
College Acct 2- Chapter 3
Flashcard
•
Business
•
9th - 12th Grade
•
Practice Problem
•
Hard
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1.
FLASHCARD QUESTION
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.
2.
FLASHCARD QUESTION
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
3.
FLASHCARD QUESTION
Front
In a job-order costing system, which account do you debit when you APPLY manufacturing overhead?
Back
Work in Process inventory.
4.
FLASHCARD QUESTION
Front
Manufacturing overhead for the period was:
Back
$73,000 Overapplied
5.
FLASHCARD QUESTION
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.
6.
FLASHCARD QUESTION
Front
In a job-order costing system, indirect materials are usually recorded as a debit to:
Back
Manufacturing Overhead.
7.
FLASHCARD QUESTION
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
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