Managerial ACC ch 3

Which of the following statements are true?

Work in Process consists of ______

Finished goods ______

Cost of goods manufactured ______

The journal entry to record the purchase of materials credits ______

Any purchased materials that will go into the finished product are first recorded in the ___ ___ inventory account

Costs of partially completed units are accounted for in ______

Completed units that have not yet been sold are found in ___ ___ inventory

A journal entry that debits Work in process and Manufacturing overhead and credits Raw materials records the ______

The amount transferred from Work in Process to Finished Goods is ______

The Manufacturing Overhead account is debited when ______

The journal entry to record the purchase of materials debits ______

When labor costs are incurred, _________ are added directly to the Work in Process account.

Which of the following costs are classified as manufacturing overhead? Assembly wages Marketing costs Factory rent Factory utilities Factory maintenance wages

A journal entry that debits Manufacturing overhead and credits Accounts payable could be made to record ______.

The journal entry to record issuing both direct and indirect materials into production debits ______.

The ___ side of the manufacturing overhead account is always used to record manufacturing overhead applied to production and the ___ side is always used to record the actual manufacturing costs incurred.

George Corporation recognized $1,000 of accrued property taxes on its manufacturing facility. The journal entry to record this debits ______.

Labor costs charged to Manufacturing Overhead represent ______.

Which account is credited when manufacturing overhead is applied?

Actual manufacturing overhead costs are recorded in the Manufacturing Overhead account ______.

Selling and administrative costs first appear on the ______.

A journal entry that debits Manufacturing overhead and credits Accounts payable would NOT be used to record ______. miscellaneous factory overhead costs rent on factory equipment factory utilities costs direct labor costs

A company requisitioned $40,000 in direct materials and $30,000 in indirect materials from the storeroom to be used in production. The journal entry to record this transaction would debit ______.

A journal entry debiting Salaries expense and crediting Salaries and wages payable could record ______.

The journal entry to record accrued property taxes for a factory building debits ______.

When a job is completed, the job costs are transferred OUT OF ______.

A journal entry that debits Work in process and credits Manufacturing overhead is recording the ______.

Which of the following would NOT be charged to the Manufacturing overhead account? Factory rent Supervisor's salary Depreciation on factory equipment Nonmanufacturing costs

Cost of goods manufactured is the ______.

Job #4260 consisted of 1,000 units at a total cost of $200,000. The cost transferred to Cost of Goods Sold for the sale of 600 of the units is ______.

The journal entry to record selling and administrative salaries debits ______.

When a job is completed, its costs are transferred into ______.

Manufacturing overhead is applied with a debit to ______.

The schedule of cost of goods ___ summarizes costs that remain in Work in process inventory and that have been transferred from Work in process to Finished goods inventory.

The cost of goods ___ is the sum of all amounts transferred from Work in process to Finished goods during a period.

To calculate direct materials on the schedule of cost of goods manufactured, add purchases to beginning raw materials inventory and subtract ______.

When only a portion of the units involved in a job are sold, the ______.

Given: Cost of goods manufactured of $410,000; beginning finished goods inventory of $110,000 and ending finished goods inventory of $125,000, calculate unadjusted cost of goods sold.

Luver Corporation's Gross margin is $100,000, Cost of goods sold equals $70,000, and Selling and administrative expenses total $45,000. Net operating income is ______.

Overhead is overapplied if ______.

The schedule of cost of goods ___ summarizes costs that remain in Finished goods inventory and that have been transferred to Cost of goods sold.

Raw materials inventory was $27,000 at the beginning of the year and $25,000 at the end of the year. During the year, $100,000 in raw materials were purchased, including $28,000 of indirect materials that were put into manufacturing overhead during the period. Calculate the cost of direct materials used during the period.

Given: Cost of goods manufactured of $234,000; beginning finished goods inventory of $18,000; and ending finished goods inventory of $24,000, calculate unadjusted cost of goods sold.

T/F - Underapplied or overapplied overhead occurs because overhead is applied to jobs using a predetermined rate based on estimates of costs and activity levels.

Gross margin minus selling and administrative expenses equals ______.

Actual manufacturing overhead is ______ to the Manufacturing overhead account.

Overhead is underapplied if ______.

When calculating the cost of direct materials on the schedule of cost of goods manufactured, the cost of indirect materials is:

Actual overhead costs may not be proportional to the actual amount of the allocation base used because ______.

A debit balance in Manufacturing overhead means overhead was ___

Applied manufacturing overhead is entered on what side of the Manufacturing overhead account?

Underapplied or overapplied manufacturing overhead can be disposed of by closing it to ______.

What two accounts are involved when underapplied or overapplied overhead is closed out using the simpler method?

The more accurate method of closing out the balance in Manufacturing overhead is ______.

A credit balance in the Manufacturing Overhead account means overhead was ___

What methods can be used to dispose of underapplied or overapplied manufacturing overhead?

A journal entry that includes Manufacturing overhead and Cost of goods sold is recorded to ______.

Which of the statements regarding closing out over or underapplied overhead is correct? Closing to Cost of goods sold is simpler, and allocating is more accurate. Both methods are equally accurate. Both methods are equally simple. Allocating is simpler, and closing to Cost of goods sold is more accurate.