52. Sutherland Company listed the following data for 2016:
Budgeted factory overhead $2,100,000
Budgeted direct labor hours 89,000
Budgeted machine hours 51,000
Actual factory overhead 2,201,000
Actual direct labor hours 83,700
Actual machine hours 48,900
Round calculations to two significant digits
If overhead is applied based on machine hours, the overapplied/underapplied overhead is:
53. In job costing, the job might consist of:
54. A job in which a quantity of products is ordered by a single customer is more likely to be
an example of:
55. The management accountant should be aware that the software system(s) that should be
used to prepare job cost reports is:
56. The printing industry has become highly automated. Job costing in the printing industry
would likely have the following general framework. Job cost equals:
57. Randall Company manufactures products to customer specifications. A job costing
system is used to accumulate production costs. Factory overhead cost was applied at 125% of
direct labor cost. Selected data concerning the past year’s operation of the company are
presented below.
January 1 December 31
Direct materials $77,000 $40,000
Work in process 66,000 42,000
Finished goods 115,000 100,000
Other information
Direct materials purchases $324,000
Cost of goods available for sale 950,000
Actual factory overhead costs 260,000
The cost of direct materials used for production is:
58. Randall Company manufactures products to customer specifications. A job costing
system is used to accumulate production costs. Factory overhead cost was applied at 125% of
direct labor cost. Selected data concerning the past year’s operation of the company are
presented below.
January 1 December 31
Direct materials $77,000 $40,000
Work in process 66,000 42,000
Finished goods 115,000 100,000
Other information
Direct materials purchases $324,000
Cost of goods available for sale 950,000
Actual factory overhead costs 260,000
The cost of goods manufactured during the year is:
59. Randall Company manufactures products to customer specifications. A job costing
system is used to accumulate production costs. Factory overhead cost was applied at 125% of
direct labor cost. Selected data concerning the past year’s operation of the company are
presented below.
January 1 December 31
Direct materials $77,000 $40,000
Work in process 66,000 42,000
Finished goods 115,000 100,000
Other information
Direct materials purchases $324,000
Cost of goods available for sale 950,000
Actual factory overhead costs 260,000
The total manufacturing costs for the year are:
60. Randall Company manufactures products to customer specifications. A job costing
system is used to accumulate production costs. Factory overhead cost was applied at 125% of
direct labor cost. Selected data concerning the past year’s operation of the company are
presented below.
January 1 December 31
Direct materials $77,000 $40,000
Work in process 66,000 42,000
Finished goods 115,000 100,000
Other information
Direct materials purchases $324,000
Cost of goods available for sale 950,000
Actual factory overhead costs 260,000
The cost of goods sold (before adjustment for under or overapplied overhead) is:
61. Randall Company manufactures products to customer specifications. A job costing
system is used to accumulate production costs. Factory overhead cost was applied at 125% of
direct labor cost. Selected data concerning the past year’s operation of the company are
presented below.
January 1 December 31
Direct materials $77,000 $40,000
Work in process 66,000 42,000
Finished goods 115,000 100,000
Other information
Direct materials purchases $324,000
Cost of goods available for sale 950,000
Actual factory overhead costs 260,000
The amount of underapplied or overapplied overhead is:
62. Maple Mount Fishery is a canning company in Astoria. The company uses a normal
costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted
factory overhead for the year was $680,400, and management budgeted $324,000 of direct labor
costs. During the year, the company incurred the following actual costs.
Direct materials used $384,000
Direct labor 306,000
Factory overhead 658,000
The January 1 balances of inventory accounts are shown below.
Materials — all direct $70,000
Work-in-process 41,000
Finished goods 26,000
The December 31 balances of these inventory accounts were ten percent lower than the
balances at the beginning of the year.
The predetermined factory overhead rate is:
63. Maple Mount Fishery is a canning company in Astoria. The company uses a normal
costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted
factory overhead for the year was $680,400, and management budgeted $324,000 of direct labor
costs. During the year, the company incurred the following actual costs.
Direct materials used $384,000
Direct labor 306,000
Factory overhead 658,000
The January 1 balances of inventory accounts are shown below.
Materials — all direct $70,000
Work-in-process 41,000
Finished goods 26,000
The December 31 balances of these inventory accounts were ten percent lower than the
balances at the beginning of the year.
