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ABC Manufacturing Inc. ends the month with two jobs still in progress. Job 5 has $10,000 of materials, $2,000 of direct labor and $8,000 of manufacturing overhead allocated. Job 6 has $30,000 of materials, $2,000 of direct labor and $12,000 of manufacturing overhead allocated. The cost of goods sold for the month was $40,000 and there was no finished goods in stock as the month ended. If the manufacturing overhead was underallocated by $10,000, which of the following choices would be the correct way to prorate it based on ending balances before proration? (Round any allocation percentages to one decimal place, X.X%.)
The Robinson Corporation manufactures automobile parts. During the year, the company sold
$5,600,000 of parts that had a cost of $3,200,000. At year end, these are the balances for cost of goods sold
and its manufacturing overhead
accounts:
Cost of goods sold $3,200,000
Manufacturing overhead allocated $1,400,000
Manufacturing overhead control $1,495,000
What would be the correct journal entry to close out the overhead accounts assuming that the write-of to
cost of goods sold approach is used?
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Terms in this set (10)
Actual costing is a costing system that traces direct costs to a cost object by ________.
using the actual direct cost rates times the actual quantities of the direct-cost inputs
Which of the following differentiates job costing from process costing?
Process costing is used when each unit of output is identical, and job costing deals with unique products not produced in batches.
The budgeted indirect-cost rate for each cost pool is computed as ________.
budgeted annual indirect costs divided by budgeted annual quantity of cost allocation base
Which of the following items is debited to the Work-in-Process account?
allocated manufacturing overhead
Better Products Company manufactures insulation and applies manufacturing overhead costs to production at a budgeted indirect-cost rate of $18 per direct labor-hour. The following data are obtained from the accounting records for October 2018: Direct materials $370,000 Direct labor (3,300 hours @ $17/hour) 56,100 Indirect labor 22,000 Plant facility rent 53,000 Depreciation on plant machinery and equipment 41,000 Sales commissions 17,000 Administrative expenses 29,000 The actual amount of manufacturing overhead costs incurred in October 2018 totals ________.
$116,000
Lancelot Manufacturing is a small textile manufacturer using machine-hours as the single indirect-cost rate to allocate manufacturing overhead costs to the various jobs contracted during the year. The following estimates are provided for the coming year for the company and for the Case High School band jacket job. Company Case High School Job Direct materials $60,000 $2,400 Direct labor $15,000 $600 Manufacturing overhead costs $50,000 Machine-hours 100,000 mh 1,000 mh What amount of manufacturing overhead costs will be allocated to this job?
$500
Actual (rather than allocated) manufacturing overhead costs are first recorded in the ________.
Manufacturing Overhead Control account
In a costing system, ________.
a cost-allocation base can be either financial or nonfinancial
When $10,0000 direct materials are requisitioned, which of the following would be the correct journal entry?
Work-in-Process Control $10,000
Materials Control $10,000
Filippucci Company used a budgeted indirect-cost rate for its manufacturing operations, the amount allocated ($200,000) is different from the actual amount incurred ($225,000). Ending balances in the relevant accounts are: Work-in-Process $ 10,000 Finished Goods 20,000 Cost of Goods Sold 170,000 Under the writeoff approach, the difference between Manufacturing Overhead Control and Manufacturing Overhead Allocated is adjusted in the ________.
COGS account
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