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Managerial Accounting, Ch.2




Question;Multiple Choice Question 37A major purpose of cost accounting is toAmeasure, record, and report period costs.Bprovide information to stockholders for investment decisions.Cmeasure, record, and report product costs.Dclassify all costs as operating or nonoperating.Multiple Choice Question 43An important feature of a job order cost system is that each jobAmust be completed before a new job is accepted.Bhas its own distinguishing characteristics.Cconsists of one unit of output.Dmust be similar to previous jobs completed.Multiple Choice Question 44As of December 31, 2013, Stand Still Industries had $2,500 of raw materials inventory. At the beginning of 2013, there was $2,000 of materials on hand. During the year, the company purchased $325,000 of materials, however, it paid for only $312,500. How much inventory was requisitioned for use on jobs during 2013?A$325,500B$313,000C$324,500D$312,000Multiple Choice Question 47When a job is completed and all costs have been accumulated on a job cost sheet, the journal entry that should be made isARaw Materials Inventory Work In Process InventoryBFinished Goods Inventory Work In Process InventoryCFinished Goods Inventory Direct Materials Direct Labor Manufacturing OverheadDWork In Process Inventory Direct Materials Direct Labor Manufacturing OverheadMultiple Choice Question 63A 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 isAWork in Process Inventory63,000Manufacturing Overhead 9,000 Raw Materials Inventory72,000BManufacturing Overhead72,000 Raw Materials Inventory72,000CDirect Materials63,000Indirect Materials 9,000 Work in Process Inventory72,000DWork In Process Inventory63,000 Raw Materials Inventory63,000Multiple Choice Question 76The following information is available for completed Job No. 402: Direct materials, $80,000, direct labor, $120,000, manufacturing overhead applied, $60,000, units produced, 5,000 units, units sold, 4,000 units. The cost of the finished goods on hand from this job isA$208,000.B$52,000.C$40,000.D$260,000.Multiple Choice Question 80Cost of goods manufactured equals $65,000 for 2013. Finished goods inventory is $2,000 at the beginning of the year and $5,500 at the end of the year. Beginning and ending work in process for 2013 are $4,000 and $5,000, respectively. How much is cost of goods sold for the year?A$68,500B$67,500C$63,000D$61,500Multiple Choice Question 84Kinney Company applies overhead on the basis of 150% of direct labor cost. Job No. 176 is charged with $100,000 of direct materials costs and $120,000 of manufacturing overhead. The total manufacturing costs for Job No. 176 isA$270,000.B$300,000.C$400,000.D$220,000.Multiple Choice Question 95Overhead application is recorded with aAcredit to job cost sheets.Bdebit to Manufacturing Overhead.Ccredit to Work in Process Inventory.Dcredit to Manufacturing Overhead.Multiple Choice Question 106During 2013, Tanner Manufacturing expected Job No. 26 to cost $300,000 of overhead, $500,000 of materials, and $200,000 in labor. Tanner applied overhead based on direct labor cost. Actual production required an overhead cost of $280,000, $550,000 in materials used, and $210,000 in labor. All of the goods were completed. What amount was transferred to Finished Goods?A$1,040,000B$1,075,000C$1,000,000D$1,060,000Multiple Choice Question 125Kimble Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period:Estimated annual overhead cost$1,600,000Actual annual overhead cost$1,540,000Estimated machine hours400,000Actual machine hours380,000A$1,520,000 applied and $20,000 overappliedB$1,600,000 applied and $20,000 overappliedC$1,520,000 applied and $20,000 underappliedD$1,463,000 applied and neither under- nor overapplied


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