How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Bizhelp Your Own Question

Bizhelp
Bizhelp, CPA
Category: Multiple Problems
Satisfied Customers: 5761
Experience:  BA degree and Certified Public Accountant
23848519
Type Your Multiple Problems Question Here...
Bizhelp is online now
A new question is answered every 9 seconds

Question 1 A company that uses a job order cost accounting

Resolved Question:

Question 1

A company that uses a job order cost accounting system would make the following entry to record the flow of direct materials into production:
Answer
A.) debit Goods in Process Inventory, credit Cost of Goods Sold.
B.) debit Goods in Process Inventory, credit Raw Materials Inventory.
C.) debit Goods in Process Inventory, credit Factory Overhead.
D.)debit Factory Overhead, credit Raw Materials Inventory.
E.) debit Finished Goods Inventory, credit Raw Materials Inventory.
.
10 points
Question 2

A company uses a process cost accounting system. Its Assembly Department's beginning inventory consisted of 50,000 units, 3/4 complete with respect to direct labor and overhead. The department started and finished 127,500 units this period. The ending inventory consists of 40,000 units that are 1/4 complete with respect to direct labor and overhead. All direct materials are added at the beginning of the process. The department incurred direct labor costs of $24,000 and overhead costs of $32,000 for the period. Assuming the weighted average method, the direct labor cost per equivalent unit (rounded to the nearest cent) is:
Answer
A.)$0.14.
B.)$0.16.
C.)$0.17.
D.)$0.30.
E.)$0.37.
.
10 points
Question 3

A company uses a process cost accounting system. Its Sewing Department completed and transferred out 120,000 units during the current period. The ending inventory in the Sewing Department consists of 40,000 units (20% complete with respect to direct materials and 60% complete with respect to direct labor). Overhead is applied on the basis of direct labor.
Determine the equivalent units of production for the Sewing Department for direct materials, direct labor and overhead assuming the weighted average method.
Answer
A.)120,000; 120,000; 120,000
B.)120,000; 160,000; 120,000
C.)128,000; 120,000; 120,000
D.)128,000; 144,000; 144,000
E.)128,000; 184,000; 160,000
.
10 points
Question 4

A company's beginning work in process inventory consisted of 20,000 units that were 1/5 complete with respect to direct labor. These beginning units were completed and another 90,000 units were started during the current period. Of those started, 60,000 were finished and the remaining 30,000 were 1/3 complete at the end of the period. Using the weighted-average method, the equivalent units of production with regard to direct labor were:
Answer
A.)60,000.
B.)74,000.
C.)76,000.
D.)90,000.
E.)96,000.
.
10 points
Question 5

A company's prime costs total $3,000,000 and its conversion costs total $7,000,000. If direct materials are $1,000,000 and factory overhead is $5,000,000, then direct labor is:
Answer
A.)$4,000,000.
B.)$14,000,000.
C.)$2,000,000.
D.)$1,000,000.
E.)$3,000,000.
.
10 points
Question 6

A company's prime costs total $4,500,000 and its conversion costs total $5,500,000. If direct materials are $2,000,000, calculate the overhead costs:
Answer
A.) $2,500,000.
b.) $3,500,000.
C.) $2,000,000.
D.) $1,000,000.
E.) $3,000,000.
.
10 points
Question 7

A job cost sheet includes:
Answer
A.)Direct materials, direct labor, operating costs.
B.) Direct materials, overhead, administrative costs.
C.) Direct labor, overhead, selling costs.
D.) Direct material, direct labor, overhead.
E.) Direct materials, direct labor, selling costs.
.
10 points
Question 8

A job cost sheet shows information about each of the following items except:
Answer
A.)The direct labor costs assigned to the job.
B.) The name of the customer.
C.) The costs incurred by the marketing department in selling the job.
D.) The overhead costs assigned to the job.
E.) The direct materials costs assigned to the job.
.
10 points
Question 9

A production department's output for the most recent month consisted of 10,000 units completed and transferred to the next stage of production and 10,000 units in ending goods in process inventory. The units in ending goods in process inventory were 50% complete with respect to both direct materials and conversion costs. There were 1,000 units in beginning goods in process inventory, and they were 70% complete with respect to both direct materials and conversion costs. Calculate the equivalent units of production for the month, assuming the company uses the weighted average method.
Answer
A.)10,000 units.
B.) 10,300 units.
C.) 15,000 units.
D.) 15,300 units.
E.) 10,700 units.
.
10 points
Question 10

A source document that production managers use to request materials for production and that is used to assign materials costs to specific jobs or to overhead is a:
Answer
A.)Job cost sheet.
B.) Production order.
C.) Materials requisition.
D.) Materials purchase order.
E.) Receiving report.
.
10 points
Question 11

