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6. Hopkins Manufacturing Inc.s accounting records reflect

Resolved Question:

6. Hopkins Manufacturing Inc.'s accounting records reflect the following inventories:
Dec. 31, 2009 Dec. 31, 2010
Raw materials inventory $ 80,000 $ 64,000
Work in process inventory 104,000 116,000
Finished goods inventory 100,000 92,000

During 2010, Hopkins purchased $760,000 of raw materials, incurred direct labor costs of $100,000, and incurred manufacturing overhead totaling $128,000. How much is total manufacturing costs incurred during 2010 for Hopkins?
A) $992,000
B) $1,004,000
C) $988,000
D) $1,000,000
7. Which one of the following does not appear on the balance sheet of a manufacturing company?
A) Finished goods inventory
B) Work in process inventory
C) Cost of goods manufactured
D) Raw materials inventory


8. If the cost of goods manufactured is less than the cost of goods sold, which of the following is correct?
A) Finished Goods Inventory has increased.
B) Work in Process Inventory has increased.
C) Finished Goods Inventory has decreased.
D) Work in Process Inventory has decreased.


9. When a job is completed and all costs have been accumulated on a job cost sheet, the journal entry that should be made is
A) Finished Goods Inventory
Direct Materials
Direct Labor
Manufacturing Overhead
B) Work In Process Inventory
Direct Materials
Direct Labor
Manufacturing Overhead
C) Raw Materials Inventory
Work In Process Inventory
D) Finished Goods Inventory
Work In Process Inventory


10. Factory Labor is a(n)
A) expense account.
B) control account.
C) subsidiary account.
D) manufacturing cost clearing account.


11. Kline Manufacturing has the following labor costs:
Factory—Gross wages $195,000
Factory—Net wages 160,000
Employer Payroll Taxes Payable 25,000
The entry to record the cost of factory labor and the associated payroll tax expense will include a debit to Factory Labor for
A) $220,000.
B) $195,000.
C) $185,000.
D) $170,000.


12. Job cost sheets constitute the subsidiary ledger for the
A) Finished Goods Inventory account.
B) Cost of Goods Sold account.
C) Work In Process Inventory account.
D) Cost of Goods Manufactured account.


13. A materials requisition slip showed that direct materials requested were $53,000 and indirect materials requested were $9,000. The entry to record the transfer of materials from the storeroom is
A) Work In Process Inventory 53,000
Raw Materials Inventory 53,000

B) Direct Materials 53,000
Indirect Materials 9,000
Work In Process Inventory 62,000

C) Manufacturing Overhead 62,000
Raw Materials Inventory 62,000

D) Work In Process Inventory 53,000
Manufacturing Overhead 9,000
Raw Materials Inventory 62,000



14. Which one of the following should be equal to the balance of the work in process inventory account at the end of the period?
A) The total of the amounts transferred from raw materials for the current period
B) The sum of the costs shown on the job cost sheets of unfinished jobs
C) The total of manufacturing overhead applied to work in process for the period
D) The total manufacturing costs for the period


15. If the entry to assign factory labor showed only a debit to Work In Process Inventory, then all labor costs were
A) direct labor.
B) indirect labor.
C) overtime related.
D) regular hours.


16. The following information is available for completed Job No. 402: Direct materials, $60,000; direct labor, $90,000; manufacturing overhead applied, $45,000; units produced, 5,000 units; units sold, 4,000 units. The cost of the finished goods on hand from this job is
A) $30,000.
B) $195,000.
C) $39,000.
D) $156,000.


17. Vektek, Inc. thinks machine hours is the best activity base for its manufacturing overhead. The estimate of annual overhead costs for its jobs was $615,000. The company used 1,000 hours of processing on Job No. B12 during the period and incurred overhead costs totaling $630,000. The budgeted machine hours for the year totaled 20,000. How much overhead should be applied to Job No. B12?
A) $630
B) $30,750
C) $31,500
D) $615


18. Hill Mfg. provided the following information from its accounting records for 2008:
Expected production 30,000 labor hours
Actual production 28,000 labor hours
Budgeted overhead $900,000
Actual overhead $870,000
How much is the overhead application rate if Hill bases the rate on direct labor hours?
A) $31.07 per hour
B) $30.00 per hour
C) $29.00 per hour
D) $28.00 per hour


19. Kinney Company applies overhead on the basis of 150% of direct labor cost. Job No. 176 is charged with $50,000 of direct materials costs and $60,000 of manufacturing overhead. The total manufacturing costs for Job No. 176 is
A) $110,000.
B) $200,000.
C) $150,000.
D) $135,000.


20. The labor costs that have been identified as indirect labor should be charged to
A) manufacturing overhead.
B) direct labor.
C) the individual jobs worked on.
D) salary expense.
Submitted: 3 years ago.
Category: Homework
Expert:  Manal Elkhoshkhany replied 3 years ago.

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Manal Elkhoshkhany, Tutor
Category: Homework
Satisfied Customers: 9434
Experience: More than 5000 online tutoring sessions.
Manal Elkhoshkhany and 14 other Homework Specialists are ready to help you
Customer: replied 3 years ago.
Thanks for you quick reply. Please send the other answer to me as soon as you finished it. thanks.
Here is 2 more questions that I am struggling:

1.Manufacturing costs for Carson Company for selected months are as follows:

April

July

October

Beginning work in process

$ 80,000

(f)

$ 98,000

Direct materials used

280,000

$190,000

155,000

Direct labor

195,000

170,000

(j)

Manufacturing overhead

(a)

150,000

90,000

Total manufacturing costs

720,000

510,000

470,000

Total cost of work in process

(b)

650,000

(k)

Ending work in process

75,000

(g)

(l)

Cost of goods manufactured

(c)

505,000

385,000

Beginning finished goods

(d)

68,000

(m)

Cost of goods available for sale

960,000

(h)

450,000

Ending finished goods

(e)

75,000

(n)

Cost of goods sold

790,000

(i)

355,000

Instructions

Indicate the missing amounts. (Show computations.)

2. Farr Corporation had the following transactions during its first month of operations:

1. Purchased raw materials on account, $85,000.

2. Raw Materials of $30,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,000 was classified as indirect materials.

3. Factory labor costs incurred were $125,000 of which $100,000 pertained to factory wages payable and $25,000 pertained to employer payroll taxes payable.

4. Time tickets indicated that $104,000 was direct labor and $21,000 was indirect labor.

5. Overhead costs incurred on account were $112,000.

6. Manufacturing overhead was applied at the rate of 150% of direct labor cost.

7. Goods costing $135,000 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods.

8. Finished goods costing $100,000 to manufacture were sold on account for $130,000.

Instructions

Journalize the above transactions for Farr Corporation in general journal form (ignore dates and posting references).

Expert:  Manal Elkhoshkhany replied 3 years ago.
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Manal Elkhoshkhany, Tutor
Category: Homework
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