Ch. 3 Quiz - ACCT 5210

In a job-order costing system, manufacturing overhead applied is recorded as a debit to:

Work in process Inventory

Under a job-order costing system, the dollar amount transferred from Work in Process to Finished Goods is the sum of the costs charged to all jobs:

completed during the period

If manufacturing overhead is underapplied, then:

the Manufacturing Overhead account will have a credit balance at the end of the year.

Emigh Corporation's cost of goods manufactured for the just-completed month was $146,000 and its overhead was overapplied by $5,000. The beginning finished goods inventory was $35,000 and the ending finished goods inventory was $37,000. The company closes out any underapplied or overapplied manufacturing overhead to the cost of goods sold. How much was the adjusted cost of goods sold on the Schedule of Cost of Goods Sold?

Beginning Finished goods inventory = $35,000 Add: Cost of goods manufactured = $146,000 Cost of goods available for sale = $181,000 Less: Ending finished goods inventory = ($37,000) Unadjusted cost of goods sold = $144,000 Less: over applied overhead = ($5,000) Adjusted cost of goods sold = *$139,000*

In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to which of the following equations?

Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory − Ending work in process inventory

In a job-order costing system, indirect labor cost is usually recorded as a debit to:

Manufacturing Overhead