91.The finished goods account is the controlling account for the
a.cost ledger
b.materials ledger
c.work in process ledger
d.stock ledger
92.The controlling account for the cost ledger is
a.Finished Goods
b.Materials
c.Work in Process
d.Cost of Goods Sold
93.Reynolds Manufacturers Inc. has estimated total factory overhead costs of $95,000 and expected direct labor hoursof 9,500 for the current fiscal year. If job number 117 incurred 2,300 direct labor hours, Work in Process will bedebited and Factory Overhead will be credited for
a. $21,850
b. $2,300
c. $95,000
d. $23,000
94.A widely used activity base for developing factory overhead rates in highly automated settings is
a.direct labor hours
b.direct labor dollars
c.direct materials
d.machine hours
95.When Job 117 was completed, direct materials totaled $4,400; direct labor, $5,600; and factory overhead, $2,400. Atotal of 1,000 units were produced at a per-unit cost of
a. $12,400
b. $1,240
c. $124
d. $12.40
96.The entries to record cost and sale of a finished good on account is
a.debit Cost of Goods Sold, credit Finished Goods
b.debit Cost of Goods Sold, credit Finished Goods, debit Accounts Receivable, credit Sales
c.debit Sales Expense, credit Finished Goods, credit Cash, credit Accounts Receivable
d.debit Work in Process, credit Finished Goods, debit Accounts Receivable, credit Sales
97.All of the following are examples of activity bases
except
a.salaries of supervisors
b.quality inspections of products
c.number of machine setups
d.raw materials storage
98.Materials purchased on account during the month totaled $190,000. Materials requisitioned and placed in productiontotaled $165,000. The journal entry to record the material purchase on account is
a. Materials
Accounts Payable
|
165,000
|
165,000
|
b. Materials
Accounts Payable
|
190,000
|
190,000
|
c. Materials
Cash
|
190,000
|
190,000
|
d. Accounts PayableMaterials
|
190,000
|
190,000
|
99.Materials purchased on account during the month amounted to $190,000. Materials requisitioned and placed inproduction totaled $156,000. The entry to record the transaction for materials requisitioned by the productiondepartment is
a. Materials
Work in Process
|
156,000
|
156,000
|
b. Work in ProcessMaterials
|
190,000
|
190,000
|
c. Work in ProcessMaterials
|
156,000
|
156,000
|
d. Work in Process
Cash
|
156,000
|
156,000
|
100.During the period, labor costs incurred on account amounted to $175,000, including $150,000 for production ordersand $25,000 for general factory use. In addition, factory overhead charged to production was $32,000. The entry torecord the direct labor costs is
a. Work in Process
Wages Payable
|
150,000
|
150,000
|
b. Work in Process
Wages Payable
|
175,000
|
175,000
|
c. Wages Payable
Work in Process
|
175,000
|
175,000
|
d. Wages Payable
Work in Process
|
150,000
|
150,000
|