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    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

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    https://brainmass.com/business/management-accounting/multiple-choice-228479

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    Please see the attachment

    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

    cost of goods sold is in the income statement

    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 ...

    Solution Summary

    The solution explains some multiple choice questions relating to managerial accounting

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