3.2 Smartbook

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 Blank______. Multiple choice question. $600,000 $80,000 $120,000 $200,000

$120,000

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. Multiple choice question. $240,000 $252,000 $258,000 $228,000

$228,000

Meep Industries had unadjusted cost of goods sold of $300,000. Overhead was overapplied by $20,000. Adjusted cost of goods sold is Blank______. Multiple choice question. $320,000 $300,000 $280,000

$280,000

Given the following, calculate total manufacturing costs to account for: Direct materials: $40,000 Direct labor: $100,000 Manufacturing overhead applied: $120,000 Actual manufacturing overhead: $110,000 Beginning Work in process inventory: $30,000 Ending Work in process inventory: $12,000 Multiple choice question. $290,000 $260,000 $280,000 $278,000 40,000 + 100,000 + 120,000 + 30,000

$290,000

A journal entry debiting Salaries expense and crediting Salaries and wages payable could be recording Blank______. Multiple choice question. factory supervisors' salaries assembly workers' wages maintenance salaries administrative salaries

administrative salaries

The journal entry to record selling and administrative salaries debits Blank______. Multiple choice question. -a liability account and credits an expense account -a liability account and credits manufacturing overhead -an expense account and credits Cash or a liability -manufacturing overhead and credits cash or a liability

an expense account and credits cash or a liability

Which of the following are used to calculate Cost of goods available for sale on the schedule of cost of goods sold? Multiple select question. Cost of goods manufactured Ending finished goods inventory Beginning finished goods inventory Cost of goods sold

cost of goods manufactured beginning finished goods inventory

When a job is completed, its costs are transferred into Blank______. Multiple choice question. Work in Process Finished Goods Sales Revenue Cost of Goods Sold

finished goods

Selling and administrative costs first appear on the Blank______. Multiple choice question. statement of owners' equity income statement balance sheet statement of cash flows

income statement

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.

manufactured

The sum of all amounts transferred from work in process to the finished goods accounts represents the cost of good Blank______. Multiple choice question. sold manufactured started during the period

manufactured

The sum of all amounts transferred from work in process to the finished goods accounts represents the cost of good Blank______. Multiple choice question. started during the period sold manufactured

manufactured

Selling and administrative costs incurred are treated as Blank______. Multiple choice question. period expenses liabilities product costs assets

period expenses

The schedule of cost of goods __________ summarizes the portions of those costs that remain in ending Finished Goods inventory and that are transferred out of Finished Goods into Cost of Goods Sold.

sold

When calculating the cost of direct materials on the schedule of cost of goods manufactured, the cost of indirect materials is Blank______. Multiple choice question. -added to beginning Raw materials inventory -subtracted from raw materials used in production -subtracted from beginning Raw materials inventory -added to raw materials used in production

subtract from raw materials used in production

The transfer of costs from one inventory account to the next parallels the physical transfer of goods from one inventory to the next. True false question. True False

true

Raw materials inventory was $5,000 at the beginning of the year and $12,000 at the end of the year. During the year, a total of $27,000 in raw materials were purchased, including $4,000 of indirect materials that were put into manufacturing overhead during the period. Calculate the cost of direct materials used during the period. Multiple choice question. $30,000 $24,000 $20,000 $16,000 Beginning inventory + Purchases - indirect materials - ending inventory 5,000 + 27,000 - 12,000 - 4,000

$16,000

Cost of goods manufactured is the Blank______. Multiple choice question. -average value of the Work in process account -sum of all jobs transferred from Work in process to Finished goods -sum of all jobs in Finished goods at the end of a period -value of all jobs transferred from Finished goods to Cost of goods sold

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

Cost of goods manufactured is the Blank______. Multiple choice question. value of all jobs transferred from Finished goods to Cost of goods sold sum of all jobs in Finished goods at the end of a period sum of all jobs transferred from Work in process to Finished goods average value of the Work in process account

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

Given the following, calculate total manufacturing costs added to production: Direct materials: $62,000 Direct labor: $78,000 Manufacturing overhead applied: $46,000 Actual manufacturing overhead: $51,000 Beginning work in process inventory: $32,000 Ending work in process inventory: $35,000 Multiple choice question. $188,000 $191,000 $183,000 $186,000

$186,000

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. Multiple choice question. $395,000 $520,000 $425,000 $535,000 $125,000 - $110,000 = $15,000 $410,000 - $15,000 =

$395,000

Martin Industries had unadjusted cost of goods sold of $450,000. Overhead was underapplied by $30,000. Adjusted cost of goods sold is Blank______. Multiple choice question. $450,000 $420,000 $480,000

$480,000

Given the following, calculate the cost of goods available for sale. Cost of goods manufactured: $410,000 Beginning Finished goods inventory: $110,000 Ending Finished goods inventory: $125,000 Multiple choice question. $535,000 $425,000 $520,000 $395,000 410,000 + 110,000

$520,000

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. Multiple choice question. $102,000 $70,000 $130,000 $74,000

$74,000

Given the following, calculate total manufacturing costs added to production: Direct materials: $62,000 Direct labor: $78,000 Manufacturing overhead applied: $46,000 Actual manufacturing overhead: $51,000 Beginning work in process inventory: $32,000 Ending work in process inventory: $35,000 Multiple choice question. $183,000 $191,000 $186,000 $188,000 Direct materials used in production + direct labor + manufacturing overhead applied to work in process $62,000 + $78,000 + $46,000

$186,000

When only a portion of the units involved in a job are sold, the Blank______. Multiple choice question. unsold units are transferred to another job cost is held in the finished goods account until all units in the job are sold unit product cost is used to calculate the amount transferred from finished goods to cost of goods sold entire cost of the job is transferred from finished goods to cost of goods sold

unit product cost is used to calculate the amount transferred from finished goods to cost of goods sold