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29 Sep 2019
33.Hardigan Manufacturing Company reported the following year-endinformation: beginning work in process inventory, $80,000; cost ofgoods manufactured, $980,000; beginning finished goods inventory,$50,000; ending work in process inventory, $70,000; and endingfinished goods inventory, $40,000. How much is Hardigan's cost ofgoods sold for the year?
a.$980,000
b.$990,000
c.$970,000
d.$1,000,000
35.
Hollern Combines, Inc. has $10,000 of ending finished goodsinventory as of December 31, 2008. If beginning finished goodsinventory was $5,000 and cost of goods sold was $20,000, how muchwould Hollern report for cost of goods manufactured?
a.$22,500
b.$5,000
c.$25,000
d.$15,000
37.
Overapplied manufacturing overhead exists when overhead assigned towork in process is
a.more than overhead incurred and there is a debit balance inManufacturing Overhead at the end of a period.
b.less than overhead incurred and there is a debit balance inManufacturing Overhead at the end of a period.
c.more than overhead incurred and there is a credit balance inManufacturing Overhead at the end of a period.
d.less than overhead incurred and there is a credit balance inManufacturing Overhead at the end of a period.
38.
Manufacturing costs include
a.direct materials and direct labor only.
b.direct materials and manufacturing overhead only.
c.direct labor and manufacturing overhead only.
d.direct materials, direct labor, and manufacturing overhead.
33.Hardigan Manufacturing Company reported the following year-endinformation: beginning work in process inventory, $80,000; cost ofgoods manufactured, $980,000; beginning finished goods inventory,$50,000; ending work in process inventory, $70,000; and endingfinished goods inventory, $40,000. How much is Hardigan's cost ofgoods sold for the year?
a.$980,000
b.$990,000
c.$970,000
d.$1,000,000
35.
Hollern Combines, Inc. has $10,000 of ending finished goodsinventory as of December 31, 2008. If beginning finished goodsinventory was $5,000 and cost of goods sold was $20,000, how muchwould Hollern report for cost of goods manufactured?
a.$22,500
b.$5,000
c.$25,000
d.$15,000
37.
Overapplied manufacturing overhead exists when overhead assigned towork in process is
a.more than overhead incurred and there is a debit balance inManufacturing Overhead at the end of a period.
b.less than overhead incurred and there is a debit balance inManufacturing Overhead at the end of a period.
c.more than overhead incurred and there is a credit balance inManufacturing Overhead at the end of a period.
d.less than overhead incurred and there is a credit balance inManufacturing Overhead at the end of a period.
38.
Manufacturing costs include
a.direct materials and direct labor only.
b.direct materials and manufacturing overhead only.
c.direct labor and manufacturing overhead only.
d.direct materials, direct labor, and manufacturing overhead.
