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“7. Fab Co. manufactures textiles. Among Fab’s 19×1 manufacturing costs were the following salaries and wages: Loom operators $120,000 Factory foremen 45,000 Machine mechanics 30,000 What was the amount of Fab’s 19×1 direct labor? a. $195,000 b. $165,000 c. $150,000 d. $120,000”
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Read more8. The recording of the cost of materials used in a job-order costing system a. makes a distinction between materials traceable directly to the goods being produced and those not directly traceable. b. makes no distinction between materials traceable directly to the goods being produced and those not directly traceable. c. involves the accumulation of costs in a particular operation or department for an entire period and then the division of this total by the number of units produced during the period. d. does not require the use of a materials requisition form.
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Read more“9. Which of the following entries or sets of entries would record sales for the month of July of goods costing $119,000 for $200,000? a. Accounts Receivable 200,000 Sales 200,000 b. Accounts Receivable 200,000 Sales 200,000 Cost of Goods Sold 119,000 Work in Process 119,000 c. Cost of Goods Sold 119,000 Net Income 81,000 Sales 200,000 d. Accounts Receivable 200,000 Sales 200,000 Cost of Goods Sold 119,000 Finished Goods 119,000”
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Read more10. Overapplied overhead means that a. the applied overhead cost was less than the actual overhead cost. b. the applied overhead cost was greater than the actual overhead cost. c. the estimated overhead cost was less than the actual overhead cost. d. the estimated overhead cost was less than the applied overhead cost.
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Read more“11. Karvel Corporation uses machine hours as the basis for allocating manufacturing overhead costs to production. For the month of August, Karvel estimated total manufacturing overhead costs at $300,000 and total machine hours at 75,000 hours. Actual results for the period were total manufacturing overhead costs of $290,000 and total machine hours of 75,000 hours. As a result of this outcome, Karvel would have a. applied more overhead to Work in Process than the actual amount of overhead cost for the year. b. applied less overhead to Work in Process than the actual amount of overhead cost for the year. c. applied an amount of overhead to Work in Process that was equal to the actual amount of overhead. d. found it necessary to recalculate the predetermined overhead rate.”
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Read more“12. The operations of the Kerry Company resulted in underapplied overhead of $5,000. The entry to close out this balance and the effect of the underapplied overhead on cost of goods sold would be Effect on Cost Entry of Goods Sold a. Manufacturing Overhead 5,000 Deduct $5,000 Cost of Goods Sold 5,000 b. Cost of Goods Sold 5,000 Deduct $5,000 Manufacturing Overhead 5,000 c. Cost of Goods Sold 5,000 Add $5,000 Manufacturing Overhead 5,000 d. Manufacturing Overhead 5,000 Add $5,000 Cost of Goods Sold 5,000”
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Read more“13. As manufacturing moves toward automation, direct labor a. continues to be a major factor in the cost of products since supervisory salaries are increasing. b. continues to be a major factor in the cost of products since automation is not capable of totally supplanting production workers. c. is becoming less of a factor in the cost of products since machines now perform various functions that once were performed by direct labor workers. d. continues to be an appropriate base for computing overhead rates in all situations.”
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Read more14. Overapplied factory overhead would result if a. the plant was operated at less than normal capacity. b. factory overhead costs incurred were less than estimated overhead costs. c. factory overhead costs incurred were less than overhead costs charged to production. d. factory overhead costs incurred were greater than overhead charged to production.
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Read more“15. Under a job costing system, the dollar amount of the entry involved in the transfer of inventory from work in process to finished goods is the sum of the costs charged to all jobs a. started in process during the period. b. in process during the period. c. completed and sold during the period. d. completed during the period.”
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