Ajax Company accumulated the following account information for the year:
Picture
Using the above information, total factory overhead costs would be:
Answer
A.)$9,800.
B.) $16,800.
C.) $15,800.
D.) $13,000.
E.) $7,800.
.
10 points
Question 12

After posting all actual factory overhead and applying factory overhead to production departments in a process costing system,
Answer
A.) There will never be underapplied overhead.
B.) There will never be overapplied overhead.
C.) There will always be underapplied overhead.
D.) There will always be overapplied overhead.
E.) There may be over or underapplied overhead.
.
10 points
Question 13

At the beginning of the recent period, there were 900 units of product in a department, one-third completed. These units were finished and an additional 5,000 units were started and completed during the period. 800 units were still in process at the end of the period, one-fourth completed. Using the weighted average method, the equivalent units produced by the department were:
Answer
A.)5,000 units.
B.) 5,900 units.
C.) 6,100 units.
D.) 5,500 units.
E.) 6,700 units.
.
10 points
Question 14

Bard Manufacturing uses a job order cost accounting system. During one month Bard purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Bard incurred a factory payroll of $150,000, paid in cash, of which $40,000 is classified as indirect labor. Bard uses a predetermined overhead application rate of 150% of direct labor cost. If Bard incurred total overhead costs of $167,800 during the month, compute the amount of under- or overapplied overhead:
Answer
A.) $2,800 overapplied.
B.) $17,800 underapplied.
C.) $2,800 underapplied.
D.) $17,800 overapplied.
E.) $57,200 overapplied.
.
10 points
Question 15

Calculate the cost of goods manufactured using the following information:
Picture
Answer
A.)$680,500.
B.) $701,900.
C.) $687,100.
D.) $674,600.
E.) $772,600.
.
10 points
Question 16

During March, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of the units transferred, 25,000 were in process at the beginning of March and 110,000 were started and completed in March. March's beginning inventory units were 100% complete with respect to materials and 55% complete with respect to labor. At the end of March, 30,000 additional units were in process in the production department and were 100% complete with respect to materials and 30% complete with respect to labor. Compute the number of equivalent units with respect to both materials and direct labor respectively for March using the FIFO method.
Answer
A.)165,000; 165,000.
B.) 135,000; 119,000.
C.) 140,000; 130,250.
D.) 165,000; 144,000.
E.) 144,000; 144,000.
.
10 points
Question 17

Docksider Boats uses a job order cost accounting system. During one month Docksider purchased $153,000 of raw materials on credit; issued materials to production of $164,000 of which $24,000 were indirect. Docksider incurred a factory payroll of $95,000, paid in cash, of which $25,000 is classified as indirect labor. Docksider uses a predetermined overhead application rate of 170% of direct labor cost. The journal entry to record the issuance of materials to production is:
Answer
A.) Debit Raw Materials Inventory $153,000; credit Accounts Payable $153,000.
B.) Debit Goods in Process Inventory $140,000; debit Factory Overhead $24,000; credit Raw Materials Inventory $164,000.
C.) Debit Raw Materials Inventory $195,000; credit Goods in Process Inventory $195,000.
D.) Debit Goods in Process Inventory $140,000; debit Raw Materials Inventory $24,000; credit Materials Inventory $164,000.
E.) Debit Finished Goods Inventory $140,000; credit Raw Materials Inventory $140,000.
.
10 points
Question 18

Estimated overhead and direct labor costs for the year were $112,500 and $125,000, respectively. During the year, actual overhead was $107,400 and actual direct labor cost was $120,000. The entry to close the over- or underapplied overhead at year-end, assuming an immaterial amount, would include:
Answer
A.)A debit to Cost of Goods Sold for $600.
B.) A credit to Factory Overhead for $600.
C.) A credit to Finished Goods Inventory for $600.
D.) A debit to Goods in Process Inventory for $600.
E.) A credit to Cost of Goods Sold for $600.
.
10 points
Question 19

Flexibility of practice when applied to managerial accounting means that
Answer
A.)The information must be presented in electronic format so that it is easily changed.
B.) Managers must be willing to accept the information as the accountants present it to them, rather than in the format they ask for.
C.) The managerial accountants need to be on call twenty-four hours a day.
D.) The design of a company's managerial accounting system largely depends on the nature of the business and the arrangement of the internal operations of the company.
E.) Managers must be flexible with information provided in varying forms and using inconsistent measures.
.
10 points
Question 20

Hancock Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Hancock estimated total overhead of $396,000; materials of $410,000 and direct labor of $220,000. During the year Hancock incurred $418,000 in materials costs, $413,200 in overhead costs and $224,000 in direct labor costs. Compute the overhead application rate.
Answer
A.)180%.
B.) 55.6%.
C.) 186%.
D.) 184%.
E.) 96.6%.
.
10 points
Question 21

