Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Very easy multiple choice questions. make sure to answer them all. stion 16 vered ts out of Ang question [Ch2] Precision Ceramics makes custom ceramic
Very easy multiple choice questions. make sure to answer them all.
stion 16 vered ts out of Ang question [Ch2] Precision Ceramics makes custom ceramic tiles. During March Precision worked on 10 jobs. Job #231, one of the 10 jobs, started and completed during the month. Labor time records show Jenny Jones singlehandedly worked on Job #231 for 10 hours at $20 per hour. Precision applies overhead at a rate of 120% of direct labor cost. You're to make a journal entry to apply overhead costs to Job #231. Which account do you credit? Select one: a. Manufacturing Overhead. b. Work in Process - Job #231 c. Raw Materials Inventory. d. Direct Labor. stion 17 vet wered out of Ch2] Mynex Company completes Job No. 26 at a cost of $6,000 and later sells it for $11,000 cash. A correct entry is Select one: a. Debit Accounts Receivable $11,000 and credit Sales $11.000 b. Debit Finished Goods Inventory $6,000 and credit Work in Process Inventory $6,000. c. Debit Finished Goods Inventory $11,000 and credit Work in Process Inventory $11,000 d. Debit Cost of Goods Sold $11,000 and credit Finished Goods Inventory $11,000. Flag question 18 [Ch2] The source information and/or documents for assigning costs to job cost sheets are at of uestion Select one: a. invoices, time tickets, and the predetermined overhead rate. b. materials requisition slips, time tickets, and the actual overhead costs. c. materials requisition slips, time tickets, and the predetermined overhead rate. d. materials requisition slips, payroll register, and the predetermined overhead rate. 19 [Ch2] Precision Ceramics makes custom ceramic tiles. During March Precision worked on 10 jobs. Job #231, one of the 10 jobs. started and completed during the month. The following direct materials were requisitioned for Job #231: White tiles: 1,000 units at $1.00 per unit, and High Gloss Glaze: 2 quarts at $2.00 per quart. Labor time records show Jenny Jones singlehandedly worked on Job #231 for 10 hours at $20 per hour. Precision applies overhead at a rate of 120% of direct labor cost. What was the amount of overhead costs to apply to Job #2312 tof Lotion Select one: a $200. b. $240. c. $1,204.80 d. $1.004. on 20 arad [Ch2] During the past period, Company D's factory budgeted (or estimated direct labor cost of $40,000, but the actual amount incurred was $50,000. It also estimated manufacturing overhead of $80,000 for this same period, but the actual amount incurred was $90,000. Assume that Predetermined Manufacturing overhead rate was 200 % [or 2.0 times) of direct labor cost. What was the total amount of overhead costs to apply to production during this period? Assume the company used the traditional normal costing out of ag question Select one: a $90,000 b. $100.000 c. $80,000 d. $180,000 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started