Managerial Accounting: Chapter 11

If actual overhead costs for the year were $106,000 and actual direct labor worked was 7,000 hours, then overhead would be

underapplied by $1,000

The amount of cost of goods sold recognized by AML in 2011 is

$1,760

JCK had beginning work in process inventory of $8,000. During the period, JCK transferred $34,000 of raw materials to work in process. Labor costs amounted to $41,000 and overhead amounted to $36,000. If the ending balance in work in process inventory was $12,000, what was the amount transferred to finished goods inventory?

$107,000

What was XYZ's gross margin in 2011?

$122,000

What was the amount of raw materials used in production during 2011?

$236,000

The amount of finished goods inventory on AML's balance sheet at December 31, 2011 would be

$440

The amount of cost of goods manufactured (amount transferred from WIP to finished goods) was

$675,000

If actual direct labor worked in february was 600 hours, how much overhead cost would be allocated to work in process or the month?

$9,000

Which of the following costs is recorded in the Work in Process Inventory account?

Estimated manufacturing overhead.

Which of the following describes the recording of depreciation on manufacturing equipment?

It is added to the Manufacturing Overhead account.

The recognition of cash paid for wages of production workers will

Not affect assets, equity, or net income.

The cost of direct materials purchased on account is expensed when

The goods made with the materials are sold.

Which of the following accounting events could have caused these effects on FSC's statements?

Transferred cost from work in process to finished goods inventory.

In which account is the cost of direct labor initially recorded?

Work in Process Inventory