chp 3

¡Supera tus tareas y exámenes ahora con Quizwiz!

in the normal costing system, work in process is debited for:

- manufacturing overhead applied -direct materials

the journal entry to record the purchase of materials credits _____

-accounts payable

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

-close it to cogs -allocation it to WIP, finished goods, and COGS

what accounts are debited when goods are sold on account

-cogs -accounts receivable

which of the following are used to calculate costs of goods available for sale on the schedule of cost of goods sold?

-cogs manufactured -beg. finished goods inventory

the ____ side of 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 incurr

-credit -debit

A journal entry that debits Manufacturing Overhead and credits accumulated depreciation records ______

-depreciation on factory equipment

A journal entry that debits Manufacturing Overhead and credits accounts payable could be made to record

-rent expense on factory equipment -factory utilities expense

which are the following costs are charged directly to the income statement

-selling costs -administrative costs

which of the following is a clearing account

manufacturing overhead

a credit balance in the manufacturing overhead account means overhead was ____

overapplied

finished goods

units of product that have been completed but not yet sold to customers

costs of partially completed units are accounted for in _____

work in process

the journal entry to record the issuance of direct materials into production debits ____

work in process

units of product that are only partially complete are contained in _____ _______ _____ inventory

work in process

The formula for a predetermined overhead rate it _____

estimated manufacturing overhead cost divided by estimated allocation base

when jobs are sold their costs are transferred out of ____

finished goods

any purchased materials that will go into the finished product are first recorded in the _______ _______ inventory account

raw materials

which of the following costs are classified as manufacturing overhead

-factory utilities - factory maintenance wages -factory rent

Labor costs charged to Manufacturing Overhead represent:

-indirect labor costs

what account is debited to record indirect labor costs

-manufacturing overhead

the journal entry to record depreciation on factory equipment debits _____

-manufacturing overhead and credits accumulated depreciation

the difference between overhead applied to work in process and actual overhead is ____

overapplied or underapplied overhead

which account is debited to record direct labor costs

work in process

the journal entry to record accrued property taxes for a factory building debits ____

-manufacturing overhead and credits property taxes payable

when the allocation method is used to close out the under-applied or over-applied balance remaining in manufacturing overhead, which accounts are affected?

-work in process -finished goods -cogs

when labor costs are incurred, _____ are added to the work in process account

only direct labor costs

Manufacturing Overhead Costs include ____

- factory supervisor's salary - factory insurance

Total Manufacturing Costs equation

Direct Labor + Direct Materials + Manufacturing Overhead

Cost of Goods Manufactured

includes the manufacturing costs associated with the goods that were finished during the period

cost of goods manufactured is the ____

sum of all jobs transferred from work in process to finished goods

unadjusted cost of goods sold equation

beginning finished goods inventory + cost of goods manufactured - ending finished goods inventory

when overhead is underapplied a _____ must be made to the manufacturing overhead account to close it out

credit

journal entry to record depreciation

debit depreciation expense, credit accumulated depreciation

Calculate predetermined overhead rate

estimated manufacturing overhead divided by estimated allocation base


Conjuntos de estudio relacionados

Appendicular Region - Systemic Worksheets

View Set

Geography Alive- Chapter 35 Antarctica: Researching Global Warming at the Coldest Place on Earth

View Set

Chapter 1: Contract Law, Producers and Types of Insurers

View Set

Module 53 - Evaluating Psychotherapies

View Set