Bonus exam questions for practice PDF

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Extra credit for the exam....

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A partial listing of costs incurred at Gilhooly Corporation during September appears below:

The total of the manufacturing overhead costs listed above for September is:

A. $669,000 B. $366,000 C. $34,000 D. $59,000 Answer:

Manufacturing overhead includes: Utilities, factory; Indirect labor; and Depreciation of production equipment. $9,000 + $25,000 + $25,000 = $59,000

The total of the product costs listed above for September is:

A. $59,000 B. $366,000 C. $669,000 D. $303,000 Answer:

Product costs include: Direct materials; Utilities, factory; Indirect labor; Depreciation of production equipment; and Direct labor. $183,000 + $9,000 + $25,000 + $25,000 + $124,000 = $366,000

The total of the period costs listed above for September is:

A. $303,000 B. $59,000 C. $366,000 D. $362,000 Answer:

Period costs include: Administrative salaries; Sales commissions; Depreciation of administrative equipment; and Advertising. $90,000 + $33,000 + $32,000 + $148,000 = $303,000

Evener Inc. has provided the following data for the month of July. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month.

Manufacturing overhead for the month was overapplied by $3,000.

The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts. Required:

Determine the cost of work in process, finished goods, and cost of goods sold AFTER allocation of the underapplied or overapplied overhead for the period.

Answer:

Weldin Inc. has provided the following data for the month of October. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month.

Manufacturing overhead for the month was underapplied by $3,000.

The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts. Required:

Provide the journal entry that would record the allocation of underapplied or overapplied among work in process, finished goods, and cost of goods sold.

Answer:

A partial listing of costs incurred during December at Rooks Corporation appears below:

The total of the period costs listed above for December is:

A. $82,000 B. $340,000 C. $389,000 D. $307,000 Answer:

Period costs include administrative wages and salaries, sales staff salaries, corporate headquarters building rent, and marketing. $92,000 + $32,000 + $47,000 + $136,000 = $307,000

The total of the manufacturing overhead costs listed above for December is:

A. $30,000 B. $82,000 C. $647,000 D. $340,000 Answer:

Manufacturing overhead costs include factory supplies, factory depreciation, and indirect labor. $7,000 + $52,000 + $23,000 = $82,000

The total of the product costs listed above for December is:

A. $340,000 B. $82,000 C. $647,000 D. $307,000 Answer:

Product costs include factory supplies, direct materials, factory depreciation, indirect labor, and direct labor. $7,000 + $176,000 + $52,000 + $23,000 + $82,000 = $340,000...