ACC 2 Unit 5.00

Front

How should Mary Wiggins' pay be classified?

Back

indirect labor

Front

How should the razors used to cut denim in the manufacturing of blue jeans be classified? Options: direct labor, indirect labor, direct materials, indirect materials

Back

indirect materials

Front

How should the 1,000 pounds of plastic ordered by the Jamison Corporation be classified?

Back

direct materials

Front

The EarthReady Corporation manufactures environmentally safe light bulbs. Sam, the accountant, is preparing the month-end journal entries. He received Materials Requisition No. 228, for the issue of 200 pounds of silica at $10.50 per pound. The correct journal entry to record this transaction is:

Back

debit Work in Process, $2,100; credit Materials, $2,100.

Front

The EarthReady Corporation manufactures environmentally safe light bulbs. Samuel, the accountant, has just received requisitions from the plant managers. Indirect material requisitions totaled $567; and direct material requisitions totaled $3,251. The correct entry to record this transaction is:

Back

debit Work in Process, $3,251, Factory Overhead, $567; credit Materials, $3,818.

Front

The Hambrick Company manufactures terry cloth towels. The company accountant is preparing the month-end reports and journal entries. The accountant sees that during the month of June, Hambrick Company transferred $112,000 of completed towels to the appropriate account. The journal entry to record this transaction is:

Back

debit Finished Goods, $112,000; credit Work in Process, $112,000.

Front

The Magnum Steel Corporation manufactures sheet metal for the automotive industry. The company accountant has received requisitions from the plant managers. Indirect material requisitions totaled $2,123 and direct material requisitions totaled $3,779. The correct entry to record this transaction is:

Back

debit Work in Process, $3,779, Factory Overhead, $2,123; credit Materials, $5,902.

Front

What is the factory overhead rate applied for SafeColor's ammonia-free hair color manufacturing next year if total factory overhead costs are estimated to be $350,000 and estimated direct labor costs are $450,000? Options: 75%, 78%, 88%, 129%

Back

78%

Front

What is the applied factory overhead for Job No. 544 if the estimated direct labor cost for the year is $500,000 and the estimated factory overhead is $400,000, with total direct labor costs for Job No. 544 being $7,000?

Back

$5,600

Front

What is the ending amount of pine wood inventory on the materials ledger card for the Eckland Company, given the following details? Beginning inventory: 450 boards at $5.50 each. Received: 300 boards at $5.75 each. Requisitioned: 75 boards at $5.50 each.

Back

$3,787.50