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Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $33,600 $42,300 $113,200 $189,100 Job 602 25,900 46,000 99,100 171,000 Job 603 23,900 31,200 55,100 110,200 Factory overhead-indirect materials $4,400 4,400 Total $83,400 $119,500 $267,400 $4,400 $474,700 DIA. VO.I.X3 . VI The glue is not a significant cost, so it is treated as indirect materials (factory overhead). O rods ] vidbel 101 y una a. Journalize the entry to record the purchase of materials in April. If an amount box does not require an entry, leave it blank. bLOCOZ2 a. EOE dot COE dot FOE dot. inomsvoigm! B 01402) MOT Yans10 bivsQ b. Journalize the entry to record the requisition of materials in April. If an amount box does not require an entry, leave it blank. :awollot es al essvolume ssill aril yd work isq bomse him nodal Joshib ant b. PS2 07WOD MOT er vonsD bivso SS c. Determine the April 30 balances that would be shown in the materials ledger accounts. J y ins sch exlismoot .s Fabric Polyester Filling Lumber Glue Balance, April 30 $ $ $ $ 16. EX.16.06.ALGO (Algorithmic) Entry for Factory Labor Costs A summary of the time tickets is as follows: Job No. Amount plsew ord pahub bloe Joa Jud bsosiqmos snow SOL bas 106 adot Jordi amused .d 100 $3,100 101 2,570 104 4,710 snij lo heg smooed blow adot bejalumgo end wei alaga medal band sift 108 5,360 Indirect 16,520 111 3,270 115 2,140 117 14,530 Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. oos, aro, re ahsq onlenaShop direct labor 741,000 Shop and repair equipment depreciation 52,600 Shop supervisor salaries 146,200 Shop property taxes 26,500 Shop supplies 20,400 Advertising expense 20,300 Administrative ofce salaries 87,300 Administrative ofce depreciation expense 11,200 Total costs and expenses $2,120,700 The average shop direct labor rate is $19.00 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. :5 per direct labor hour 19. EX.16.14.ALGO (Algorithmic) Financial Statements of a Manufacturing Firm The following events took place for Rushmore Biking Inc. during February, the rst month of operations as a producer of road bikes: - Purchased $282,800 of materials. 0 Used $243,200 of direct materials in production. . - Incun'ed $208,000 of direct labor wages. - Applied factory overhead at a rate of 70% of direct labor cost. - Ti'ansferred $572,900 of work In process to nished goods. - Sold goods with a cost of $562,800. - Revenues earned by selling bikes, $1,007,400. 0 incun'ed $242,000 of selling expenses. 0 incurred $90,000 of administrative expenses. a. Prepare the income statement for Rushmore Biking Inc. for the month ending February 28. Assume that Rushmore Biking Inc. uses the perpetual inventory method. Rushmore Biking Inc. Income Statement For the Month Ended February 28 $ ml Selling and administrative expenses: 1. MC.16.54 Which of the following is the correct flow of manufacturing costs? w atnuocos bobsis2 a. raw materials, finished goods, cost of goods sold, work in process b. work in process, finished goods, raw materials, cost of goods sold c. cost of goods sold, raw materials, work in process, finished goods 90n6158 1 .QUA d. raw materials, work in process, finished goods, cost of goods sold bild IE 008,EE IE 2. MC.16.56 b69thevo V107067 IE Thomlin Company forecasts that total overhead for the current year will be $15,500,000 with 250,000 total machine hours. Year to date, the actual overhead is $16,000,000 and the actual machine hours are 330,000 hours. The predetermined overhead rate based on machine hours is sonsled I puA | 0.501 bewuonieteo) 18 - 1 .QUA boilqqA IE a. $45 per machine hour b. $62 per machine hour parib 10 DOE) c. $50 per machine hour O d. $48 per machine hour w ors tte el IE JevpuA no ensound ni show to sancled arts 1I 3. MC.16.58.ALGO (Algorithmic) Thespun ai aishaism Japub At the end of the year, overhead applied was $3,636,000. Actual overhead was $3,473,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to a. decrease by $163,000 b. increase by $163,000 c. decrease by $326,000 T8.01.OM . d. increase by $326,000 bop bepaint s to sine una levo erdt trees: of zemins lemwor sAT 4. MC.16.63 bood berlaini 1 liber In a job order cost accounting system, the journal entry to record the flow of direct materials into production consists of a atmues A dibbno 19059 ataug a. debit to Factory Overhead