The Factory Overhead account balance at the end of October had a credit balance of $100 . What is the journat entry required to reset the account balance to zero? Multiple Choice \begin{tabular}{|c|c|c|c|} \hline Factory Overhead & & $100 & \\ \hline Finished Goods & & & $100 \\ \hline \end{tabular} \begin{tabular}{|c|r|r|r|} \hline Work-in-Process & & $100 & \\ \hline Factory Overhead & & & $100 \\ \hline \end{tabular} \begin{tabular}{|c|r|r|r|} \hline Factory Overhead & & $100 & \\ \hline Cost of Goods Sold & & & $100 \\ \hline \end{tabular} The B\&T Company's production costs for May are: direct labor $14 , 750 ; indirect labor $4 , 500 ; direct materials $6 , 250 , indirect materials $ 2100; property taxes on production facility $895 ; factory heat, lights and power, $750 ; and insurance on plant and equipment, $540 . B 81 Company's factory overhead incurred for May is: Multiple Choice $23 , 535 $18 , 750 $15 , 035 $23 , 535 $18 , 750 $15 , 035 $8 , 785 $29 , 785 The Jones Company incurred the following labor costs during the month of February. direct labor $21 , 200 ; Janitorial factory costs $4 , 800 ; plant manager's salary \$12,500; assembly supervision \$12,300; and sales salaries $5 , 400 . How should production labor costs be recorded for this month? Multiple Choice \begin{tabular}{|l|l|r|r|} \hline Factory Overhead & & $29 , 600 & \\ \hline Wages/Salaries Payable & & & $50 , 800 \\ \hline \end{tabular} \begin{tabular}{|l|l|r|r|} \hline Work-in-Process & & $26 , 600 & \\ \hline Factory Overhead & & $24 , 200 & \\ \hline \multicolumn{1}{|l|}{ Wages/Salaries Payable } & & & $50 , 800 \\ \hline \end{tabular} \begin{tabular}{|l|l|r|r|} \hline Work-in-Process & & $24 , 500 & \\ \hline Factory Overhead & & $31 , 700 & \\ \hline \multicolumn{1}{|c|}{ Wages/Salaries Payable } & & & $56 , 200 \\ \hline \end{tabular} \begin{tabular}{|l|l|r|r|} \hline Work-in-Process & & $39 , 100 & \\ \hline Factory Overhead & & $17 , 100 & \\ \hline \multicolumn{1}{|}{ Wages/Salaries Payable } & & & $56 , 200 \\ \hline \end{tabular} In December, a company was calculating the predetermined factory overhead rate for the upcoming year, based on machine hours, using the following estimated costs: direct materials $550 , 000 ; direct labor $350 , 000 ; factory overhead $175 , 000 ; sales expenses $40 , 000 . general and administrative expenses $35 , 000 . The following estimates were also available: direct labor hours 500 ; machine hours 250 . Calculate the predetermined overhead rate for the upcoming year. Multiple Choice $500 per direct labor hour. $650 per machine hour. $350 per direct labor hour. $500 per direct labor hour $650 per machine hour. $350 per direct labor hour. $1 , 000 per machine hour. $700 per machine hour. A company completed job #700B. The costs incurred on this job were direct materials $65 , 000 and direct labor $40 , 000 . The predetermined overhead rate used is $50 per direct labor hour. Job 700 B used the following. direct labor hours 30 , machine hours 20 What journal entry is required for this completed job? Multiple Choice \begin{tabular}{|l|l|l|l|} \hline Finished Goods & & $106 , 000 & \\ \hline Work-in-Process # 700B & & & $106 , 000 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Finished Goods & & $106 , 500 & \\ \hline Work-in-Process # 7008 & & & $106 , 500 \\ \hline \end{tabular} \begin{tabular}{|l|l|r|r|} \hline Cost of Goods Sold & & $106 , 500 & \\ \hline Work-in-Process # 7.00B & & & $106 , 000 \\ \hline \end{tabular} \begin{tabular}{|c|l|r|r|} \hline Work-in-Process # 700B & & $106 , 000 & \\ \hline Cost of Goods Sold & & & $106 , 000 \\ \hline \end{tabular} A company made the following purchases during the month: direct materials $45 , 000 and indirect materials $15 , 000 . What is the journal entry to record this purchase? Multiple Choice \begin{tabular}{|c|r|r|r|} \hline Work-in-Process & & $60 , 000 & \\ \hline Accounts Payable & & & $60 , 000 \\ \hline \end{tabular} \begin{tabular}{|l|l|r|r|} \hline Raw Materials & & $60 , 000 & \\ \hline Accounts Payable & & & $60 , 000 \\ \hline \end{tabular} \begin{tabular}{|l|r|r|r|} \hline Direct Materials & & $45 , 000 & \\ \hline Work-in-Process & & $15 , 000 & \\ \hline Accounts Payable & & & $60 , 000 \\ \hline \end{tabular} \begin{tabular}{|l|l|r|r|} \hline Finished Goods & & $60 , 000 & \\ \hline Accounts Payable & & & $60 , 000 \\ \hline \end{tabular} The Factory Overhead account balance at the end of October had a credit balance of $100 . What is the journal entry required to reset the account balance to zero? Multiple Choice The B\&T Company's production costs for May are direct labor $14 , 750 ; indirect labor $4 , 500 , direct matenals $6 , 250 , indirect materials $ 2,100, property taxes on production facility $895 ; factory heat, lights and power, $750 ; and insurance on plant and equipment, $540 B\& Company's factory overhead incurred for May is: Multiple Choice $23 , 535 $18 , 750 $15 , 035 The Jones Company incurred the following labor costs during the month of Februaty: direct labor 321,200 : janitorial factory costs $4 , 800 , plant manager's salary \$12,500, assembly supervision \$12,300, and sales salaries $5 , 400 . How should production labor costs be recorded for this month? Muluple Choice In December, a company was calculating the predetermined factory overhead rate for the upcoming year, based on machine hours, using the following estimated costs direct materials $550.000 , direct labor $350 , 000 , factory overhead $175 , 000 , sales expenises $40 , 000 ; general and administrative expenses $35 , 000 . The following estimates were also available: direct labor hours 500 , machine hours 250 Calculate the predetermined overhead rate for the upcoming year. Multiple Choice $500 per direct labor hour. $650 per machine hour. $350 per direct labor hour. A company completed job # 7008 . The costs incurred on this job werei direct materials $65 , 000 and direct labor $40 , 000 . The predetermined overhead rate used is $50 per direct labor hour. Job 700 B used the following: direct labor hours 30 ; machine hours 20 . What journal entry is required for this completed job? Multiple Choice A company made the following purchases during the month: direct materials $45 , 000 and indirect materials $15 , 000 . What is the journal entry to record this purchase? Multiple Choice