College Acct 2- Chapter 3

Front

What is the cost associated with the goods manufactured that is transferred to Finished Goods?

Back

The cost of goods manufactured transferred to Finished Goods.

Front

In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to which of the following equations? Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory – Ending work in process inventory

Back

Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory – Ending work in process inventory

Front

In a job-order costing system, which account do you debit when you APPLY manufacturing overhead?

Back

Work in Process inventory.

Front

Manufacturing overhead for the period was:

Back

$73,000 Overapplied

Front

How much was the adjusted cost of goods sold on the Schedule of Cost of Goods Sold for Baylor Bears Corp. if the cost of goods manufactured was $150,000, overhead was underapplied by $3,000, beginning finished goods inventory was $25,000, and ending finished goods inventory was $35,000?

Back

The adjusted cost of goods sold is calculated as follows: Cost of Goods Manufactured ($150,000) + Underapplied Overhead ($3,000) + Beginning Finished Goods Inventory ($25,000) - Ending Finished Goods Inventory ($35,000) = $143,000.

Front

In a job-order costing system, indirect materials are usually recorded as a debit to:

Back

Manufacturing Overhead.

Front

How much is the Cost of Goods Manufactured for the month on the Schedule of Cost of Goods Manufactured? Direct Materials $54,000, Direct Labor $92,000, Manufacturing Overhead applied to WIP $80,000, Beginning WIP $66,000, Ending WIP $57,000

Back

$235,000

Front

What are the purchases of raw materials used in production?

Back

Purchases of raw materials.

Front

What is the term for manufacturing overhead that has been applied in excess of the actual overhead incurred?

Back

Overapplied overhead.

Front

In October, Hollander Inc. incurred $75,000 of direct labor costs and $7,500 of indirect labor costs. The journal entry to record the accrual of these wages would include a:

Back

debit to Manufacturing Overhead of $7,500