Explore BrainMass
Share

Explore BrainMass

    Multiple Choice

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    I need assistance with these study questions, please show examples when available.

    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.

    © BrainMass Inc. brainmass.com October 9, 2019, 10:41 pm ad1c9bdddf
    https://brainmass.com/business/inventory-management/multiple-choice-229033

    Attachments

    Solution Summary

    The solution explains some multiple choice questions relating to managerial accounting

    $2.19