Multiple Choice

MA_U10_12-17: please see the attachment for the problems.
12. One of the following will not be found on the balance sheet of a manufacturing company: _______.
cost of goods sold
materials
work in process
finished goods

13. What is the purpose of the Statement of Cost of Goods Manufactured?
to determine the ending materials inventory
to determine the ending work in process inventory
to determine the amounts transferred to finished goods
all of the answers are true

14. All of the following are ways that managers use managerial information except _______.
to evaluate the company's stock performance
to evaluate the performance of a company's operations
to support long-term planning decisions
to determine the cost of manufacturing a product

15. Selected accounts with some debits and credits omitted are presented as follows:
Work in Process
Aug. 1 Balance 275,000 Aug. 31 Goods finished 1,230,000
31 Direct materials X
31 Direct labor 350,000
31 Factory overhead X

Factory Overhead
Aug. 1-31 Costs incurred 90,000 Aug. 1 Balance 15,000
31 Applied
(30% of direct
labor cost) X

If the balance of Work in Process at August 31 is $200,000, what was the amount debited to Work in Process for direct materials in August?
$700,000
$805,000
$300,000
$605,000

16. Selected accounts with some debits and credits omitted are presented as follows:
Work in Process
Oct. 1 Balance 20,000 Oct. 31 Goods finished X
31 Direct materials 96,700
31 Direct labor 201,000
31 Factory overhead X

Finished Goods
Oct. 1 Balance 52,000
31 Goods finished 360,000

If the balance of Work in Process at October 31 is $21,000, what was the amount of factory overhead applied in October?
$63,300
$21,300
$42,300
$11,300

17. Putnam Manufacturers Inc. has estimated total factory overhead costs of $84,000 and 12,000 direct labor hours for the current fiscal year. If job number 117 incurred 1,500 direct labor hours, the work in process account will be debited and factory overhead will be credited for _______.
$10,500
$0; WIP is credited
$84,000
$1,500