Manufacturing accounting – principles of accounting ii

Part 1 of 1 –

Question 1 of 20
    5.0 Points
Which of the following is an approach to sensitivity analysis?
A. contribution
   
B. distribution
   
C. margin
   
D. profit

Question 2 of 20

ABC Restaurant’s revenue budget reflects the following information for February:
 
Food sales
$260,000

Beverage and liquor sales
$140,000

Total sales
$300,000
 
ABC expects revenue to increase by 5% during both March and April. What is the budgeted amount of beverage and liquor sales revenue for March?

A. $145,000
   
B. $154,350
   
C. $147,000
   
D. $150,000

 

Question 3 of 20

The entry for indirect materials (such as glue, etc.. requisitioned for use in production is __________.
A. 
Raw Materials Inventory
Work-in-Process Inventory
   
B. 
Work-in-Process Inventory
Accounts Payable
   
C. 
Work-in-Process Inventory
Raw Materials Inventory
   
D. None of the above

 

Question 4 of 20

If direct labor for the month is $80,000 and overhead is applied based on 75% of direct labor dollars, what is the entry to apply overhead?
A. debit Work-in-Process Inventory $80,000; credit Payroll $80,000
   
B. debit Overhead-Applied $60,000; credit Work-in-Process Inventory $60,000
   
C. debit Work-in-Process Inventory $60,000; credit Overhead-Applied $60,000
   
D. debit Work-in-Process Inventory $80,000; credit Overhead-Applied $80,000

 

Question 5 of 20

An element of sensitivity analysis includes __________.
A. unidimensional changes
   
B. a sole focus on profit
   
C. simultaneous changes
   
D. a financial accounting approach

 

Question 6 of 20

Factory Supplies Expense, Depreciation Expense-Factory, and Heat, Light, and Power-Factory appear on which section of the worksheet?
A. statement of cost of goods manufactured
   
B. balance sheet
   
C. income statement
   
D. statement of cost of goods sold

 

Question 7 of 20

If direct labor for the month is $40,000, overhead is applied based on direct labor, annual overhead is $600,000, and annual direct labor is $1,000,000, what is the entry to charge direct labor to production?
A. debit Work-in-Process Inventory $40,000; credit Payroll $40,000
   
B. debit Overhead-Applied $40,000; credit Work-in-Process Inventory $40,000
   
C. debit Work-in-Process Inventory $24,000; credit Overhead-Applied $24,000
   
D. debit Work-in-Process Inventory $66,000; credit Overhead-Applied $66,000

 

Question 8 of 20

What is the journal entry to record the direct labor summarized on the labor distribution report?
A. debit Finished Goods; credit Payroll
   
B. debit Work-in-Process; credit Payroll
   
C. debit Payroll; credit Direct Labor
   
D. debit Payroll; credit Cash

 

Question 9 of 20

Raw material inventory appears on the __________.
A. balance sheet
   
B. income statement
   
C. cost of goods manufactured statement
   
D. both A and C

 

Question 10 of 20

During the week ending on November 30, total factory payroll incurred was $6,000. Of this total, 80% was for direct labor. The entry to record the payroll distribution would include __________.
A. debit Work-in-Process Inventory $4,800 and Overhead-Control $1,200
   
B. debit Work-in-Process Inventory $6,000
   
C. debit Work-in-Process Inventory $4,800 and Overhead-Applied $1,200
   
D. debit Work-in-Process Inventory $4,800 and Indirect Labor Expense $1,200

 

Question 11 of 20

Manufacturing overhead includes all manufacturing costs __________.
A. including raw materials
   
B. including overhead
   
C. excluding raw materials and direct labor
   
D. none of the above

 

Question 12 of 20

Candyland completed the manufacturing process. The entry to transfer the product to finished goods is __________.
A. 
Raw Materials Inventory
Finished Goods Inventory
   
B. 
Finished Goods Inventory
Cost of Goods Sold
   
C. 
Finished Goods Inventory
Work-in-Process Inventory
   
D. 
Finished Goods Inventory
Raw Materials Inventory

 

Question 13 of 20

Which of the following is part of a firm’s master budget?
A. pro forma budget
   
B. inventory purchases budget
   
C. operating budget
   
D. schedule of cash receipts budge

 

Question 14 of 20

The entry to record rent expense $9,000, supervision expense $19,000, and depreciation expense $7,000 to overhead is __________.
A. debit Overhead-Applied $35,000; credit Rent Expense $9,000; credit Supervision $19,000; credit Depreciation Expense $7,000
   
B. debit Overhead-Control $35,000; credit Rent Expense $9,000; credit Supervision $19,000; credit Depreciation Expense $7,000
   
C. debit Overhead-Applied $35,000; credit Overhead-Control $35,000
   
D. none of the above

 

Question 15 of 20

ABC Restaurant’s revenue budget reflects the following information for February:
 
Food sales:
$260,000

Beverage and liquor sales:
$140,000

Total sales
$300,000
 
ABC expects revenue to increase by 8% during both March and April. What is the budgeted amount of total sales revenue for April?
A. $350,000
   
B. $345,580
   
C. $353,620
   
D. $349,920

 

Question 16 of 20

The budget that is developed first when preparing the master budget is the __________ budget.
A. cash receipts
   
B. inventory purchases
   
C. sales
   
D. administrative expense

 

Question 17 of 20

Direct labor includes the wages of __________.
A. an hourly worker producing the product
   
B. the shop foreman
   
C. maintenance workers
   
D. administrators

 

Question 18 of 20

The formula for cost of goods manufactured is __________.
A. raw materials plus direct labor minus overhead plus beginning work-in-process inventory plus ending work-in-process inventory
   
B. raw materials minus direct labor plus overhead plus beginning work-in-process inventory plus ending work-in-process inventory
   
C. beginning work-in-process plus total manufacturing cost minus ending work-in-process
   
D. raw materials plus direct labor less overhead plus beginning work-in-process inventory less ending work-in-process inventory

 

Question 19 of 20
   
The statement of cost of goods manufactured does not include __________.
A. direct labor costs
   
B. raw material costs
   
C. manufacturing overhead
   
D. all of the above

 

Question 20 of 20

Journal entries crediting Payroll and debiting Work-in-Process Inventory are made for __________.
A. administrative salaries
   
B. hourly manufacturing labor
   
C. foremen’s salaries
   
D. raw materials

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more