and a credit to Materials Jusb .b b. debit to Work in Process and a credit to Supplies ee.al.OM 8 arda consist C. debit to Materials and a credit to Work in Process isvm to eagy goawollol sill to saintw d. debit to Work in Process and a credit to Materials i aboop bertainit bas violngvail 289pony eval elensiam Dep .a 5. MC.16.68 leo vioinovai zasbong ni how bas violaval elanajan In a job order cost accounting system, the journal entry to record the flow of direct labor costs into production consists of a a. debit to Work in Process and a credit to Wages Payable IA) OD IA.SOLOLOM .Q Show 03 b. debit to Factory Overhead and a credit to Work in Process Dicoal . Vuns IsinNo ad c. debit to Finished Goods and a credit to Wages Payable d. debit to Factory Overhead and a credit to Wages Payable DV8, 1 2290079 ni how 6. MC.16.71.ALGO (Algorithmic) orB, I 2161916M .d OTB, I 2290079 ni NOWO C. Work in Process 1,870 Cash 1,870 O ELLOLOM .EI d. Work in Process 1,870 to isnt jp Jell odd pritwub adot Factory Overhead no bs 1,870 jarl yasgmos eniwipslunged 6 21 vosgmod amabA Insheup sid To1 adot sold its to fail s al woled assy ard 10. MC.16.104 Which of the following is the formula to compute the predetermined factory overhead rate? 02p2 aZE dot ZES,I CZE do[ a. estimated total factory overhead costs divided by actual activity base 828 dot b. actual total factory overhead costs divided by actual activity base 28a eze dot c. actual total factory overhead costs divided by estimated activity base ONE dot d. estimated total factory overhead costs divided by estimated activity base 6 16 bioa snow V28 bnis of adot .hololemon sow eZE brin dag , as aRE adot 11. MC.16.105.ALGO (Algorithmic) Aspen Technologies has the following budget data: sqmod amenA idi abood bertalail to saneled onions and al Jeriw Estimated direct labor hours 10,700 0249 6. Estimated direct labor dollars $61,800 Estimated factory overhead costs $158,400 280 12 5 If factory overhead is to be applied based on direct labor hours, the predetermined overhead rate is O a. $22.21 eII.di.OM . PI 000, OF of boysmite c. $11.84 wol aninbem ed bluerie bearhave polsat givings not glass sith peril bobosb bsorgo Y10106 6 d. $17.76 . 08%, b snew zdot sill to lle fed theA to dinom art jet snagit entriesin sriT aword 12. MC.16.112 Adams Company is a manufacturing company that has worked on several production jobs during the first quarter of the year. Below is a list of all the jobs for the quarter: trailggerovo 212, vi Balance Job 356 $450 Job 357 1,235 (imiling A] OD IA.20.01.X1.21 Job 358 378 Job 359 689 Job 360 456 lewellat es sis isghai alshops sof mont f IngA no esonsica inaneye Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job. 0OP 818 What is the ending balance of Cost of Goods Sold for Adams Company at the end of the first quarter?" 191svlog DOS, IA edmui a. $456 008, I OOO b. $2,685 ullot as an1 c. $685 isoon efl most beshismmua 918 inwoops no IngA onhub beesrigzug alanisism d. $1,685 OOP,aSI enilm reszaylog 001, BAS 00,8l 17. EX.16.07.AL60 (Algorithmic)- Entry for Factory Labor Costs The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: "on" Job 301 Job so: Job 303 Pm Improvement Tom Couro 17 11 8 5 David Clancy 14 15 11 4 Jose Cano 10 14 8 5 The direct labor rate earned per hour by the three employees is as follows: Tom Couro $24 David Clancy 19 Jose Cano 22 The process improvement category includes training, quality improvement, and other indirect tasks. a. Joumalize the entry to record the factory labor costs for the week. If an amount box does not require an entry, leave it blank. \"1-,. .L .. a .s .e. ., 7. -4'.r_. .L;__'.i_;__' " .. !._.._. h. Assume that Jobs 301 and 302 were completed but not sold during the week and that Job 303 remained incomplete at the end of the week. How would the direct labor costs for all three jobs be reected on the nancial statements at the end of the week? The direct labor costs for the completed jobs would become part of the . The direct labor costs for Job 303 would be remain part of the 18. EXIGJOALGO (Algorithmic) Predetermined Factory Overhead Rate Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $1,015,200 C. MOLK JU bLOCeze J'830 (26) 13. MC.16.113 22soon9 ni show b Adams Company is a manufacturing company that has worked on several production jobs during the first quarter of the year. Below is a list of all the jobs for the quarter: Balance Job 356 $450 (elen bearhave yotel bohimmatsberg and stugmos of slurmot bit al priwollot and to bidw Job 357 1,235 said vilvibe luis yd babivib afees beerhave vatosl Islot baismiles .s Job 358 378 send vivilos lautas vo bisblvib aface bearheve viobal letof lsubs d Job 359 689 Job 360 456 send vivibe balemites vil butivib alano beamsvo motest isfot leute .