BMGT 221 cid 9 Chap 3 Friday Exam Simulation Section MULTIPLE CHOICE Choose the one alternative that best completes the statement or answers the question iVflcih of the following is most likely NOT to use process costing A Exxon Mobile gasoline cid 9 C DuPont Chemical cid 9 B General Mills cereal Ashley Custom Furnishings comes second in the flow of costs 2 D A Cost of goods sold C Raw materials inventory Finished goods inventory J1Work in process inventory comes third in the flow of costs 3 A Cost of goods sold C Raw materials inventory Finished goods inventory D Work in process inventory 4 Here are selected data for Ansel Corporation Beginning raw materials inventory Beginning finished goods inventory Cost of direct materials requisitioned Actual manufacturing overhead Cost of goods sold 37 000 Beginning work in process 61 500 inventory 57 500 Cost of materials purchased 91 300 Direct labor incurred 160 000 Cost of goods manufactured S7 7400 257 000 Manufacturing overhead I rate of direct labor 151 000 127 000 293 000 120 What is the ending work in process inventory balance A 198 900 cid 9 139 200 cid 9 C 146 5 Dt tIV9e R DL TOr CO V COGt1 co0 000 got o Cll 5 Here are selected data for Ansel Corporation 5 Beginning raw materials inventory Beginning finished goods inventory Cost of direct materials requisitioned Actual manufacturing overhead Cost of goods sold 37 000 Beginning work in process 57 500 Cost of materials purchased inventory 91 300 Direct labor incurred 160 000 Cost of goods manufactured 257 000 Manufacturing overhead rate of direct labor 61 500 151 000 127 000 293 000 120 els 11 00 hat is the finished goods ending inventory A 78 500 cid 9 B 492 500 cid 9 C 293 000 cid 9 993 5001 6 Whirl n Twirl Corporation uses a job costing system On January 1 Whirl n Twirl 6 Corporation s work in process inventory account had a balance of 62 000 During the year materials requisitioned for use in production amounted to 110 000 of which 79 000 represented direct materials Factory wages for the period were 242 000 of which 199 000 were for direct labor Manufacturing overhead is allocated on the basis of 80 of direct labor cost Actual overhead cost for the year was 125 000 Jobs costing 350 000 were completed 1 cid 9 during the year cid 9 p cid 9 DH Co tThe December 31 work in process inventory balance is cid 9 L Tj42c 000 000 Q0 I A 403 000 cid 9 4200 cid 9 C 158 000 cid 9 15 000 VD 2j cid 9 2 QO 17 00D1 cid 9 g Oo 7 Cooper Company uses ajob costing system The company s schedule of cost of goods manufactured showed the following amounts for September Cost of goods manufactured Cost of direct materials used Cost of direct labor 18 per hour Work in process inventory September 1 W1D 52 000 27 000 18 000 2 000 DL cid 9 Actual manufacturing overhead costs for September amount to 22 000 What is the amount of work in process inventory on September 30 A 67 000 cid 9 B 54 000 cid 9 17 000 D 20 000 F 2 7 000 2 cid 9 cid 9 8 The following account balances at the beginning of January were selected from the general cid 9 8 cid 9 4 ledgerof Sailor Manufacturing Company Work in process inventory cid 9 Raw materials inventory cid 9 Finished goods inventory cid 9 0 cid 9 26 000 46 000 COO 2P 111 3C OI 000 costs cid 9 Additional data 1 Actual manufacturing overhead for January amounted to 62 000 2 Total direct labor cost for January was 57 000 3 The predetermined manufacturing overhead rate is based on direct labor cost The budget for the year called for 300 000 of direct labor cost and 360 000 of manufacturing overhead for 4 The only job unfinished on January 31 was Job No 1002 for which total direct labor cid 9 k tP charges were 6 300 800 direct labor hours and total direct material charges were 12 000 5 Cost of direct materials placed in production during January totaled 101 000 There were no indirect material requisitions during January CoCoH cid 9 ooO 6 January 31 balance in raw materials inventory was 32 000 cid 9 g jo 7 Finished goods inventory balance on January 31 was 34 500 cid 9 What is the cost of goods manufactured for January cid 9 v cid 9 h 0 cid 9 000 ftovO 9 o S71 000 v I0 1 1 00 0 A 205 500 cid 9 B 179 640 LE ZOV 34 1D 226 400 9 Here is some basic data for Wharton Company cid 9 9 Cost of materials purchases on account Cost of materials requisitioned includes 2 000 of indirect Direct labor costs incurred Manufacturing overhead costs incurred including indirect materials Cost of goods completed Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory Predetermined manufacturing overhead rate as of direct labor cost 75 000 43 000 75 000 95 000 226 750 138 000 15 000 32 000 31 000 125 The journal entry to record the cost of raw materials placed into production involves a A debit to work in process inventory for 41 000 B debit to work in process inventory for 43 000 C debit to overhead for 41 000 D credit to manufacturing overhead for 2 000 000 1 0 Iv4 cJ cid 9 3 cid 9 10 When job costing is used as a service firm cid 9 A direct costs are allocated to client jobs 2indirect costs are allocated to client jobs C all costs are allocated to client jobs D indirect costs are traced to client jobs 10 S 4
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