Im working on a Accounting question and need guidance to help me study.
What is the journal entry to record the direct labor summarized on the labor distribution report?
Question 1 options:
Debit Payroll; credit Cash
Debit Work-in-Process; credit Payroll
Debit Payroll; credit Direct Labor
Debit Finished Goods; credit Payroll
Manufacturing overhead includes all manufacturing costs,
Question 2 options:
including raw materials.
including overhead.
excluding raw materials and direct labor.
None of the above
Factory Supplies Expense, Depreciation ExpenseFactory, and Heat, Light, and PowerFactory appear on which section of the worksheet?
Question 3 options:
Statement of cost of goods sold
Balance sheet
Income statement
Statement of cost of goods manufactured
The formula for cost of goods manufactured is
Question 4 options:
raw materials minus direct labor plus overhead plus beginning work-in-process inventory plus ending work-in-process inventory.
raw materials plus direct labor minus overhead plus beginning work-in-process inventory plus ending work-in-process inventory.
raw materials plus direct labor less overhead plus beginning work-in-process inventory less ending work-in-process inventory.
beginning work-in-process plus total manufacturing cost minus ending work-in-process.
In a manufacturing company, the purchase of materials on account should be recorded as follows:
Question 5 options:
Accounts Payable
Raw Materials Inventory
Raw Materials Inventory
Accounts Payable
Finished Goods Inventory
Accounts Payable
Work-in-Process Inventory
Accounts Payable
Omega.com sold 25 jet skis for $7,000, which cost $5,000. The entry to record the sale would include a
Question 6 options:
credit to Finished Goods Inventory for $5,000.
credit to Sales for $7,000.
debit to Cost of Goods Sold for $5,000.
All of the above
Raw material inventory appears on the
Question 7 options:
balance sheet.
income statement.
cost of goods manufactured statement.
Both a and c
If direct labor for the month is $80,000 and overhead is applied based on 75% of direct labor dollars, what is the entry to apply overhead?
Question 8 options:
Debit Work-in-Process Inventory $80,000; credit Payroll $80,000
Debit Work-in-Process Inventory $80,000; credit OverheadApplied $80,000
Debit OverheadApplied $60,000; credit Work-in-Process Inventory $60,000
Debit Work-in-Process Inventory $60,000; credit OverheadApplied $60,000
What is the journal entry to record issuing raw materials from the storeroom?
Question 9 options:
Debit Work-in-Process; credit OverheadControl
Debit Work-in-Process; credit Raw Materials Inventory
Debit Raw Materials Inventory; credit Work-in-Process
Debit OverheadControl; credit Work-in-Process
The entry for indirect materials (such as glue, etc.) requisitioned for use in production is which of the following?
Question 10 options:
Raw Materials Inventory
Work-in-Process Inventory
Work-in-Process Inventory
Accounts Payable
Work-in-Process Inventory
Raw Materials Inventory
None of the above
If direct labor for the month is $40,000, overhead is applied based on direct labor, annual overhead is $600,000, and annual direct labor is $1,000,000, what is the entry to charge direct labor to production?
Question 11 options:
Debit OverheadApplied $40,000; credit Work-in-Process Inventory $40,000
Debit Work-in-Process Inventory $24,000; credit OverheadApplied $24,000
Debit Work-in-Process Inventory $40,000; credit Payroll $40,000
Debit Work-in-Process Inventory $66,000; credit OverheadApplied $66,000
During the week ending on November 30, total factory payroll incurred was $6,000. Of this total, 80% was for direct labor. The entry to record the payroll distribution would include which of the following?
Question 12 options:
Debit Work-in-Process Inventory $4,800 and OverheadControl $1,200
Debit Work-in-Process Inventory $4,800 and OverheadApplied $1,200
Debit Work-in-Process Inventory $4,800 and Indirect Labor Expense $1,200
Debit Work-in-Process Inventory $6,000
Direct labor includes the wages of
Question 13 options:
administrators.
maintenance workers.
the shop foreman.
an hourly worker producing the product.
What is the journal entry to record issuing supplies from the storeroom?
Question 14 options:
Debit OverheadControl; credit Supplies Inventory
Debit Supplies Inventory; credit OverheadApplied
Debit OverheadApplied; credit Raw Materials Inventory
Debit OverheadApplied; credit Supplies Inventory
The entry to record the requisition of supplies from the storeroom would include which of the following?
Question 15 options:
Debit to OverheadControl; credit to Supplies Inventory
Debit to Raw Materials; credit to Work-in-Process
Debit to Work-in-Process; credit to OverheadControl
Debit to OverheadApplied; credit to OverheadControl
Calculate the cost of goods sold when beginning finished goods inventory equals $70,000, ending finished goods inventory is $85,000, and cost of goods manufactured is $600,000.
Question 16 options:
$445,000
$585,000
$685,000
$615,000
Journal entries crediting Payroll and debiting Work-in-Process Inventory are made for
Question 17 options:
foremen’s salaries.
administrative salaries.
hourly manufacturing labor.
raw materials.
Lumber used in construction of a building is part of
Question 18 options:
raw material costs.
labor costs.
manufacturing overhead.
None of the above
The entry to record rent expense of $9,000, supervision expense of $19,000, and depreciation expense of $7,000 to overhead is which of the following?
Question 19 options:
Debit OverheadApplied $35,000; credit Rent Expense $9,000; credit Supervision $19,000; credit Depreciation Expense $7,000
Debit OverheadControl $35,000; credit Rent Expense $9,000; credit Supervision $19,000; credit Depreciation Expense $7,000
Debit OverheadApplied $35,000; credit OverheadControl $35,000
None of the above
The statement of cost of goods manufactured includes
Question 20 options:
direct labor costs.
raw material costs.
manufacturing overhead.
not specified