> divides beismuas yd babivib eteba ba have violet ledo's betimes .b Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job. JOO JA.COL.OLOM . II What is the ending balance of Finished Goods for Adams Company at the end of the first quarter? polonnoST noqeA a. $456 ESAWSIGq GILGCF (9POL porLa b. $2,752 008, toe 216 job 10dsi bosrib belsmile3 OO c. $1,685 al sjai beer d. $1,067 14. MC.16.119 Cavy Company estimates that the factory overhead for the following year will be $1,250,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 40,000 hours. The machine hours for the month of April for all of the jobs were 4,780. If the actual factory overhead totaled $141,800, determine the over- or underapplied amount for the month. SILOLOM SI a. $35,220 underapplied 10 19/15Up orbs grimub b. $7,575 underapplied 5 1 V/1690 03 2msbA s to sell s al wold assy adi c. $7,575 overapplied d. $35,220 overapplied sonsisa oane ade dot 15. EX.16.05.ALGO (Algorithmic) aEs,f Nae dot Entries for Materials ST8 828 dot ead eat dot Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses a job order cost d system. Balances on April 1 from the materials ledger are as follows: Fabric $18,400 Polyester filling 5,500 eris 10 bos art is vhogmo ) wasbA rot blod abood to feed to sonelad onions and a now Lumber 41,200 Glue 1,800 The materials purchased during April on account are summarized from the receiving reports as follows: Fabric $90,900 Polyester filling 126,400 Lumber 249,100 Glue 8,600Selected accounts with amounts omitted are as follows Work in Process Aug. 1 Balance 264,380 Aug. 31 Goods finished 133,720 31 Direct materials X 31 Direct labor 33,800 31 Factory overhead X 82 01.OM S Factory Overhead Aug. 1 - 31 Costs incurred 102,740 Aug. 1 Balance 15,130 31 Applied (30% of direct labor cost) X If the balance of Work in Process on August 31 is $211,240, what was the amount debited to Work in Process for direct materials in August? a. $86,940 b. $375,700 c. $36,640 d. $509,420 7. MC.16.87 The journal entries to record the cost and sale of a finished good on account are a. debit Work in Process, credit Finished Goods; debit Accounts Receivable, credit Sales b. debit Cost of Goods Sold, credit Finished Goods; debit Accounts Payable, credit Sales c. debit Sales Expense, credit Finished Goods; debit Cash, credit Accounts Receivable O d. debit Cost of Goods Sold, credit Finished Goods; debit Accounts Receivable, credit Sales 8. MC.16.99 Which of the following types of inventories does a manufacturing business report on the balance sheet? a. direct materials inventory, work in process inventory, and finished goods inventory b. direct materials inventory and work in process inventory only 20.01.OM c. direct materials inventory and finished goods inventory only d. finished goods inventory and work in process inventory only 9. MC.16.102.ALGO (Algorithmic) The journal entry to record the transfer of 1,100 units of part number 1177 with a value of $1.70 each, to work in process is O a. Work in Process 1,870 Materials 1,870 ODJA.IDIOM O b. Materials 1,870 Work in Process 1,870OOO.IPS model tosib gone 000,S2 noitsbenqeb inamqiups isqs1 bas que Total selling and administrative expenses OOS. OPE 2ohs Be noziv 9qua goria OOD OS ODE,OS Beneqxs phizitovbA zahelse poto avilentzinimbA b. Determine the inventory balances on February 28, the end of the first month of operations.no svile deinimbA Materials inventory, February 28 OUT, OSI,SO 292090x9 bn6 21200 is107 $ Work in process inventory, February 28 $ Finished goods inventory, February 28 $ POOJAPOLXI.OF es end .alen9ism to 008,$852 be26/09 . moilbuborg nif eishaism tosub to 00S CAS? boat . .aspew modal josub to eoo, 805p banuani . 203 10061 1serb to deOK to 81: s is Besthave post bailggA . .aboog berdzin i of arepong ni How To 00e, Size benplansiT . .008, Saca to taco s rhiw aboog bloa . not too te asdid paille yd bons9 esuneven . .zoarisque pailise to 000. SAS a brioni . .asansox9 avbsitelimbs to 090,092 berwool