Ch. 14, 15, & 17

A company's prime costs total $4,700,000 and its conversion costs total $8,700,000. If direct materials are $1,850,000 and factory overhead is $5,850,000, then direct labor is:

$2,850,000

Henry Company allocates overhead cost using a single plantwide rate of $80 per direct labor hour. Each product unit uses three direct labor hours and 2 machine hours. The overhead cost per unit is:

$240

Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation used $1,900 of direct materials and used $3,400 of direct labor. The job was not finished in September. An additional $2,400 of direct materials and $5,900 of direct labor were needed to finish the job in October. The company applies overhead at the end of each month at a rate of 150% of the direct labor cost incurred. What is the total cost of the job when it is completed in October?

$27,550

A manufacturing company has a beginning finished goods inventory of $14,800, raw material purchases of $18,200, cost of goods manufactured of $32,900, and an ending finished goods inventory of $18,000. The cost of goods sold for this company is:

$29,700

A company has an overhead application rate of 123% of direct labor costs. How much overhead would be allocated to a job if it required direct labor costing $25,000?

$30,750

A manufacturing company has a beginning finished goods inventory of $16,200, raw material purchases of $19,600, cost of goods manufactured of $35,700, and an ending finished goods inventory of $19,400. The cost of goods sold for this company is:

$32,500

A manufacturing company has a beginning finished goods inventory of $28,400, cost of goods manufactured of $58,600, and an ending finished goods inventory of $27,700. The cost of goods sold for this company is:

$59,300

If the beg. finished good is $10,000, the COGM is $100,000, and the end. finished good is $20,000. What is the COGS?

$90,000

What are the product costs that have moved through work-in-process inventory into finished goods inventory?

cost of goods manufactured

if factory overhead account has a debit balance of $20,000 and credit balance of $21,000, what is credited to reconcile?

cost of goods sold

At the beginning of the year, a company estimates total overhead costs of $1,148,980. The company applies overhead using machine hours and estimates that it will use 2,830 machine hours during the year. What amount of overhead should be applied to a job that uses 30 machine hours that year?

$12,180

Kendall Company's direct materials costs are $4,400,000, its direct labor costs total $8,260,000, and its factory overhead costs total $6,260,000. Its prime costs total:

$12,660,000

What is the cost of goods manufactured for the month of april? finished goods inventory, april 1: $31,800 finished goods inventory, april 30: $26,000 total cost of goods sold: $121,100

$126,900

Kendall Company's direct materials costs are $3,900,000, its direct labor costs total $7,810,000, and its factory overhead costs total $5,810,000. Its conversion costs total:

$13,620,000

a company budgets overhead cost of $8,874,500 for the next year. The company uses machine hours as its overhead allocation base. If 590,000 machine hours are planned for the next year, what is the company's plantwide overhead rate?

$15.04 per machine hour

What is the cost of goods manufactured for the year? finished goods inventory, jan 1: $2,900 finished goods inventory, dec 31: $3,700 total cost of goods sold: $16,800

$17,600

The Work in Process Inventory account of a manufacturing company has $8,580 debit balance. The company applies overhead using direct labor costs. The cost sheet of the only job still in the process shows direct material cost of $3,000 and direct labor cost of $1,800. Therefore, the company's predetermined overhead rate is:

210% of direct labor cost

Oxford Company uses a job order costing system. In the last month, the system accumulated labor time tickets total $24,600 for direct labor and $4,300 for indirect labor. How are these costs recorded?

Debit Work In Process Inventory $24,600; credit Factory Wages Payable $24,600

A company that uses a job order costing system would make the following entry to record the flow of direct materials into production:

debit work in process inventory, credit raw materials inventory

What are the three parts of production?

direct materials direct labor factory overhead

which of the following costs would NOT be part of factory overhead? indirect materials indirect labor executive salaries plant unitilites

executive salaries

what account is debited when recording indirect labor?

factory overhead

what account is credited when products are sold?

finished goods inventory

What is the type of accounting used for internal accounting within a company?

managerial accounting

what are the non-production related costs?

period costs

what account is debited when you purchase raw materials on account?

raw materials inventory

what account is debited by moving direct materials into the production process?

work in process

what account is credited when goods are completed and move to finished goods?

work in process inventory

what account is debited to record applied factory overhead?

work in process inventory

what account is debited to record direct labor costs?

work in process inventory

when direct labor cost are recorded:

work in process inventory is debited and factory wages payable is credited