21. The total cost of direct materials, direct labor, and factory overhead transferred from the…

Lab – Chapter 3 due 10/7/2019 For this hands-on practice, you should generate computer solution of E
July 2, 2020
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July 2, 2020

21. The total cost of direct materials, direct labor, and factory overhead transferred from the…

21. The
total cost of direct materials, direct labor, and factory overhead transferred
from the Work-in-Process Inventory account to the Finished Goods Inventory
account during an accounting period is:

A.
Normal cost of goods sold.
B.
Adjusted cost of goods
sold.
C.
Total manufacturing
cost.

D.
Cost of goods manufactured.
E.
Actual cost of goods
sold.

22.
A hybrid costing system
that uses job costing to assign direct materials costs, and process costing to
assign conversion costs to products or services is:

A.
Process costing.
B.
Operation costing.
C.
Actual costing.
D.
Product costing.
E.
Job costing.

23.
The journal entry required to record factory depreciation includes:

A.
A debit to the Cost of Goods
Manufactured account.
B.
A debit to the Factory
Overhead account.
C.
A debit to the
Depreciation Expense account.
D.
A debit to the
Accumulated Depreciation account.

24.
Factory overhead can be over- or under-applied because:

A.
Some actual factory overhead cost varies
from year to year.
B.
Most actual factory
overhead costs are within the budget.
C.
Production volume may
vary from expected volume.
D.
Actual costing is used.

25.
When completed units are transferred to the warehouse:

A.
Cost of Goods Sold account is debited.
B.
Cost of Goods
Manufactured account is debited.
C.
Finished Goods Inventory
account is debited.
D.
Work-in-Process
Inventory account is debited.
E.
Finished Goods Inventory
account is credited.

26.
When completed units are sold:

A.
Cost of Goods Sold account is credited.
B.
Cost of Goods
Manufactured account is credited.
C.
Finished Goods Inventory
account is credited.
D.
Work-in-Process
Inventory account is credited.
E.
Finished Goods Inventory
account is debited.

27.
Which of the following industries is more suitable for using a job costing
system?

A.
Chemical plants.
B.
Petroleum product
manufacturing.
C.
Medical clinics.
D.
Cement manufacturing.
E.
Food processing.

28. The
system where the cost of a product or service is obtained by assigning costs to
masses of similar units in each department and then computing unit cost on an
average basis is called

A.
A process costing system.
B.
A job costing system.
C.
An activity-based
costing system.
D.
An inventory materials
control system.

29.
All of the following items are debited to the Work-in-Process Inventory account
except:

A.
Cost of the completed goods being
transferred out of the plant.
B.
Direct labor cost
consumed/incurred.
C.
Direct materials cost
consumed/used.
D.
Applied factory overhead
cost.

30.
Normal spoilage is defined as:

A.
Spoilage that occurs under efficient
operations.
B.
Scrap.
C.
Uncontrollable waste as
a result of a special production run.
D.
Spoilage that arises
under inefficient operations.
E.
Controllable spoilage.

 

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