accy final

Selected accounts with a credit amount omitted are as follows: Work in ProcessApr. 1Balance7,000 Apr. 30Goods finishedX 30Direct materials68,200 30Direct labor192,600 30Factory overhead57,780 Finished GoodsApr. 1Balance13,100 30Goods finished309,700 What was the balance of Work in Process as of April 30? a. $309,700 b. $15,880 c. $57,780 d. $13,100

15,880

Selected accounts with some amounts omitted are as follows: Work in ProcessOct. 1Balance21,700 Oct. 31Goods finishedX 31Direct materials90,000 31Direct labor164,900 31Factory overheadX Finished GoodsOct. 1Balance16,000 31Goods finished341,500 If the balance of Work in Process on October 31 is $199,900, what was the amount of factory overhead applied in October? a. $164,900 b. $90,000 c. $386,500 d. $264,800

264,800

Which of the following is true of preparing managerial accounting reports? a. Managerial accounting reports are prepared according to GAAP. b. Managerial accounting reports must contain objective data only. c. Managerial accounting reports may be prepared at fixed intervals or on an as-needed basis. d. Managerial accounting reports are prepared for external users and company management.

Managerial accounting reports may be prepared at fixed intervals or on an as-needed basis.

Recording jobs completed would include a credit to a. Finished Goods b. Cost of Goods Sold c. Factory Overhead d. Work in Process

Work in Process

What term is used to describe the process of developing the organization's objectives and translating those into courses of action? a. improving b. decision making c. planning d. supervising

planning

In a job order cost system, when goods that have been ordered are received, the quantity received and the condition of the goods are entered on a a. purchase order b. receiving report c. purchase requisition d. sales invoice

receiving report

Another term for factory overhead is a. surplus b. supervisory cost c. period cost d. factory burden

factory burden

Who are the individuals charged with the responsibility for directing the day-to-day operations of a business? a. investors b. shareholders c. managers d. customers

managers

The document authorizing the issuance of materials from the storeroom is a a. purchase requisition b. receiving report c. purchase order d. materials requisition

materials requisition

Which of the following is an example of a factory overhead cost? a. repair and maintenance cost on an administrative building b. factory heating and lighting cost c. president's salary d. insurance premiums on salespersons' automobiles

factory heating and lighting cost

A plant manager's salary is a(n) a. direct cost and an indirect cost b. period cost c. indirect cost d. direct cost

indirect cost

Compute conversion costs given the following data: direct materials, $347,500; direct labor, $196,300; factory overhead, $187,900; and selling expenses, $45,290. a. $187,900 b. $384,200 c. $543,800 d. $731,700

384,200

When an employee reports for work, he or she may register with a. an electronic badge b. a clock card c. an in-and-out card d. All of these choices

All of these choices

Which of the following is an example of direct labor cost for a cell phone manufacturer? a. cost of wages of assembly worker b. cost of oil lubricants for factory machinery c. salary of plant supervisor d. cost of phone components

cost of wages of assembly worker

In a job order cost accounting system, the journal entry for the flow of direct materials into production is to a. debit Materials, credit Work in Process b. debit Factory Overhead, credit Materials c. debit Work in Process, credit Materials d. debit Work in Process, credit Supplies

debit Work in Process, credit Materials

The journal entry for the flow of direct labor costs into production in a job order cost accounting system is to a. debit Factory Overhead, credit Wages Payable b. debit Factory Overhead, credit Work in Process c. debit Work in Process, credit Wages Payable d. debit Finished Goods, credit Wages Payable

debit Work in Process, credit Wages Payable

If the amount of factory overhead cost incurred exceeds the amount applied, the factory overhead account will have a a. credit balance and be overapplied b. credit balance and be underapplied c. debit balance and be overapplied d. debit balance and be underapplied

debit balance and be underapplied