81. At the end of the fiscal year, the balance in Factory Overhead is small. This balance would normally be:
A. transferred to Work in Process
B. transferred to Cost of Goods Sold
C. transferred to Finished Goods
D. allocated between Work in Process and Finished Goods
82. The details concerning the costs incurred on each job order are accumulated in a work in process account, which is supported by a:
A. stock ledger
B. materials ledger
C. cost ledger
D. creditors ledger
83. Each account in the cost ledger is called a:
A. finished goods sheet
B. stock record
C. materials requisition
D. job cost sheet
84. Selected accounts with some debits and credits omitted are presented as follows:
Work in Process
Aug. 1
Balance
275,000
Aug. 31
Goods finished
1,030,000
31
Direct materials
X
31
Direct labor
450,000
31
Factory overhead
X
Factory Overhead
Aug. 1-31
Costs incurred
145,000
Aug. 1
Balance
15,000
31
Applied
(30% of direct
labor cost)
X
If the balance of Work in Process at August 31 is $220,000, what was the amount debited to Work in Process for direct materials in August?
A. $390,000
B. $170,000
C. $525,000
D. $580,000
85. Selected accounts with some debits and credits omitted are presented as follows:
Work in Process
Aug. 1
Balance
275,000
Aug. 31
Goods finished
1,030,000
31
Direct materials
X
31
Direct labor
450,000
31
Factory overhead
X
Factory Overhead
Aug. 1-31
Costs incurred
145,000
Aug. 1
Balance
15,000
31
Applied
X
If the balance of Work in Process at August 31 is $220,000, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs?
A. $135,000
B. $10,000
C. $120,000
D. $70,000
86. Selected accounts with some debits and credits omitted are presented as follows:
Work in Process
Oct. 1
Balance
20,000
Oct. 31
Goods finished
X
31
Direct materials
96,700
31
Direct labor
201,000
31
Factory overhead
X
Finished Goods
Oct. 1
Balance
52,000
31
Goods finished
360,000
If the balance of Work in Process at October 31 is $21,000, what was the amount of factory overhead applied in October?
A. $63,300
B. $21,300
C. $42,300
D. $11,300
87. Selected accounts with a credit amount omitted are presented as follows:
Work in Process
Apr. 1
Balance
7,000
Apr. 30
Goods finished
X
30
Direct materials
78,400
30
Direct labor
195,000
30
Factory overhead
136,500
Finished Goods
Apr. 1
Balance
42,000
30
Goods finished
387,000
What was the balance of Work in Process as of April 30?
A. $8,100
B. $35,000
C. $29,900
D. $22,900
88. If the amount of factory overhead cost incurred exceeds the amount applied, the factory overhead account will have a:
A. debit balance and be underapplied
B. credit balance and be underapplied
C. credit balance and be overapplied
D. debit balance and be overapplied
89. The recording of the factory labor incurred for general factory use would include a debit to:
A. Factory Overhead
B. Wages Payable
C. Wages Expense
D. Cost of Goods Sold
90. The recording of the application of factory overhead costs to jobs would include a credit to:
A. Factory Overhead
B. Wages Payable
C. Work in Process
D. Cost of Goods Sold
