

Cost of Goods Sold
Debit		Credit
	20,250

The Cost of Goods Manufactured was:

Garrison 17e Rechecks 2020-08-17

Multiple Choice

• $20,250

• $22,050

• $42,300

• $8,400

Part 2:

Matthias Corporation has provided data concerning the Corporation's Manufacturing Overhead account for the month of May. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $56,000 and the total of the credits to the account was $75,000. Which of the following statements is true?

Multiple Choice

• Manufacturing overhead applied to Work in Process for the month was $75,000.

• Manufacturing overhead for the month was underapplied by $19,000.

• Manufacturing overhead transferred from Finished Goods to Cost of Goods Sold during the month was $56,000.

• Actual manufacturing overhead incurred during the month was $75,000.

Part 3:

The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year:

Raw Materials
Debit		Credit
Beginning Balance	4,850		8,700
	5,050

Work in Process
Debit		Credit
Beginning Balance	3,950		22,050
	6,050
	8,350
	8,150

Finished Goods
Debit		Credit
Beginning Balance	2,050		20,250
	22,050

Manufacturing Overhead
Debit		Credit
	2,650		8,150
	3,350
	3,050

Wages & Salaries Payable
Debit		Credit
	20,250	Beginning Balance	2,350
			11,700

Cost of Goods Sold
Debit		Credit
	20,250

The direct materials cost was:

Garrison 17e Rechecks 2020-08-17

Multiple Choice

• $8,700

• $6,050

• $3,950

• $5,050