Exam 1 Which one of the following would nor he elassified s manufacsuring overhe

Question

Exam 1 Which one of the following would nor he elassified s manufacsuring overhead? h. Direct materials e. Insurance on factory building d. ladirect materials 2. Cotter pins and lubeicants used irregularly in a production process are classified as h direet materials indirect materials. Use the following information for questions 3 &4 Modine Manufacturing Inc.'s accounting records reflect the following inventories Raw materials inventory Work in process inventory Finished goods inventory $ 96,000 174,000 138,000 156,000 During 2017, Modine parchased $1,140,000 of raw materials, incurred direct labor costs of $150,000, and incurred manufacturing overhead totaling $192,000. 3. How much is total manufacturing costs incurred during 2017 for Modine? a. $1.488,000 h. $1,506,000 ?. $1,482.00 d. $1,500,000 4. How much would Modine Manufacturing report as cost of goods manufactured for 20177 a $1,464,000 b $1,524,000 $1.518,000 d. $1,488,000 5. Hardigan Manufacturing Company reported the following year-end information: beginning work in process inventory, $80,000; cost of goods manufactured, $980,000; beginning finished goods inventory, $50,000 ending work in process inventory, $70.000, and ending finished goods inventory, $40,000. How much is Hardigan's cost of goods sold for the year? a. $980,000 b. $990,000 c $970,000 d. $1,000.000 As of December 31, 2017, Stand Still Industries had $1,500 of raw materials inventory. At the beginning of 2017, there was $1,200 of materials on hand. During the year, the company purchased $183,000 of materials however, it paid for only $175,500. How much inventory was requisitioned for use on jobs during the year? a. $175,200 b. $182,700 6. c. $183,300 d. $175,800 A materials requisition slip showed that direct materials requested were $53,000 and indirect materials requested were $9,000. The entry to record the transfer of materials from the storeroom is a. Work In Process Inventory. 53,000 Raw Materials Inventor 53,000 b. Direct Materials 53,000 9,000 Indirect Materials Work in Process Inventory 62,000

Explanation / Answer

1 Direct material is a direct expense so it is not manufacturing overheads Correct answer is B 2 As material is used inregularly but it is used in production so it is indirect material So correct answer is C 3 beginning raw material 120000 Add Purchase of raw material 1140000 Total 1260000 Less Ending Raw material 96000 Raw material used in production 1164000 Direct labor 150000 manufacturing cost applied 192000 Total manufacturing cost 1506000 Add Beginning work in progress 156000 1662000 less Ending work in progress 174000 Cost of goods manufactured 1488000 3 Correct answer is B 1506000 4 Correct answer is d 1488000 5 Cost of goods manufactured 980000 Beginning finished goods inventory 50000 Cost of goods available for sale 1030000 Less Ending finished goods inventory 40000 Cost of goods sold 990000 Correct answer is B 990,000 6 beginning raw material 1200 Add Purchase of raw material 183000 Total 184200 Less Ending Raw material 1500 Raw material used in production 182700 Correct answer is B 182700

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.