Reference no: EM132732799
Questions -
Q1. Cavy Company estimates that the factory overhead for the following year will be $1,250,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 40,000 hours. The machine hours for the month of April for all of the jobs were 4,780. If the actual factory overhead totaled $141,800, determine the over- or underapplied amount for the month.
a. $35,220 overapplied
b. $7,575 underapplied
c. $7,575 overapplied
d. $35,220 underapplied
Q2. Department G had 1,920 units 25% completed at the beginning of the period, 13,100 units were completed during the period, 1,600 units were 20% completed at the end of the period, and the following manufacturing costs debited to the departmental work in process account during the period:
Work in process, beginning of period $28,300
Costs added during period:
Direct materials (12,780 units at $8) 102,240
Direct labor 79,800
Factory overhead 26,600
All direct materials are placed in process at the beginning of production and the first-in, first-out method of inventory costing is used. The total cost of the departmental work in process inventory at the end of the period (round unit cost calculations to four decimal places and round your final answer to the nearest dollar)?
a. $14,773
b. $20,060
c. $12,800
d. $15,431
Q3. Department G had 1,920 units 25% completed at the beginning of the period, 12,900 units were completed during the period, 1,600 units were 20% completed at the end of the period, and the following manufacturing costs debited to the departmental work in process account during the period:
Work in process, beginning of period $27,900
Costs added during period: Direct materials (12,580 units at $8) 100,640
Direct labor 87,000
Factory overhead 29,000
All direct materials are placed in process at the beginning of production and the first-in, first-out method of inventory costing is used. The total cost of 1,920 units of beginning inventory which were completed during the period is (do not round unit cost calculations)
a. $38,389
b. $42,611
c. $41,011
d. $27,900
Q4. Reynolds Manufacturers Inc. has estimated total factory overhead costs of $95,400 and expected direct labor hours of 10,600 for the current fiscal year. If job number 117 incurs 1,840 direct labor hours, Work in Process will be debited and Factory Overhead will be credited for
a. $1,840
b. $16,560
c. $95,400
d. $47,700
Q5. Department M had 2,300 units 54% completed in process at the beginning of June, 13,500 units completed during June, and 1,700 units 29% completed at the end of June. The number of equivalent units of production for conversion costs for June if the first-in, first-out method is used to cost inventories is
a. 15,693 units
b. 13,993 units
c. 11,200 units
d. 12,751 units
Q6. Adams Company is a manufacturing company that has worked on several production jobs during the first quarter of the year. Below is a list of all the jobs for the quarter:
Balance Job 356 $450
Job 357 1,235
Job 358 378
Job 359 689
Job 360 456
Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job.
What is the balance of Sales for Adams Company at the end of the first quarter?
a. $685
b. $2,685
c. $1,000
d. $1,685
Q7. A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $336,000 and direct labor hours would be 42,600. Actual manufacturing overhead costs incurred were $308,100, and actual direct labor hours were 52,400. The journal entry to apply the factory overhead costs for the year would include a
a. credit to Factory Overhead for $413,436
b. credit to Factory Overhead for $336,000
c. debit to Factory Overhead for $413,436
d. debit to Factory Overhead for $308,100
Q8. Selected accounts with a credit amount omitted are as follows
Work in Process Apr. 1 Balance 7,000
Apr. 30 Goods finished X
30 Direct materials 57,800
30 Direct labor 192,800
30 Factory overhead 57,840
Finished Goods Apr. 1 Balance 15,000 30 Goods finished 301,300
What was the balance of Work in Process as of April 30?
a. $14,140
b. $57,840
c. $301,300
d. $15,000