Hubert KochLv2
29 Sep 2019
Related questions
| Pirkl Corporation has providedthe following data for the month of March: |
| Inventories | Beginning | Ending | ||
| Raw materials | $ | 24,000 | $ | 39,000 |
| Work in process | $ | 13,000 | $ | 20,000 |
| Finished goods | $ | 46,000 | $ | 35,000 |
Additional Information:
| Raw materialspurchases | $ | 78,000 |
| Direct laborcost | $ | 84,000 |
| Manufacturingoverhead cost incurred | $ | 43,000 |
| Indirect materialsincluded in manufacturing overhead cost incurred | $ | 6,400 |
| Manufacturingoverhead cost applied to work in process | $ | 44,600 |
| Required: | |
| Prepare a Schedule ofCost of Goods Manufactured and a Schedule of Cost of Goods Sold.(Input all amounts as positive values. Omit the "$" sign inyour response.) |
| Schedule of Cost of Goods Manufactured | ||
| Directmaterials: | ||
| (Click to select)Beginning work inprocess inventoryBeginning finished goods inventoryEnding rawmaterials inventoryBeginning materials inventoryEnding work inprocess inventory | $ | |
| (Click to select)DeductAdd : (Clickto select)Ending work in process inventoryBeginning work in processinventoryFinished goods inventory, beginningPurchases of rawmaterialsRaw materials inventory, ending | ||
| Raw materials available for use | ||
| (Click to select)DeductAdd : (Clickto select)Ending work in process inventoryPurchases of rawmaterialsBeginning materials inventoryEnding raw materialsinventoryBeginning work in process inventory | ||
| Raw materials used in production | ||
| (Click to select)DeductAdd : (Clickto select)Beginning work in process inventoryindirect materialsincluded in manufacturing overhead incurredRaw materials inventory,endingEnding work in process inventoryRaw materials inventory,beginning | ||
| (Click toselect)Direct laborDirect materialsIndirect materialsIndirectlaborPurchase of raw materials | $ | |
| (Click to select)Rawmaterials inventory, endingEnding work in process inventoryRawmaterials inventory, beginningDirect laborPurchases of rawmaterials | ||
| (Click toselect)Manufacturing overhead applied to work in processinventoryBeginning work in process inventoryPurchases of rawmaterialsRaw materials inventory, beginningRaw materials inventory,ending | ||
| Total manufacturingcosts | ||
| (Click toselect)AddDeduct : (Click to select)Raw materials inventory,beginningRaw materials inventory, endingPurchases of rawmaterialsEnding work in process inventoryBeginning work in processinventory | ||
| (Click toselect)DeductAdd : (Click to select)Beginning work in processinventoryRaw materials inventory, beginningRaw materials inventory,endingPurchases of raw materialsEnding work in processinventory | ||
| Cost of goodsmanufactured | $ | |
| Schedule of Cost of Goods Sold | |
| (Click toselect)Cost of goods manufacturedCost of goods available forsaleFinished goods inventory, endingOverapplied overheadFinishedgoods inventory, beginning | $ |
| (Click toselect)DeductAdd : (Click to select)Unadjusted cost of goodssoldOverapplied overheadCost of goods manufacturedCost of goodsavailable for saleUnderapplied overhead | |
| (Click toselect)Unadjusted cost of goods soldCost of goods available forsaleCost of goods manufacturedFinished goods inventory,beginningFinished goods inventory, ending | |
| (Click toselect)AddDeduct : (Click to select)Overapplied overheadCost ofgoods manufacturedEnding finished goods inventoryUnderappliedoverheadCost of goods available for sale | |
| (Click toselect)Finished goods inventory, beginningUnderappliedoverheadFinished goods inventory, endingUnadjusted cost of goodssoldCost of goods manufactured | |
| (Click toselect)AddDeduct : (Click to select)Overapplied overheadCost ofgoods manufacturedUnderapplied overheadFinished goods inventory,endingCost of goods available for sale | |
| Adjusted cost ofgoods sold | $ |
Primare Corporation has provided the following data concerninglast monthΓ’ΒΒs manufacturing operations.
| Purchases of raw materials | $ | 32,000 |
| Indirect materials included inmanufacturing overhead | $ | 4,530 |
| Direct labor | $ | 59,300 |
| Manufacturing overhead appliedto work in process | $ | 87,600 |
| Underapplied overhead | $ | 4,060 |
| Inventories | Beginning | Ending | ||
| Raw materials | $ | 11,400 | $ | 19,300 |
| Work in process | $ | 54,400 | $ | 66,300 |
| Finished goods | $ | 33,800 | $ | 43,300 |
Required:
1. Prepare a schedule of cost of goods manufactured for themonth.
2. Prepare a schedule of cost of goods sold for the month.Assume the underapplied or overapplied overhead is closed to Costof Goods Sold.
Prepare a schedule of cost of goods manufactured for themonth.
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Prepare a schedule of cost of goods sold for the month. Assumethe underapplied or overapplied overhead is closed to Cost of GoodsSold.
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