WGU D101 Cost and Managerial Accounting – Exam Test
Questions and Answers | 100% Correct | Graded A+ |
Guaranteed Pass.
When a movie producer receives a contract to produce movies
following the specifications of the customer. - answer When would it
be appropriate to use job order costing?
When an oil producer produces a large volume of regular unleaded
gasoline for a gas station chain of stores.
When a company provides warranty services to a group of customers
using a uniform set of processes and services for each customer.
When a clothing manufacturer produces a line of clothes having the
same production cost for each clothing line.
When a movie producer receives a contract to produce movies
following the specifications of the customer.
$40 per direct labor hour. - answer A company uses direct labor hours
to apply manufacturing overhead. Budgeted manufacturing overhead
for the coming year is $640,000. Budgeted direct materials purchases
are $400,000. Budgeted direct labor cost is $720,000. Budgeted direct
labor hours for the coming year are 16,000 hours. Actual
manufacturing overhead for the year was $600,000. Actual direct
,materials purchases were $380,000. Actual direct labor cost was
$700,000. Actual direct labor hours for the year were 20,000 hours.
What is this company's predetermined overhead rate?
$30 per direct labor hour.
$36 per direct labor hour.
$40 per direct labor hour.
$61 per direct labor hour
Credit to cash for $3,000. - answer A manufacturing company used
cash to purchase raw materials costing $3,000.
What should be included in the journal entry necessary to record this
purchase of raw materials?
Credit to accounts payable for $3,000.
Credit to cash for $3,000.
Credit to work-in-process inventory for $3,000.
Credit to raw materials inventory for $3,000.
Forecasted overhead costs and forecasted activity level. - answer
Which figures are used in computing a predetermined overhead rate?
Forecasted overhead costs and actual activity level.
Actual overhead costs and forecasted activity level.
Actual overhead costs and actual activity level.
,Forecasted overhead costs and forecasted activity level.
Debit to work-in-process inventory for $12,500. - answer A company
that manufactures wood furniture paid $12,500 in cash for the wages
of woodworkers who create the wood furniture in the factory.
What should be included in the journal entry necessary to record this
payment of wages to the woodworkers?
Credit to manufacturing overhead for $12,500.
Debit to work-in-process inventory for $12,500.
Debit to manufacturing overhead for $12,500.
Credit to work-in-process inventory for $12,500.
Debit to manufacturing overhead for $16,000. - answer A company
recorded depreciation of $16,000 on factory equipment.
What should be included in the journal entry necessary to record this
depreciation on factory equipment?
Credit to work-in-process inventory for $16,000.
Debit to work-in-process inventory for $16,000.
Credit to manufacturing overhead for $16,000.
Debit to manufacturing overhead for $16,000.
What is the company's computed adjusted cost of goods sold?
, $630,000
$710,000
$715,000
$775,000
They are costs put into production during the period. - answer What is
true about debits in the work-in-process T-account during the period?
They are costs put into production during the period.
They are costs of goods manufactured during the period.
They are direct labor costs incurred only during the period.
They are direct material costs incurred only during the period.
Debit to manufacturing overhead for $16,000. - answer A company's
actual manufacturing overhead was $156,000, and applied
manufacturing overhead was $172,000.
What should be included in the journal entry necessary to close the
manufacturing overhead account?
Debit to manufacturing overhead for $16,000.
Debit to cost of goods sold for $16,000.
Debit to cost of goods sold for $156,000.
Debit to manufacturing overhead for $156,000.
Questions and Answers | 100% Correct | Graded A+ |
Guaranteed Pass.
When a movie producer receives a contract to produce movies
following the specifications of the customer. - answer When would it
be appropriate to use job order costing?
When an oil producer produces a large volume of regular unleaded
gasoline for a gas station chain of stores.
When a company provides warranty services to a group of customers
using a uniform set of processes and services for each customer.
When a clothing manufacturer produces a line of clothes having the
same production cost for each clothing line.
When a movie producer receives a contract to produce movies
following the specifications of the customer.
$40 per direct labor hour. - answer A company uses direct labor hours
to apply manufacturing overhead. Budgeted manufacturing overhead
for the coming year is $640,000. Budgeted direct materials purchases
are $400,000. Budgeted direct labor cost is $720,000. Budgeted direct
labor hours for the coming year are 16,000 hours. Actual
manufacturing overhead for the year was $600,000. Actual direct
,materials purchases were $380,000. Actual direct labor cost was
$700,000. Actual direct labor hours for the year were 20,000 hours.
What is this company's predetermined overhead rate?
$30 per direct labor hour.
$36 per direct labor hour.
$40 per direct labor hour.
$61 per direct labor hour
Credit to cash for $3,000. - answer A manufacturing company used
cash to purchase raw materials costing $3,000.
What should be included in the journal entry necessary to record this
purchase of raw materials?
Credit to accounts payable for $3,000.
Credit to cash for $3,000.
Credit to work-in-process inventory for $3,000.
Credit to raw materials inventory for $3,000.
Forecasted overhead costs and forecasted activity level. - answer
Which figures are used in computing a predetermined overhead rate?
Forecasted overhead costs and actual activity level.
Actual overhead costs and forecasted activity level.
Actual overhead costs and actual activity level.
,Forecasted overhead costs and forecasted activity level.
Debit to work-in-process inventory for $12,500. - answer A company
that manufactures wood furniture paid $12,500 in cash for the wages
of woodworkers who create the wood furniture in the factory.
What should be included in the journal entry necessary to record this
payment of wages to the woodworkers?
Credit to manufacturing overhead for $12,500.
Debit to work-in-process inventory for $12,500.
Debit to manufacturing overhead for $12,500.
Credit to work-in-process inventory for $12,500.
Debit to manufacturing overhead for $16,000. - answer A company
recorded depreciation of $16,000 on factory equipment.
What should be included in the journal entry necessary to record this
depreciation on factory equipment?
Credit to work-in-process inventory for $16,000.
Debit to work-in-process inventory for $16,000.
Credit to manufacturing overhead for $16,000.
Debit to manufacturing overhead for $16,000.
What is the company's computed adjusted cost of goods sold?
, $630,000
$710,000
$715,000
$775,000
They are costs put into production during the period. - answer What is
true about debits in the work-in-process T-account during the period?
They are costs put into production during the period.
They are costs of goods manufactured during the period.
They are direct labor costs incurred only during the period.
They are direct material costs incurred only during the period.
Debit to manufacturing overhead for $16,000. - answer A company's
actual manufacturing overhead was $156,000, and applied
manufacturing overhead was $172,000.
What should be included in the journal entry necessary to close the
manufacturing overhead account?
Debit to manufacturing overhead for $16,000.
Debit to cost of goods sold for $16,000.
Debit to cost of goods sold for $156,000.
Debit to manufacturing overhead for $156,000.
