ACCT 344 Week 1 Homework
1.Question: Able Corporation incurred the following costs………………. Calculate the following.
a Direct materials used
b. Cost of goods manufactured
c. Cost of goods sold
d. Operating income
2.Question: Below is information from Job Card 506 for the Bearing Manufacturing Company…………….Required:
a. Prepare the journal entries to record the costs incurred for Job 506 in 2015 for direct materials, direct labor, and factory overhead.
b. Prepare the journal entry to record the completion of Job 506.
c. What is the predetermined factory overhead rate for Bearing Manufacturing?
d. Prepare the journal entries to record the sale of Job 506.
ACCT 344 Week 1 Quiz
1. Question: (TCO 2) Which cost assignment method would likely assign the cost of heating in a plant that makes beds and dressers when the bed product line is the cost object?
2. Question: (TCO 2) Which cost is an example of product costs?
3. Question: (TCO 2) Period costs do not include
4. Question: (TCO 2) Based on the following information, which are the conversion costs? Beginning work-in-process inventory $160,000 Ending work-in-process inventory $180,000 Cost of goods manufactured $500,000 Direct materials used $130,000
5. Question: (TCO 2) Based on the following information, which are the prime costs for the year? Cost of goods manufactured $380,000 Beginning work-in-process inventory $140,000 Ending work-in-process inventory $120,000 Manufacturing overhead $70,000
6. Question: (TCO 2) The absolute maximum production activity of a manufacturing firm is called
7. Question: (TCO 2) Which item is a basic costing system record in a job-order costing system?
8. Question: (TCO 2) Which firm would make extensive use of job-order costing?
9. Question: (TCO 2) ABC Manufacturing Company has the following total job cards. Job A $6,500 Job B $5,630 Job C $3,825 Job D $3,800 Job E $6,300 Job F $4,200 Jobs A and B were in Finished Goods Inv. at the beginning of the month. Jobs C and D were in Work-in-Process at the beginning of the month. Jobs E and F were started during the month. At the end of the month, Jobs A and E were sent to customers. At the end of the month, Jobs C, E, and F were completed and sent to finished goods. Which is the cost of goods sold for the month?
10. Question: (TCO 2)Action Corporation uses activity-based costing to apply overhead to jobs within a job-order costing system. The following overhead activities were budgeted for the year.