Compute the cost of the finished goods on hand

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Reference no: EM131779778

Q1. Winter Company incurred direct materials costs of $500,000 during the year. Manufacturing overhead applied was $150,000 and is applied at the rate of 75% of direct labor costs. Winter Company's total manufacturing costs for the year was

A) $875,000.

B) $650,000.

C) $762,500.

D) $850,000.

Q2. At the beginning of the year, Monroe Company estimates annual overhead costs to be $800,000 and that 200,000 machine hours will be operated. Using machine hours as a base, the amount of overhead applied during the year if actual machine hours for the year was 150,000 hours is

A) $800,000.

B) $200,000.

C) $600,000.

D) $37,500.

Q3. Reich Manufacturing Company developed the following data: Beginning work in process inventory $ 90,000 Direct materials used 70,000 Actual overhead 110,000 Overhead applied 80,000 Cost of goods manufactured 160,000 Ending work in process 200,000 Reich Manufacturing Company's total CURRENT manufacturing costs for the period is

A) $260,000.

B) $270,000.

C) $180,000.

D) $360,000.

Q4. The following information is available for completed Job No. 402: Direct materials, $25,000 direct labor, $35,000 manufacturing overhead applied, $20,000 units produced, 8,000 units units sold, 6,000 units. The cost of the finished goods on hand from this job is

A) $60,000.

B) $20,000.

C) $13,000.

D) $80,000.

Q5. A materials requisition slip showed that direct materials requested were $25,000 and indirect materials requested were $7,000. The entry to record the transfer of materials from the storeroom would include which of the following?

A) Dr. Work In Process Inventory $32,000

B) Dr. Work in Process Inventory $25,000

C) Cr.Raw Materials Inventory $25,000

D) Dr.Indirect Materials $7,000

E) Cr. Manufacturing Overhead $7,000

Q6. Kline Manufacturing has the following labor costs: Factory--Gross wages $120,000 Factory--Net wages 90,000 Employer Payroll Taxes Payable 18,000 The entry to record the cost of factory labor and the associated payroll tax expense will include a debit to Factory Labor for

A) $102,000.

B) $228,000.

C) $138,000.

D) $108,000.

Reference no: EM131779778

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