Hou Company applies factory overhead to its production departments on the basis of 90% of direct labor costs. In the Assembly Department, Hou had $125,000 of direct labor cost, and in the Finishing Department, Hou had $35,000 of direct labor cost. The entry to apply overhead to these production departments is:
Answer
A.)Debit Factory Overhead − Assembly $112,500; debit Factory Overhead − Finishing $31,500; credit Goods in Process Inventory $144,000.
B.) Debit Factory Overhead $144,000; credit Goods in Process Inventory - Assembly $112,500; credit Goods in Process − Finishing $31,500.
C.) Debit Factory Overhead $144,000; credit Factory Payroll $144,000.
D.) Debit Goods in Process Inventory − Assembly $112,500; debit Goods in Process Inventory − Finishing $31,500; credit Factory Overhead $144,000.
E.) Debit Factory Payroll $144,000; credit Cash $144,000.
.
10 points
Question 22

If one unit of Product X used $2.50 of direct materials and $3.00 of direct labor, sold for $8.00, and was assigned overhead at the rate of 30% of direct labor costs, how much gross profit was realized from this sale?
Answer
A.)$8.00.
B.) $5.50.
C.) $2.50.
D.) $1.60.
E.) $0.90.
.
10 points
Question 23

The total cost of goods completed during the accounting period for a manufacturer is called:
Answer
A.)Ending finished goods inventory.
B.) Total manufacturing costs.
C.) Ending goods in process inventory.
D.) Cost of goods manufactured.
E.) Cost of goods sold.
.
10 points
Question 24

Using the following accounts and an overhead rate of 130% of direct labor cost, compute the amount of applied overhead.
Picture
Answer
A.)$78,000.
B.) $60,000.
C.) $138,000.
D.) $71,890.
E.) $90,500.
.
10 points
Question 25

Using the information below for Hardy Company; determine the cost of goods manufactured during the current year:
Picture
Answer
A.)$12,000.
B.) $16,100.
C.) $17,100.
D.) $18,100.
E.) $13,600.
.
10 points
Question 26

When factory payroll costs for labor are allocated in a job cost accounting system:
Answer
A.)Factory Payroll is debited and Goods in Process Inventory is credited.
B.) Goods in Process Inventory and Factory Overhead are debited and Factory Payroll is credited.
C.) Cost of Goods Manufactured is debited and Direct Labor is credited.
D.) Direct Labor and Indirect Labor are debited and Factory Payroll is credited.
E.) Goods in Process Inventory is debited and Factory Payroll is credited.
.
10 points
Question 27

Which of the following is the best explanation for why it is necessary to calculate equivalent units of production in a process costing environment?
Answer
A.)In most manufacturing environments, it is not possible to conduct a physical count of units.
B.) Companies often use a combination of a process costing and job order costing systems.
C.) In most process costing systems, direct materials are added at the beginning of the process while conversion costs are added evenly throughout the manufacturing process.
D.) All of the work to make a unit 100% complete and ready to move to the next stage of production or to finished goods inventory may not have been completed in a single time period.
E.) In most cases, there is no difference between physical units and equivalent units of production.
.
10 points
Question 28

Which of the following is never included in direct materials costs?
Answer
A.)Invoice costs of direct materials.
B.) Outgoing delivery charges.
C.) Materials storage costs.
D.) Materials handling costs.
E.) All of these are direct material costs.
.
10 points
Question 29

Which of the following statements is True regarding product and period costs?
Answer
A.)Office salaries expense is a product cost and factory maintenance is a period cost.
B.) Office rent is a product cost and supervisors' salaries expense is a period cost.
C.) Factory rent is a product cost and advertising expense is a period cost.
D.) Delivery expense is a product cost and indirect materials is a period cost.
E.) Sales commissions is a product cost and indirect labor is a period cost.
.
10 points
Question 30

Which of the following statements is most accurate?
Answer
A.)In process costing, estimating the degree of completion of units is usually more accurate for conversion costs than for direct materials.
B.) The weighted average method uses the stage of completion of the current period's beginning goods in process inventory account in calculating equivalent units.
C.) The weighted average method focuses on the total costs and total equivalent units completed to date; this is the major difference between the weighted average method and the FIFO method of calculating equivalent units of production.
D.) The FIFO method of calculating equivalent units of production merges the work and the costs of the beginning inventory with the work and the costs done during the current period.
E.) It is not possible for there to be a significant difference between the cost of completed units between the weighted average and the FIFO methods.
Submitted: 1 year ago.
Category: Multiple Problems
Customer: replied 1 year ago.

Just wanted to open it up to any expert that is good with accounting so I can get the quickest expert

Expert:  Bizhelp replied 1 year ago.
Hi,

Thanks for the questions.

