Q1:

The Thomlin Company forecasts that total overhead for the current year will be $11,675,000 with 187,000 total machine hours. Year to date, the actual overhead is $7,806,000 and the actual machine hours are 83,000 hours. If the Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date), the overhead is

Round the factory overhead rate to the nearest dollar before multiplying by the number of hours.

$2,660,000 overapplied

$3,724,000 overapplied

$2,660,000 underapplied

$3,724,000 underapplied

Q2:

Selected accounts with some amounts omitted are as follows

Work in Process
Aug. 1	Balance	276,300	Aug. 31	Goods finished	197,000
31	Direct materials	X
31	Direct labor	44,600
31	Factory overhead	X

Factory Overhead
Aug. 1 31	Costs incurred	93,500	Aug. 1	Balance	13,300
			31	Applied	X

If the balance of Work in Process at August 31 is $196,400, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs?

$13,380

$13,300

$197,000

$93,500

Q3:

Which types of inventories does a manufacturing business report on the balance sheet?

direct materials inventory, work in process inventory, and finished goods inventory

finished goods inventory and work in process inventory only

direct materials inventory and work in process inventory only

direct materials inventory and finished goods inventory only

Q4:

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 No. 356	$ 450
Job No. 357	1,235
Job No. 358	378
Job No. 359	689
Job No. 360	456

Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job. What is the ending balance of Work in Process for Adams Company at the end of the first quarter?

a.$3,208

b.$2,752

c.$456

d.$0

Q5:

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 No. 356	$ 450
Job No. 357	1,235
Job No. 358	378
Job No. 359	689
Job No. 360	456

Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job. What is the ending balance of Cost of Goods Sold for Adams Company at the end of the first quarter?

a.$685

b.$1,685

c.$2,685

d.$456

Q6:

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 No. 356	$ 450
Job No. 357	1,235
Job No. 358	378
Job No. 359	689
Job No. 360	456

Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job. What is the ending balance of Finished Goods for Adams Company at the end of the first quarter?

a.$1,685

b.$456

c.$1,067

d.$2,752

Q7:

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 No. 356	$ 450
Job No. 357	1,235
Job No. 358	378
Job No. 359	689
Job No. 360	456

Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job. What is the balance of Sales for Adams Company at the end of the first quarter?

a.$2,685

b.$1,685

c.$1,000

d.$685

Q8:

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 No. 356	$ 450
Job No. 357	1,235
Job No. 358	378
Job No. 359	689
Job No. 360	456

Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job. What is the gross profit for Adams Company at the end of the first quarter?