Ch 19 LO4 FG
Authored by Dr. Paz
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4 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Caltran, Inc. completed manufacturing Job 445. It included $380 of direct materials cost, $1,200 of direct labor cost, and $520 of allocated manufacturing overhead. Which of the following is the correct journal entry needed to record the completed job?
Work _ in _ Process Inventory 1,580 Cost of Goods Sold 1,580
Finished Goods Inventory 2,100 Materials Inventory 2, 100
Finished Goods Inventory 2,100 Work _ in _ Process Inventory 2,100
Work _ in _ Process Inventory 2,100 Finished Goods Inventory 2,100
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
On June 30, Caroline, Inc. finished Job 750 with total job costs of $4,200 and transferred the costs to Finished Goods Inventory. On July 6, Caroline completed the sale of the goods from Job 750 to a customer for $5,000 cash. Which of the following is the correct entry needed to record the revenue earned?
debit Cost of Goods Sold $4,200 and credit Sales Revenue $4,200
debit Sales Revenue $5,000 and credit Cash $5,000
debit Cash $5,000 and credit Sales Revenue $5,000
debit Finished Goods Inventory $4,200 and credit Sales Revenue $4,200
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
On June 30, Coral, Inc. finished Job 750 with total job costs of $4,500, and transferred the costs to Finished Goods Inventory. On July 6, it completed the sale of the goods to a customer for $5,700 cash. Which of the following is the correct journal entry to record the cost of goods sold?
debit WIP Inventory $4,500 and credit Cost of Goods Sold $4,500
debit Finished Goods Inventory $4,500 and credit Cost of Goods Sold $4,500
debit COGS $4,500 and credit Finished Goods Inventory $4,500
debit COGS $4,500 and credit Work _ in _ Process Inventory $4,500
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Bass Accounting Services expects its accountants to work a total of 23,000 direct labor hours per year. The company's estimated total indirect costs are $299,000. The company uses direct labor hours as the allocation base for indirect costs. What is the indirect cost allocation rate? (Round your answer to the nearest cent.)
$13.00 per hour
$15.60 per hour
$26.00 per hour
$130.00 per hour
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