Multiple Choice
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Chavez Corporation reported the following data for the month of July:
The cost of goods manufactured for July is:
$203,000
$215,000
$204,000
$216,000
Chavez Corporation reported the following data for the month of July:
The adjusted cost of goods sold that appears on the income statement for July is:
$218,000
$203,000
$189,000
$188,000
________________________________________
The Tse Manufacturing Company uses a job-order costing system and applies overhead to jobs using a predetermined overhead rate. The company closes any balance in the Manufacturing Overhead account to Cost of Goods Sold. During the year the company's Finished Goods inventory account was debited for $125,000 and credited for $110,000. The ending balance in the Finished Goods inventory account was $28,000. At the end of the year, manufacturing overhead was overapplied by $4,500.
The balance in the Finished Goods inventory account at the beginning of the year was:
$8,500
$28,000
$13,000
$17,500
________________________________________
The Tse Manufacturing Company uses a job-order costing system and applies overhead to jobs using a predetermined overhead rate. The company closes any balance in the Manufacturing Overhead account to Cost of Goods Sold. During the year the company's Finished Goods inventory account was debited for $125,000 and credited for $110,000. The ending balance in the Finished Goods inventory account was $28,000. At the end of the year, manufacturing overhead was overapplied by $4,500.
If the estimated manufacturing overhead for the year was $24,000, and the applied overhead was $26,500, the actual manufacturing overhead cost for the year was:
$31,000
$28,500
$22,000
$19,500
________________________________________
Summit Company has provided the following inventory balances and manufacturing cost data for the month of January:
Inventories January 1 January 31
Direct materials $30,000 $40,000
Work in process $15,000 $20,000
Finished goods $65,000 $50,000
Month of January
Cost of goods manufactured $515,000
Manufacturing overhead applied $150,000
Direct materials used $190,000
Actual manufacturing overhead $144,000
Under Summit's job-order costing system, any over or underapplied overhead is closed to the Cost of Goods Sold account at the end of the calendar year (i.e., December 31).
How much direct labor cost was incurred during January?
$180,000
$170,000
$175,000
$186,000
Chavez Corporation reported the following data for the month of July:
The cost of goods manufactured for July is:
$203,000
$215,000
$204,000
$216,000
________________________________________
Chavez Corporation reported the following data for the month of July:
The adjusted cost of goods sold that appears on the income statement for July is:
$218,000
$203,000
$189,000
$188,000
________________________________________
The Tse Manufacturing Company uses a job-order costing system and applies overhead to jobs using a predetermined overhead rate. The company closes any balance in the Manufacturing Overhead account to Cost of Goods Sold. During the year the company's Finished Goods inventory account was debited for $125,000 and credited for $110,000. The ending balance in the Finished Goods inventory account was $28,000. At the end of the year, manufacturing overhead was overapplied by $4,500.
The balance in the Finished Goods inventory account at the beginning of the year was:
$8,500
$28,000
$13,000
$17,500
________________________________________
The Tse Manufacturing Company uses a job-order costing system and applies overhead to jobs using a predetermined overhead rate. The company closes any balance in the Manufacturing Overhead account to Cost of Goods Sold. During the year the company's Finished Goods inventory account was debited for $125,000 and credited for $110,000. The ending balance in the Finished Goods inventory account was $28,000. At the end of the year, manufacturing overhead was overapplied by $4,500.
If the estimated manufacturing overhead for the year was $24,000, and the applied overhead was $26,500, the actual manufacturing overhead cost for the year was:
$31,000
$28,500
$22,000
$19,500
________________________________________
Summit Company has provided the following inventory balances and manufacturing cost data for the month of January:
Inventories January 1 January 31
Direct materials $30,000 $40,000
Work in process $15,000 $20,000
Finished goods $65,000 $50,000
Month of January
Cost of goods manufactured $515,000
Manufacturing overhead applied $150,000
Direct materials used $190,000
Actual manufacturing overhead $144,000
Under Summit's job-order costing system, any over or underapplied overhead is closed to the Cost of Goods Sold account at the end of the calendar year (i.e., December 31).
How much direct labor cost was incurred during January?
$180,000
$170,000
$175,000
$186,000
Yokum Company has provided the following data for the month of August:
August 1 August 31
Raw materials inventory $8,000 ?
