QUESTION 1 Which of the following costs will not appear in the finished goods account? indirect labor direct materials administrative salary costs factory rent QUESTION 2 $5,000 of raw materials were withdraw from the storeroom for use in production. This included $4.800 of direct materials and $200 indirect materials. The journal entry to record the issue of materials into production: raw materials 5,000 work in process 5.000 raw materials 5,000 work in process 200 overhead 4.800 work in process 4,800 overhead 4,800 work in process 4.800 overhead 200 raw materials 5.000 QUESTION 3 Actual overhead has a normal balance and applied overhead has a normal balance debit credit credit credit credit debit debit debit QUESTION 4 Production costs for a manufacturer are: direct materials, overhead, and finished goods work in process, finished goods, inventory work in process direct materials, and cost of goods sold direct materials, direct labor, and overhead QUESTIONS Which sequence properly exhibits the flow of goods? raw materials, work in process, finished goods, cost of goods sold direct labor, cost of goods sold, finished goods, overhead raw materials finished goods, cost of goods sold, work in process raw materials, overhead, direct labor, cost of goods sold QUESTION 6 Applied overhead cost was $75,000 and actual overhead cost is 576,000. Applied overhead was: underapplied and cost of goods sold will need to be decreased overapplied and cost of goods sold will need to be decreased overapplied and cost of goods sold will need to be increased underapplied and cost of goods sold will need to be increased QUESTION 7 QUESTION 7 Which inventory account represents units of product that are partially complete? direct materials finished goods cost of goods sold work in process QUESTION 8 Job order costing is used when a company: sells inventory only produces many identical products has a net loss produces many different products QUESTION 9 beginning raw materials inventory 1,500 ending raw materials inventory 800 goods purchased 20,000 beginning finished goods inventory 2.100 ending finished goods inventory 2,300 Using the cost of goods manufactured schedule, the cost of direct materials used in production is: (assume no indirect materials were used) $19,300 $20,500 $20.700 $22,300 QUESTION 10 10 Whipley Corporation had a predetermined overhead rate of $10 per direct labor hour. Job Zhad actual overhead cost of $3,000 and 280 direct labor hours. The journal entry to apply overhead to work in process will include a debit to applied overhead for $2.800 credit to applied overhead for $2,800 credit to overhead $3,000 debit to overhead 53,000