The amount of direct materials purchased during the year is:
64. Maple Mount Fishery is a canning company in Astoria. The company uses a normal
costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted
factory overhead for the year was $680,400, and management budgeted $324,000 of direct labor
costs. During the year, the company incurred the following actual costs.
Direct materials used $384,000
Direct labor 306,000
Factory overhead 658,000
The January 1 balances of inventory accounts are shown below.
Materials — all direct $70,000
Work-in-process 41,000
Finished goods 26,000
The December 31 balances of these inventory accounts were ten percent lower than the
balances at the beginning of the year.
The total manufacturing costs for the year are:
65. Maple Mount Fishery is a canning company in Astoria. The company uses a normal
costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted
factory overhead for the year was $680,400, and management budgeted $324,000 of direct labor
costs. During the year, the company incurred the following actual costs.
Direct materials used $384,000
Direct labor 306,000
Factory overhead 658,000
The January 1 balances of inventory accounts are shown below.
Materials — all direct $70,000
Work-in-process 41,000
Finished goods 26,000
The December 31 balances of these inventory accounts were ten percent lower than the
balances at the beginning of the year.
The cost of goods manufactured during the year is:
66. Maple Mount Fishery is a canning company in Astoria. The company uses a normal
costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted
factory overhead for the year was $680,400, and management budgeted $324,000 of direct labor
costs. During the year, the company incurred the following actual costs.
Direct materials used $384,000
Direct labor 306,000
Factory overhead 658,000
The January 1 balances of inventory accounts are shown below.
Materials — all direct $70,000
Work-in-process 41,000
Finished goods 26,000
The December 31 balances of these inventory accounts were ten percent lower than the
balances at the beginning of the year.
The normal cost of goods sold, before under or overapplied overhead is:
67. Maple Mount Fishery is a canning company in Astoria. The company uses a normal
costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted
factory overhead for the year was $680,400, and management budgeted $324,000 of direct labor
costs. During the year, the company incurred the following actual costs.
Direct materials used $384,000
Direct labor 306,000
Factory overhead 658,000
The January 1 balances of inventory accounts are shown below.
Materials — all direct $70,000
Work-in-process 41,000
Finished goods 26,000
The December 31 balances of these inventory accounts were ten percent lower than the
balances at the beginning of the year.
The adjusted cost of goods sold, after under or overapplied overhead, is:
68. ABC Company uses a Materials Inventory account to record both direct and indirect
materials. ABC charges direct materials to WIP, while indirect materials are charged to the
Factory Overhead account. During the month of April, the company has the following cost
information:
Total materials (direct and indirect) purchased $90,000
Indirect materials issued to production 30,000
Total materials issued to production 110,000
Beginning materials inventory 50,000
The amount of direct materials issued is:
69. ABC Company uses a Materials Inventory account to record both direct and indirect
materials. ABC charges direct materials to WIP, while indirect materials are charged to the
Factory Overhead account. During the month of April, the company has the following cost
information:
Total materials (direct and indirect) purchased $90,000
Indirect materials issued to production 30,000
Total materials issued to production 110,000
Beginning materials inventory 50,000
The credit to the materials inventory account for materials used is:
70. ABC Company uses a Materials Inventory account to record both direct and indirect
materials. ABC charges direct materials to WIP, while indirect materials are charged to the
Factory Overhead account. During the month of April, the company has the following cost
information:
Total materials (direct and indirect) purchased $90,000
Indirect materials issued to production 30,000
Total materials issued to production 110,000
Beginning materials inventory 50,000
The ending materials inventory cost is:
71. ABC Company uses a Materials Inventory account to record both direct and indirect
materials. ABC charges direct materials to WIP, while indirect materials are charged to the
Factory Overhead account. During the month of April, the company has the following cost
information:
Total materials (direct and indirect) purchased $90,000
Indirect materials issued to production 30,000
Total materials issued to production 110,000
Beginning materials inventory 50,000
The debit to Work–in-Process Inventory account for materials is:
72. ABC Company uses a Materials Inventory account to record both direct and indirect
materials. ABC charges direct materials to WIP, while indirect materials are charged to the
Factory Overhead account. During the month of April, the company has the following cost
information:
Total materials (direct and indirect) purchased $90,000
Indirect materials issued to production 30,000
Total materials issued to production 110,000
Beginning materials inventory 50,000
The debit to the Factory Overhead account is: