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The entry to record the purchase of raw materials on account using a job costing system wo

The entry to record the purchase of raw materials on account using a job costing system would include a:

A) credit to work in process inventory.

B) debit to accounts payable.

C) debit to raw materials inventory.

D) debit to work in process inventory.

42) Which of the following entries would be made to record $10,000 of labor–70% of which is direct, and 30% which is indirect–to jobs?

A)

Work in Process Inventory

 

7,000

 

Manufacturing Overhead

 

3,000

 

 

Wages Payable

 

10,000

 

B)

Wages Payable

 

10,000

 

 

WIP Inventory

 

7,000

 

Manufacturing Overhead

 

3,000

 

C)

Work in Process Inventory

 

10,000

 

 

Wages Payable

 

10,000

 

D)

Manufacturing Overhead

 

10,000

 

 

Manufacturing Wages

 

10,000

43) The journal entry to record $200 of depreciation expense on factory equipment involves a:

A) debit to manufacturing overhead for $200.

B) debit to accumulated depreciation for $200.

C) debit to depreciation expense for $200.

D) credit to manufacturing overhead for $200.

44) Here is some basic data for Mogelson Company:

Cost of goods manufactured for the period: 

$420,000

Work in process inventory, beginning of period:

100,000

Work in process inventory, end of period:

120,000

Direct materials used:

   50,000

 

Manufacturing overhead is allocated at 60% of direct labor cost.

What are the total costs debited to work in process inventory during the period?

A) $550,000

B) $520,000

C) $440,000

D) $400,000

45) Here is some basic data for Sarasota Manufacturing:

Cost of materials purchases on account

$75,000

Cost of materials requisitioned (includes $2,000 of indirect)

43,000

Direct labor costs incurred

75,000

Manufacturing overhead costs incurred, including indirect materials

95,000

Cost of goods completed

226,750

Cost of goods sold

138,000

Beginning raw materials inventory

   15,000

Beginning work in process inventory

32,000

Beginning finished goods inventory

31,000

Predetermined manufacturing overhead rate (as % of direct labor cost)

125%

The journal entry to record actual manufacturing overhead costs includes a:

A) debit to manufacturing overhead for $95,000.

B) debit to work in process inventory for $93,750.

C) credit to work in process inventory for $95,000.

D) credit to manufacturing overhead for $93,750.

46) Here is some basic data for Harold Company:

Cost of materials purchases on account

$80,000

Cost of materials requisitioned (includes $2,000 of indirect)

51,000

Direct labor costs incurred

82,000

Manufacturing  overhead costs incurred, including indirect materials

93,500

Cost of goods completed

225,000

Cost of goods sold

137,000

Beginning raw materials inventory

   17,000

Beginning work in process inventory

33,000

Beginning finished goods inventory

37,500

Predetermined manufacturing overhead rate (as % of direct labor cost)

120%

 

The journal entry to record the allocation of manufacturing overhead involves a debit to work in process inventory of:

A) $68,333.

B) $93,500.

C) $98,400.

D) $61,200.

47) Here is some basic data for Callor Corporation:

Beginning raw materials inventory

$36,000

Beginning work in process inventory

    64,000

Beginning finished goods inventory

    54,000

Cost of materials purchased

148,000

Cost of direct materials requisitioned

    85,000

Direct labor incurred

  135,000

Actual manufacturing overhead

  162,000

Completed goods

295,000

Cost of goods sold

260,000

Manufacturing overhead rate

(% of direct labor) 

125%

The entry to record the cost of goods completed would be a:

A) debit to finished goods inventory for $295,000.

B) credit to work in process inventory for $260,000.

C) debit to work in process inventory for $260,000.

D) credit to finished goods inventory for $295,000.

48) Here is some basic data for Callor Corporation:

Beginning raw materials inventory

$36,000

Beginning work in process inventory

    64,000

Beginning finished goods inventory

    54,000

Cost of materials purchased

148,000

Cost of direct materials requisitioned

    85,000

Direct labor incurred

  135,000

Actual manufacturing overhead

  162,000

Completed goods

295,000

Cost of goods sold

260,000

Manufacturing overhead rate

(% of direct labor) 

125%

 

The entry to record the cost of goods completed would be a:

A) debit to finished goods inventory for $295,000.

B) credit to finished goods inventory for $295,000.

C) debit to cost of goods sold for $295,000.

D) credit to finished goods inventory for $260,000.

49) Job 111 started on June 1 and finished on July 15. Total cost on July 1 was $18,100, and the costs added in July were $177,200. The entry for the sale at a price of $305,420 would be:

A)

Accounts receivable

 

305,420

 

 

Sales Revenue

 

305,420

 

B)

Finished goods inv.

 

195,300

 

 

Cost of goods sold

 

195,300

 

C)

Sales Revenue

 

305,420

 

 

Accounts receivable

 

305,420

 

D)

Work in process inventory

 

195,300

 

 

Cost of goods sold

 

195,300

50) Job 299 started on June 1 and finished on July 15. Total cost on July 1 was $9,200, and the costs added in July were $153,400. The product was sold. What is the debit to cost of goods sold?

A) $162,600

B) $9,200

C) $153,400

D) $144,200

Dec 07 2019 Read more Less More

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