A company\"s element costs full $3,000,000 and also its counter costs complete $7,000,000. If straight materials room $1,000,000 and also factory overhead is $5,000,000, then straight labor is:a. $3,000,000.b. $4,000,000.c. $2,000,000.d. $14,000,000.e. $1,000,000.

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ANSWER: $2,000,000.Prime expenses = straight Materials + direct Labor; $3,000,000 = $1,000,000 + straight Labor; straight Labor = $2,000,000 OR Conversion expenses = direct Labor + manufacturing facility Overhead; $7,000,000 = direct Labor + $5,000,000; direct Labor = $2,000,000
The salary paid to the supervisor of an assembly line would generally be classified as:a. Straight labor.b. Indirect labor.c. A period cost.d. A general cost.e.An assembly cost.
A manufacturing firm has a start finished items inventory the $14,600, raw product purchases that $18,000, expense of items manufactured the $32,500, and an finishing finished goods inventory that $17,800. The price of items sold because that this firm is:a. $47,100.b. $29,300.c. $21,200.d. $27,600.e. $32,500.
ANSWER: $29,300.Beginning Finished goods + expense of products Manufactured - finishing Finished products = cost of products Sold; $14,600 + $32,500 - $17,800 = $29,300
Product costs:a. Include selling and also administrative expenses.b. Room expenditures identified much more with a time duration rather than through finished products.c. Are expenditures necessary and also integral to perfect products.d. Are expenses that vary v the volume of activity.e. Are expenses that execute not vary with the volume the activity.
A direct price is a cost that is:a. Sunk v respect to a expense object.b. Variable with respect come the volume the activity.c. Traceable to a price object.d. Identifiable together controllable.e. Fixed with respect come the volume the activity.
Products that room in the process of being manufactured but are not yet complete are called:a. Switch costs.b. Cost of products sold.c. Finished items inventory.d. Raw products inventory.e. Goods in procedure inventory.
Factory overhead prices normally include all of the following except:a. Indirect job costs.b. Factory rent.c. Indirect material costs.d. Machine oil.e. Offering costs.
Which of the following costs would no be classified as factory overhead?a. Residential property taxes on maintenance machinery.b. Steel doorknobs offered on wood cabinets produced.c. Wages of the factory janitor.d. Little tools used in production.e. Expired insurance on factory equipment.
Period prices for a manufacturing agency would flow directly to:a. The current income statement.b. Job price sheet.c. The existing manufacturing statement.d. The existing balance sheet.e. Factory overhead.
Products that have actually been completed and are all set to be offered by the manufacturer space called:a. Factory supplies.b. Items in procedure inventory.c. Raw products inventory.d. Finished items inventory.e. Cost of items sold.
Labor prices in production deserve to be:a.Direct or payroll.b. Indirect or payroll.c. Indirect or sunk.d. Straight or indirect.e. Straight or sunk.
A company has one overhead application rate of 125% of direct labor costs. Just how much overhead would be allocated to a task if that required full labor costing $20,000?a. $250,000.b. $16,000.c. $5,000.d. $125,000.e. $25,000.
Canoe agency uses a project order cost bookkeeping system and allocates that is overhead ~ above the communication of direct labor costs. Canoe Company\"s production prices for the year were: straight labor, $30,000; straight materials, $50,000; and factory overhead used $6,000. The overhead application rate was:a. 20.0%.b. 12.0%.c. 500.0%.d. 16.7%.e. 5.0%.
When factory payroll prices for labor are allocated in a project cost accounting system:a. Manufacturing facility Payroll is debited and also Goods in procedure Inventory is credited.b. Items in procedure Inventory is debited and also Factory Payroll is credited.c. Straight Labor and Indirect Labor are debited and also Factory Payroll is credited.d. Products in process Inventory and Factory Overhead are debited and also Factory Payroll is credited.e. Price of goods Manufactured is debited and also Direct job is credited.
ANSWER: products in procedure Inventory and also Factory Overhead space debited and Factory Payroll is credited.
The overhead cost used to a job during a duration is videotaped with a credit to manufacturing facility Overhead and also a debit to:a. Indirect Labor.b. Jobs Overhead Expense.c. Finished items Inventory.d. Items in process Inventory.e. Price of goods Sold.