Work in process inventory ? $14,000
Finished goods inventory $25,000 $35,000
Other Data:
Sales $350,000
Manufacturing overhead costs $44,000
Direct labor $80,000
Purchase of raw materials $94,000
Administrative expenses $40,000
Cost of goods manufactured $206,000
Raw materials used in production $87,000
Selling expenses $15,000
The beginning work in process inventory was:
$15,000
$9,000
$2,000
$6,000
________________________________________
Yokum Company has provided the following data for the month of August:
August 1 August 31
Raw materials inventory $8,000 ?
Work in process inventory ? $14,000
Finished goods inventory $25,000 $35,000
Other Data:
Sales $350,000
Manufacturing overhead costs $44,000
Direct labor $80,000
Purchase of raw materials $94,000
Administrative expenses $40,000
Cost of goods manufactured $206,000
Raw materials used in production $87,000
Selling expenses $15,000
The cost of goods sold was:
$211,000
$196,000
$206,000
$190,000
________________________________________
The following data (in thousands of dollars) have been taken from the accounting records of Karling Corporation for the just completed year.
Sales $990
Raw materials inventory, beginning $40
Raw materials inventory, ending $70
Purchases of raw materials $120
Direct labor $200
Manufacturing overhead $230
Administrative expenses $150
Selling expenses $140
Work in process inventory, beginning $70
Work in process inventory, ending $50
Finished goods inventory, beginning $120
Finished goods inventory, ending $160
The cost of goods manufactured (finished) for the year (in thousands of dollars) was:
$500
$570
$590
$540
________________________________________
The following data (in thousands of dollars) have been taken from the accounting records of Karling Corporation for the just completed year.
Sales $990
Raw materials inventory, beginning $40
Raw materials inventory, ending $70
Purchases of raw materials $120
Direct labor $200
Manufacturing overhead $230
Administrative expenses $150
Selling expenses $140
Work in process inventory, beginning $70
Work in process inventory, ending $50
Finished goods inventory, beginning $120
Finished goods inventory, ending $160
The cost of goods sold for the year (in thousands of dollars) was:
$700
$500
$660
$580
________________________________________
Vignana Corporation manufactures and sells hand-painted clay figurines of popular sports heroes. Shown below are some of the costs incurred by Vignana for last year:
What is the total of the inventoriable (product) costs above?
$155,000
$159,000
$0
$69,000
Gaeddert Corporation reported the following data for the month of July:
Inventories: Beginning Ending
Raw materials $36,000 $27,000
Work in process $13,000 $16,000
Finished goods $36,000 $42,000
Additional information:
Sales $250,000
Raw materials purchases $76,000
Direct labor cost $33,000
Manufacturing overhead cost $81,000
Selling expense $24,000
Administrative expense $29,000
The total manufacturing cost for July was:
$199,000
$190,000
$81,000
$114,000
________________________________________
Gaeddert Corporation reported the following data for the month of July:
Inventories: Beginning Ending
Raw materials $36,000 $27,000
Work in process $13,000 $16,000
Finished goods $36,000 $42,000
Additional information:
Sales $250,000
Raw materials purchases $76,000
Direct labor cost $33,000
Manufacturing overhead cost $81,000
Selling expense $24,000
Administrative expense $29,000
The cost of goods manufactured for July was:
$190,000
$196,000
$202,000
$199,000
Gaeddert Corporation reported the following data for the month of July:
Inventories: Beginning Ending
Raw materials $36,000 $27,000
Work in process $13,000 $16,000
Finished goods $36,000 $42,000
Additional information:
Sales $250,000
Raw materials purchases $76,000
Direct labor cost $33,000
Manufacturing overhead cost $81,000
Selling expense $24,000
Administrative expense $29,000
The cost of goods sold for July was:
$202,000
$190,000
$244,000
$138,000
________________________________________
All of the following are characteristics of a pull production system EXCEPT:
Inventories are reduced to a minimum by purchasing raw materials and producing units only as needed to meet consumer demand.
Products are completed just in time to be shipped to customers.
Raw materials are released to production far in advance of being needed to ensure no interruptions in work flows due to shortages of raw materials.
Manufactured parts are completed just in time to be assembled into products.
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