Fa MCQ section 1 PDF

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Q1. In a job-order costing system, indirect labor cost is usually recorded as a debit to:

A. Manufacturing Overhead. B. Finished Goods.

C. Work in Process. D. Cost of Goods Sol Q2. When manufacturing overhead is applied to production, it is added to:

A. the Cost of Goods Sold account. B. the Raw Materials account. C. the Work in Process account.

D. the Finished Goods inventory account. Q3. Under a job-order costing system, the dollar amount transferred from Work in Process to Finished Goods is the sum of the costs charged to all jobs: A. started in process during the period. B. in process during the period.

C. completed and sold during the period. D, completed during the period.

Q4. When closing overapplied manufacturing overhead to Cost of Goods Sold, which of the following would be true?

A. Work in Process will decrease. B. Cost of Goods Sold will increase. C. Net income will decrease.

D. Gross margin will increase. Q5. Return to question Item 5 Item 5 Leelanau Corporation uses a job-order costing system. The following data are for last year:

Work in process beginning balance $ 10,500 Work in process ending balance $ 19,000 Cost of goods manufactured $ 323,000 Direct materials $ 115,000 Direct Labor $ 78,000

Leelanau applies overhead using a predetermined rate. What amount of overhead was applied to work in process last year? Multiple Choice $138,500 Correct $121,500 $130,000 $203,500...