Question 1 1 pts Cost of Goods Sold is found on which financial statement? Statement of Cash Flows Income Statement Statement of Stockholders' Equity Balance Sheet Question 2 1 pts When indirect material is used, we will debit account because it is an cost. Raw Materials; actual Manufacturing Overhead; actual Raw Materials; applied Manufacturing Overhead; applied Question 3 1 pts When indirect material is used, we will credit account. Work in Process Cost of Goods Sold Raw Materials Manufacturing Overhead Question 4 1 pts Beginning Work in Process + Manufacturing Costs Added This Period - Ending Work in Process = Finished Goods Imventory Cost of Goods Avaiable for Sale Cost of Goods Sold Cost of Goods Manufactured Question 5 1 pts Beginning raw materials inventory was $32,000. During the month, $276,000 of raw material was purchased. A count at the end of the month revealed that $28,000 of raw material was still present. What is the cost of direct material used (assuming there was no indirect materials)? $276,000 $280,000 $2,000 $272,000 Beginning finished goods inventory was $130,000. The cost of goods manufactured for the month was $760,000. The ending finished goods inventory was $150,000. What was the cost of goods sold for the month? $760,000$740,000$20,000$780,000 Question 7 0.5pt If the manufacturing overhead account has a debit balance at the end of the period (the debit side is bigger), then manufacturing overhead was underapplied. True False overhead of $666,250. What is the adlusted Cost of Goods Sold for the year? $1,490,000 $1,673,750 $16,250 (\$16,250) $1,706,280 Question 9 1 pts Bunnell Corporation is a marufacturer that uses job-arder costing. On January 1, the compam/s inventory balances were as follows: Raw materials $40,000 Work In process $18,000 Finished goods $35,000 manufacturing overhead for an estimated activity level of 40,000 drect labor-hours. The following transactlons were recorded for the year: a. Raw materials were purthased on account, $510,000. b. Raw materlak use in production, $480,000. All of of the raw materials were used as direct materlak. c. The following costs were accrued for employee services: direct labor, \$600,000; ndirect labor, \$150,000, selling and administrative salaries, \$240,000. d. Incurred various selling and administrattve expenses (k,z, advertising, sales trwel costs, and frished goods warehousingh, $367,000. e. hourred various manufacturing averhead costs le.g. depreclation, insurance, and utiltiesi. \$500,000. t. Manufacturing overhead cost was applied to production. The company actually worked 41.000 drect labor-hours an all jobs during the year. 8. Jobs costing $1,600,000 to manufacture according to ther job cost sheets were completed during the vear. h. Jobs were sald on account to customers during the year for a total of $2,800,000. The jobs cost $1,690,000 to manufacture according to thei /0b cost sheets The journal entry to record raw materials used in production Includes: crealt raw materials for $480,000 debit manufacturing Ovathead for $450,000 debit raw materials for $480,000 credt manulacturing Overhead for \$480,000 Question 10 1 pts Bunnell Carporation is a marufacturer that uses job-arder costing. On January 1, the compamy's inventory balances were as follows: Raw materials $40,000 Work In process $18,000 Fintshed goods $35,000 manulacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purthased on account, $510,000. b. Raw materlak use in production, $480,000. All of of the raw materials were used as direct materlak. c. The following costs were accrued for employee services: direct labor, $600,000, halrect labor, $150,000 selling and administrative salaries, $240,000. d. Incurred various selling and adminktrative expenses (k.g, advertising, sales trwel costs, and frished goods warehousingl, \$367,000. e. hourred various manufacturing averhead costs le.g. depreclation, insurance, and utiltiesi. \$500,000. t. Manufacturing overhead cost was applied to production. The company actually worked 41,000 drect labor-hours an all jobs during the year. 8. Jobs costing $1,600,000 to manufacture according to ther job cost sheets were completed during the vear. h. Jobs were sald on account to customers during the year for a total of $2,800,000. The jobs cost $1,690,000 to manufacture according to ther job cost shects What is the ending balance of raw materlak? $30,000 deblt $70,000 credlt Bunnel Corporation is a marufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials $40,000 Work In process $18,000 Finlshed noods $35,000 manufacturing overtead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purthased on account, $510,000. b. Raw materlak use in production, $480,000. All of of the raw materials were used as clrect materlak. c. The following costs were accrued for employee services: direct labor, \$600,000, indirect labor, \$150,000, selling and administrative salaries, $240,000. d. Incumed varlous selling and adminktrathe expenses (e.s, actvertising, ales trriel costs, and frished goods warehousingl, $367,000. e. Incurred various manufacturing overhead costs ie.g-depreclation, insurance, and utiltiesi). \$500,000. t. Manufacturing overhead cost was applied to production. The compamy actually worked 41.000 drect labor-hours an all jobs during the year. 8. Jobs costing $1,680,000 to manufacture according to ther job cost sheets were completed during the vear. h. Jobs were sald on account to customers during the year for a total of $2,800,000. The jobs cost $1,690,000 to manufacture according to thel job cost sheets