The items in procedure Inventory account of a manufacturing company that offers an overhead rate based on direct labor cost has a $4,400 debit balance after every posting is completed. The expense sheet of the one project still in procedure shows straight material price of $2,000 and direct labor cost of $800. Therefore, the company\"s overhead application rate is:a. 40%.b. 80%.c. 220%.d. 50%.e. 200%.
A company that offers a project order cost audit system would certainly make the complying with entry to record the flow of straight materials right into production:a. Debit products in process Inventory, credit transaction Raw materials Inventory.b. Debit Finished goods Inventory, credit Raw materials Inventory.c. Debit factory Overhead, credit transaction Raw materials Inventory.d. Debit goods in process Inventory, credit manufacturing facility Overhead.e. Debit products in procedure Inventory, credit price of products Sold.
Penn agency uses a job order cost accountancy system. In the critical month, the system collected labor time tickets totaling $24,600 for straight labor and also $4,300 because that indirect labor. These expenses were gathered in factory Payroll as they were paid. I m sorry entry must Penn make to entrust the manufacturing facility Payroll?a. Debit goods in process Inventory $24,600; debit factory Overhead $4,300; credit manufacturing facility Payroll $28,900.b. Debit Payroll expense $24,600; debit manufacturing facility Overhead $4,300; credit manufacturing facility Payroll $28,900.c. Debit products in process Inventory $24,600; debit factory Overhead $4,300; credit incomes Payable $28,900.d. Debit Payroll price $28,900; credit Cash $28,900.e. Debit products in process Inventory $28,900; credit factory Payroll $28,900.
ANSWER: Debit goods in process Inventory $24,600; debit manufacturing facility Overhead $4,300; credit manufacturing facility Payroll $28,900.
Which that the following assets is the very least likely come be produced in a procedure manufacturing system?a. Baseball hatsb. Compact disksc. Custom cabinetsd. Slacks for casual weare. Calculators
The Machining Department started the current month with a start goods in process inventory that $10,000. During the month, it to be assigned the complying with costs: straight materials, $76,000; straight labor, $24,000; and factory overhead, 50% of straight labor cost. Also, inventory through a cost of $109,000 was moved out of the department to the next phase in the process. The finishing balance the the products in process Inventory account because that the Machining room is:a. $56,000.b. $110,000.c. $165,000.d. $13,000.e. $59,000.
Hou company applies manufacturing facility overhead come its production departments top top the communication of 90% of straight labor costs. In the Assembly Department, Hou had $125,000 of direct labor cost, and also in the Finishing Department, Hou had $35,000 of direct labor cost. The entry to apply overhead come these production departments is:a. Debit manufacturing facility Payroll $144,000; credit Cash $144,000.b. Debit factory Overhead - Assembly $112,500; debit manufacturing facility Overhead - Finishing $31,500; credit goods in procedure Inventory $144,000.c. Debit factory Overhead $144,000; credit manufacturing facility Payroll $144,000.d. Debit factory Overhead $144,000; credit goods in process Inventory - Assembly $112,500; credit goods in process - Finishing $31,500.e.Debit products in procedure Inventory - Assembly $112,500; debit items in process Inventory - Finishing $31,500; credit factory Overhead $144,000.
ANSWER: Debit products in procedure Inventory - Assembly $112,500; debit products in procedure Inventory - Finishing $31,500; credit factory Overhead $144,000.
Which the the adhering to characteristics applies to procedure cost audit but no to job order cost accounting?a. Use of a single Goods in procedure Inventory account.b. Identifiable numerous production.c. Use of a predetermined overhead rate.d. Job time ticket because that each employee.e. Tantamount units that production.
Which of the following features does not usually use to process manufacturing systems?a. Partly completed assets are transferred in between processes.b. Different managers are responsible for different processes.c. Every one of the choices include attributes of process manufacturing systems.d. The output of every processes except the final process is one input to the next process.e. Every unit that product is individually identifiable.
Equivalent devices of manufacturing are equal to:a. The variety of finished units actually developed during a period.b. The number of units introduced right into the process during a period.c. The number of units that might have been completed if all initiative had been applied to systems that to be started and completed during a period.d. Physical systems that to be started and completed during a period.e. The variety of units still in process at the finish of a period.

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ANSWER: The variety of units that could have to be completed if all initiative had been used to systems that to be started and completed during a period.
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