Comfort Shoes Manufacturing Company began business on January 1, 2016. During its firstyear of operation, Comfort Shoes worked on 5 jobs, and reported the following informationat year-end:Job #ManufacturingO/H Applied$15,00060,00025,000DirectDirectMaterialsLabour$45,00075,00040,00035,000$85,000200,000130,000120,0008,00010110210310475,0002,00010515,000• Actual manufacturing overheads incurred on Jobs 101 –105 during the period amountedto $189,000.• Jobs 101 – 104 were completed and transferred out to Finished Goods Inventory.• Jobs 101 & 102 were sold for $250,000 & $390,000 respectively.At year-end, what was the balance in Finished Goods Inventory?O a. $905,000O b. $195,000Oc. $450,000O d. $425,000 Black Company uses a job costing system and had the following data available for 2012$250,000283,000343,750Materials purchased on accountMaterials requisitioned (includes $23,000 of indirect material)Manufacturing labour incurred (80% direct and 20% indirect)Other manufacturing overhead incurredManufacturing overhead applied (as a % of direct labour cost)Cost of goods completedCost of goods sold120,00060%750,000780,000The journal entry to record the manufacturing overhead applied for 2012 is?O a. Dr. WIP $165,000 and Cr. Manufacturing Overhead $165,000O b. Dr. COGS $213,000 and Cr. Manufacturing Overhead $213,000Oc.Dr. WIP $213,000 and Cr. Manufacturing overhead $213,000O d. Dr. Manufacturing overhead $165,000 and Cr. WIP $165,000Next page

Name: Comfort Shoes Manufacturing Company began business on January 1, 2016
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Description: Comfort Shoes Manufacturing Company began business on January 1, 2016. During its firstyear of operation, Comfort Shoes worked on 5 jobs, and reported the following informationat year-end:Job #ManufacturingO/H Applied$15,00060,00025,000DirectDirectM

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Comfort Shoes Manufacturing Company began business on January 1, 2016. During its first year of operation, Comfort Shoes worked on 5 jobs, and reported the following information at year-end: Job # Manufacturing 0/H Applied $15,000 60,000 Direct Direct Materials Labour $45,000 75,000 40,000 35,000 $85,000 200,000 130,000 101 102 103 25,000 104 120,000 75,000 105 15,000 8,000 2,000 • Actual manufacturing overheads incurred on Jobs 101 – 105 during the period amounted to $189,000. • Jobs 101 – 104 were completed and transferred out to Finished Goods Inventory. • Jobs 101 & 102 were sold for $250,000 & $390,000 respectively. At year-end, what was the balance in Finished Goods Inventory? a. $905,000 O b. $195,000 O c. $450,000 O d. $425,000

Comfort Shoes Manufacturing Company began business on January 1, 2016. During its first year of operation, Comfort Shoes worked on 5 jobs, and reported the following information at year-end: Job # Manufacturing 0/H Applied $15,000 60,000 Direct Direct Materials Labour $45,000 75,000 40,000 35,000 $85,000 200,000 130,000 101 102 103 25,000 104 120,000 75,000 105 15,000 8,000 2,000 • Actual manufacturing overheads incurred on Jobs 101 – 105 during the period amounted to $189,000. • Jobs 101 – 104 were completed and transferred out to Finished Goods Inventory. • Jobs 101 & 102 were sold for $250,000 & $390,000 respectively. At year-end, what was the balance in Finished Goods Inventory? a. $905,000 O b. $195,000 O c. $450,000 O d. $425,000

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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