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Exam 4: Job-Order Costing

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Question 1

Multiple Choice

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The applied manufacturing overhead for the year is closest to:

A) $136,269
B) $138,348
C) $136,987
D) $137,630

E) B) and D)
F) A) and B)

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B

Question 2

Multiple Choice

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The balance in the raw materials inventory account on May 30 was:

A) $33,500
B) $2,000
C) $40,000
D) $6,500

E) A) and D)
F) B) and D)

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Question 3

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Christofferse Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the most recently completed year appear below: Required: Compute the company's predetermined overhead rate for the recently completed year.

The cost of goods manufactured for May was:

The credits to the Manufacturing Overhead account as a consequence of the raw materials transactions in August total:

At the beginning of December, Sneeden Corporation had $32,000 of raw materials on hand. During the month, the Corporation purchased an additional $71,000 of raw materials. During December, $75,000 of raw materials were requisitioned from the storeroom for use in production. The credits entered in the Raw Materials account during the month of December total:

The cost categories that appear on a job cost sheet include selling expense, manufacturing expense, and administrative expense.

The raw materials purchased during November totaled:

The following accounts are from last year's books of Sharp Manufacturing: Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the amount of direct materials used for the year?

The overhead for the year was:

Cacioppo Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the labor-hours for the upcoming year at 66,000 labor-hours. The estimated variable manufacturing overhead was $7.45 per labor-hour and the estimated total fixed manufacturing overhead was $1,760,220. The actual labor-hours for the year turned out to be 63,800 labor-hours. Required: Compute the company's predetermined overhead rate for the recently completed year.

Jameson Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. The Corporation has provided the following estimated costs for the next year: Jameson estimates that 24,000 direct labor-hours will be worked during the year. The predetermined overhead rate per hour will be:

Hudek Inc., a manufacturing Corporation, has provided the following data for the month of July. The balance in the Work in Process inventory account was $20,000 at the beginning of the month and $10,000 at the end of the month. During the month, the Corporation incurred direct materials cost of $50,000 and direct labor cost of $22,000. The actual manufacturing overhead cost incurred was $58,000. The manufacturing overhead cost applied to Work in Process was $56,000. The cost of goods manufactured for July was:

The actual direct labor-hours worked during November totaled:

The overhead for the year was:

The manufacturing overhead was:

The cost of goods sold for July after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:

The finished goods inventory at the end of September after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:

On the Schedule of Cost of Goods Manufactured, the final Cost of Goods Manufactured figure represents:

During December, Deller Corporation purchased $79,000 of raw materials on credit to add to its raw materials inventory. A total of $68,000 of raw materials was requisitioned from the storeroom for use in production. These requisitioned raw materials included $4,000 of indirect materials. Required: Prepare journal entries to record the purchase of materials and their use in production.