Flashcards and Answers – usm Accounting 220
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special-purpose.
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Managerial accounting reports can be described as
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includes performance evaluation by management.
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The managerial function of controlling
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direct materials, direct labor, and manufacturing overhead.
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Manufacturing costs include
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manufacturing overhead.
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The product cost that is most difficult to associate with a product is
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Period costs
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Which one of the following costs would not be inventoriable?
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$860,000.
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Dolan Company's accounting records reflect the following inventories: Dec. 31, 2013 Dec. 31, 2012 Raw materials inventory $310,000 $260,000 Work in process inventory 300,000 160,000 Finished goods inventory 190,000 150,000 During 2013, $600,000 of raw materials were purchased, direct labor costs amounted to $500,000, and manufacturing overhead incurred was $480,000. The total raw materials available for use during 2013 for Dolan Company is
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$2,480,000.
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Laflin Company reported the following year-end information: Beginning work in process inventory $1,080,000 Beginning raw materials inventory 300,000 Ending work in process inventory 900,000 Ending raw materials inventory 480,000 Raw materials purchased 960,000 Direct labor 800,000 Manufacturing overhead 720,000 Laflin Company's cost of goods manufactured for the year is
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$635,000.
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Molina Company has beginning and ending work in process inventories of $130,000 and $145,000 respectively. If total manufacturing costs are $650,000, what is the total cost of goods manufactured?
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merchandise inventory.
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The equivalent of finished goods inventory for a merchandising firm is referred to as
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total manufacturing costs
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The sum of the direct materials costs, direct labor costs, and manufacturing overhead incurred is the
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a control account.
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In a job order cost accounting system, the Raw Materials Inventory account is
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include sick pay earned by factory workers.
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Factory labor costs
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$30.00 per hour
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Barr Mfg. provided the following information from its accounting records for 2013: Expected production 30,000 labor hours Actual production 28,000 labor hours Budgeted overhead $900,000 Actual overhead $870,000 How much is the overhead application rate if Barr bases the rate on direct labor hours?
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$25.00 per hour
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Minton Company provided the following information from its accounting records for 2013: Expected production 60,000 labor hours Actual production 56,000 labor hours Budgeted overhead $1,500,000 Actual overhead $1,450,000 How much is the overhead application rate if Minton Company bases it on direct labor hours?
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estimated annual costs and expected annual activity.
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The predetermined overhead rate is based on the relationship between
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Manufacturing overhead is incurred
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Which of the following is not viewed as part of assigning manufacturing costs in a job order cost system?
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$1,035,000
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Barger Company had the following information at December 31: Finished goods inventory, January 1 $ 90,000 Finished goods inventory, December 31 126,000 If the cost of goods manufactured during the year amounted to $1,995,000 and annual sales were $2,994,000, how much is the amount of gross profit for the year?
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overhead has been overapplied.
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If Manufacturing Overhead has a credit balance at the end of the period, then
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detailed.
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Internal reports are generally
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Constraining
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Which of the following is not a management function?
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direct labor.
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The work of factory employees that can be physically and directly associated with converting raw materials into finished goods is
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Office salaries
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Which one of the following is not a cost element in manufacturing a product?
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appears in the manufacturing overhead section.
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On the costs of goods manufactured schedule, depreciation on factory equipment
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$1,170,000
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Walker Company reported the following year-end information: Beginning work in process inventory $ 46,000 Beginning raw materials inventory 24,000 Ending work in process inventory 50,000 Ending raw materials inventory 20,000 Raw materials purchased 830,000 Direct labor 240,000 Manufacturing overhead 100,000 How much is Walker's cost of goods manufactured for the year?
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$1,188,000
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Ogleby Inc.'s accounting records reflect the following inventories: Dec. 31, 2012 Dec. 31, 2013 Raw materials inventory $120,000 $ 96,000 Work in process inventory 156,000 174,000 Finished goods inventory 150,000 138,000 During 2013, Ogleby purchased $840,000 of raw materials, incurred direct labor costs of $150,000, and incurred manufacturing overhead totaling $192,000. How much would Ogleby Manufacturing report as cost of goods manufactured for 2013?
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The value chain
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What term describes all business processes associated with providing a product or service?
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controlling.
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The function that pertains to keeping the activities of the enterprise on track is
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Accountability
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What activities and responsibilities are not associated with management's functions?
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raw materials inventory.
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Manufacturing Overhead would not have a subsidiary account for
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Work In Process Inventory 63,000 Manufacturing Overhead 9,000 Raw Materials Inventory 72,000
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A materials requisition slip showed that direct materials requested were $63,000 and indirect materials requested were $9,000. The entry to record the transfer of materials from the storeroom is
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Work in Process Manufacturing Overhead Raw Materials Inventory
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Which of the following shows entries only to control accounts?
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$23,450
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Redman Company manufactures customized desks. The following pertains to Job No. 978: Direct materials used $11,450 Direct labor hours worked 360 Direct labor rate per hour $15.00 Machine hours used 300 Applied factory overhead rate per machine hour $22.00 What is the total manufacturing cost for Job No. 978?
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$182,000
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For Wilton Company, the predetermined overhead rate is 70% of direct labor cost. During the month, $360,000 of factory labor costs are incurred of which $100,000 is indirect labor. Actual overhead incurred was $180,000. The amount of overhead debited to Work in Process Inventory should
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manufacturing overhead applied is added to direct materials and direct labor.
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In determining total manufacturing costs on the cost of goods manufactured schedule,
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$240,000.
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Gulick Company developed the following data for the current year: Beginning work in process inventory $160,000 Direct materials used 96,000 Actual overhead 192,000 Overhead applied 144,000 Cost of goods manufactured 176,000 Total manufacturing costs 480,000 Gulick Company's direct labor cost for the year is
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$2,220,000.
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Haight Company incurred direct materials costs of $1,500,000 during the year. Manufacturing overhead applied was $270,000 and is applied at the rate of 60% of direct labor costs. Haight Company's total manufacturing costs for the year was
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requires an adjustment to Cost of Goods Sold.
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The existence of under- or overapplied overhead at the end of the year:
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$540,000.
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Jinnah Company applies overhead on the basis of 200% of direct labor cost. Job No. 501 is charged with $180,000 of direct materials costs and $240,000 of manufacturing overhead. The total manufacturing costs for Job No. 501 is
