Calculate the cost of goods manufactured using the following information: Direct materials used Direct labor Total factory overhead General and administrative expenses Selling expenses Work in Process inventory, beginning Work in Process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Multiple Choice O O $688,600 $703,400. $696,000. $299,000 132,500 264,500 86,000 49,300 119,000 126,400 232,600 239,200

Calculate the cost of goods manufactured using the following information: Direct materials used Direct labor Total factory overhead General and administrative expenses Selling expenses Work in Process inventory, beginning Work in Process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Multiple Choice O O $688,600 $703,400. $696,000. $299,000 132,500 264,500 86,000 49,300 119,000 126,400 232,600 239,200

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 12MC: In a job order cost system, raw materials purchased are debited to which account? A. raw materials...

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In a job order cost system, raw materials purchased are debited to which account? A. raw materials inventory B. work in process inventory C. finished goods inventory D. cost of goods sold
Which of the following is a prime cost? A. direct labor B. work in process inventory C. administrative labor D. factory maintenance expenses
During production, how are the costs in process costing accumulated? A. to cost of goods sold B. to each individual product C. to manufacturing overhead D. to each individual department
In a process cost system, factory depreciation expense incurred is debited to _____________________. finished goods inventory work in process inventory manufacturing overhead cost of goods sold
In a job order cost system, factory wage expense is debited to which account? A. raw materials inventory B. work in process inventory C. finished goods inventory D. cost of goods sold
Assigning indirect costs to specific jobs is completed by which of the following? applying the costs to manufacturing overhead using the predetermined overhead rate using the manufacturing costs incurred applying the indirect labor to the work in process inventory
Describe the Source 01 the data for increasing Work in Process for (a) direct materials, (b) direct labor, and (c) factory overhead
In a job order cost system, utility expense incurred is debited to which account? A. work in process inventory B. finished goods inventory C. manufacturing overhead D. cost of goods sold
In a job order cost system, indirect labor incurred is debited to which account? A. work in process inventory B. finished goods inventory C. manufacturing overhead D. cost of goods sold
During production, to what are the costs in job order costing applied? A. manufacturing overhead B. cost of goods sold C. each individual product D. each individual department
Overhead costs are assigned to each product based on __________________. A. the proportion of that products use of the cost driver B. a predetermined overhead rate for a single cost driver C. price of the product D. machine hours per product
Assigning indirect costs to departments is completed by __________________________. applying the predetermined overhead rate debiting the manufacturing costs incurred applying the costs to manufacturing overhead applying the costs to work in process inventory