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Question
A company that uses a job order costing system would make the following entry to record the flow of direct materials into production:A.debit Work in Process Inventory, credit Cost of Goods Sold.
B.debit Work in Process Inventory, credit Raw Materials Inventory.
C.debit Work in Process Inventory, credit Factory Overhead.
D.debit Factory Overhead, credit Raw Materials Inventory.
E.debit Finished Goods Inventory, credit Raw Materials Inventory.
Answer
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Direct labor X X
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Variable manufacturing overhead
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Direct materials
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Match the following
Q:
Given the following data, calculate product cost per unit under variable costing.
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Direct materials $3 per unit
Overhead
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Total fixed overhead $85,000
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A. $7 per unit
B. $13.30 per unit
C. $11.00 per unit
D. $11.60 per unit
E. $16.50 per unit
Q:
Tim's Tools, a manufacturer of cordless drills, began operations this year. During this year, the company produced 20,000 units and sold 18,000 units. At year-end the company reported the following income statement using absorption costing:
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Cost of goods sold (18,000 $14) 252,000
Gross margin $288,000
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Net income $198,000
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A. $307,800
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Q:
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Units produced 52,000 units
Sales price $33 per unit
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Direct labor $2.50 per unit
Variable overhead $3.50 per unit
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Q:
What is the Red and White's contribution margin for this month if 980 units were sold?
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C. $24,500
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E. $21,560
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Given the Cool Pools Company data, what is net income using absorption costing?
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B. $1,648,600
C. $1,627,150
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E. $1,708,600
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Given the Scavenger Company data, what is net income using variable costing?
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B. $181,250
C. $150,000
D. $177,600
E. $276,250
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Given the Galaxy, Inc. data, what is net income using absorption costing?
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B. $17,400,000
C. $16,360,000
D. $16,800,000
E. $16,220,000