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Actual overhead is used to arrive at the cost of goods manufactured.
22.The cost of goods sold appearing on the income statement as an expense is the normal cost of goods sold.
23.Overhead costs are assigned to work in process using a predetermined rate.
24.Actual overhead costs are accumulated in the overhead control account.
25.The cost of completed units is always debited to work in process and credited to finished goods.
26.The journal entry for $17,000 materials purchased on account is:
Raw Materials17,000
Accounts Payable17,000
27.In job-order costing, the journal entry for $7,200 raw materials requisitioned for use in production is:
Raw Materials7,200
Work in Process7,200
28.The journal entry for $7,200 raw materials requisitioned for use in production is:
Work in Process7,200
Raw Materials7,200
29.In job-order costing, the journal entry for $1,700 of unpaid direct labour is:
Work in Process1,700
Wages Payable1,700
30.In job-order costing, the journal entry for overhead applied at the rate of $3 per direct labour hour when 210 direct labour hours were worked is:
Work in Process630
Applied Overhead630
31.The journal entry for overhead applied at the rate of $3 per direct labour hour when 210 direct labour hours were worked is:
Work in Process630
Overhead Control630
32.In job-order costing, the journal entry for a completed job costing $7,000 but NOT sold is:
Finished Goods7,000
Work in Process7,000
33.The journal entry for $17 of underapplied overhead is:
Cost of Goods Sold17
Applied Overhead17
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