It looks like Questions # XXXXX 15, 24 and 25 are missing data. A picture seems to missing for each one. Could you attach this data?
Customer: replied 1 year ago.
Yeah I can do that for you I'm about to be home than I will attach the table that is suppose to go with it
Expert:  Bizhelp replied 1 year ago.
OK, I'll work on the others in the meantime. :) When do you need these finished?
Customer: replied 1 year ago.

do ou have an email I can send it to? its not letting me post it as an attatchment

Expert:  Bizhelp replied 1 year ago.
Hi,

We aren't allowed to give our email address on here. You can try uploading it to a file sharing service such as box.net or mediafire.com and then paste the shared link in here.
Customer: replied 1 year ago.

 


11.) Beginning Raw Material Inventory $6,000


Indirect Material Cost 2,000


Indirect Labor Cost 5,000


Maintenance of Factory Equipment 2,800


Direct Labor Cost 7,000


 


15.)


Direct Materials $298,500


DirectLabor 132,000


FactoryOverheadCost 264,000


GeneralandAdministrativeExpenses 85,500


Sellingexpenses 48,800


Goods in process inventory January 1 118,500


Goods in process inventory December 31 125,900


Finished good inventory January 1 232,100


Finished good inventory December 31 238,700


 


24.) Goods Process inventory


Beg. Bal. 35,200


D.M.55,300


D.L. ?


O.H. ?


End. Bal. 25,200



Finished Good Inventory


Beg. Bal. 5,200


203,300



 


 


 


25.) Direct Material Used 5,000


Direct Labor 7,000


Total Factory Overhead 5,100


Beginning goods in process 3,000


Ending goods in process 4,000

Customer: replied 1 year ago.
But I need this done by Monday or Tuesday at the latest. Please and thank you.
Expert:  Bizhelp replied 1 year ago.
OK, I will work on them on will have them done by Sunday at the latest.

Thanks.
Customer: replied 1 year ago.
Ok, thank you very much. I appreciate it
Expert:  Bizhelp replied 1 year ago.
Hi,

Thanks for waiting. I have completed the answers.

Please click here to download the answers.


Hope this helps!
Bizhelp, CPA
Satisfied Customers: 5761
Experience: BA degree and Certified Public Accountant
Bizhelp and 3 other Multiple Problems Specialists are ready to help you
Expert:  Bizhelp replied 1 year ago.
Hello,

I assumed you just needed the answers but let me know if you need any steps of the calculations. If you are satisfied with my work, please rate me as this is the only way I can receive credit for my work.

Thanks.
Customer: replied 1 year ago.


thank you very much for your answers. I rated you I was very pleased with the work that you did. I sent you another question but now I says its open to all experts check it out it should be similar to the other test I really liked your service and would like for you to assist me again this one is due next Wednesday. thank you.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
< Last | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Meet The Experts:

 
 
 
  • linda_us

    Master's Degree

    Satisfied Customers:

    1051
    Business Analyst and Solution Consultant with over 9 years of experience.
< Last | Next >
  • http://ww2.justanswer.com/uploads/LI/lindaus/2012-6-10_04811_IMG20120609164157.64x64.jpg linda_us's Avatar

    linda_us

    Master's Degree

    Satisfied Customers:

    1051
    Business Analyst and Solution Consultant with over 9 years of experience.
  • http://ww2.justanswer.com/uploads/ED/educatortech/2012-6-7_1256_williams4.64x64.jpg Mr. Gregory White's Avatar

    Mr. Gregory White

    Master's Degree

    Satisfied Customers:

    775
    M.A., M.S. Education / Educational Administration
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Doctoral Degree

    Satisfied Customers:

    565
    Lawyer, Accountant and Researcher
  • http://ww2.justanswer.com/uploads/BU/BusinessTutor/2012-2-2_115741_Kouki2.64x64.jpg Manal Elkhoshkhany's Avatar

    Manal Elkhoshkhany

    Bachelor's Degree

    Satisfied Customers:

    528
    Completed by BA degree in 1988 and graduated with a GPA of 4.0
  • http://ww2.justanswer.com/uploads/JawaadAhmed/2009-6-27_12137_SIs_SHadi.jpg F. Naz's Avatar

    F. Naz

    B.Com

    Satisfied Customers:

    384
    have completed B.Com and CA Finalist
  • http://ww2.justanswer.com/uploads/JK/jkcpa/2011-1-16_182614_jkcpa.64x64.jpg Bizhelp's Avatar

    Bizhelp

    CPA

    Satisfied Customers:

    373
    BA degree and Certified Public Accountant
  • http://ww2.justanswer.com/uploads/MY/MyVirtualCPA/2012-7-5_44024_cookmegan1.64x64.jpg MyVirtualCPA's Avatar

    MyVirtualCPA

    Master's Degree

    Satisfied Customers:

    135
    Master's degree holder who loves to help you understand your MC homework problems
 
 
 

Related Multiple Problems Questions