Ch 19 LO4 FG University Quiz

Ch 19 LO4 FG

Assessment

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Dr. Paz

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University

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Hard

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4 questions

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Multiple Choice

1 min

1 pt

Caltran, Inc. completed manufacturing Job 445. It included $380 of direct materials cost, $1,200 of direct labor cost, and $520 of allocated manufacturing overhead. Which of the following is the correct journal entry needed to record the completed job?

Work _ in _ Process Inventory 1,580 Cost of Goods Sold 1,580

Finished Goods Inventory 2,100 Materials Inventory 2, 100

Finished Goods Inventory 2,100 Work _ in _ Process Inventory 2,100

Work _ in _ Process Inventory 2,100 Finished Goods Inventory 2,100

Multiple Choice

1 min

1 pt

On June 30, Caroline, Inc. finished Job 750 with total job costs of $4,200 and transferred the costs to Finished Goods Inventory. On July 6, Caroline completed the sale of the goods from Job 750 to a customer for $5,000 cash. Which of the following is the correct entry needed to record the revenue earned?

debit Cost of Goods Sold $4,200 and credit Sales Revenue $4,200

debit Sales Revenue $5,000 and credit Cash $5,000

debit Cash $5,000 and credit Sales Revenue $5,000

debit Finished Goods Inventory $4,200 and credit Sales Revenue $4,200

Multiple Choice

1 min

1 pt

On June 30, Coral, Inc. finished Job 750 with total job costs of $4,500, and transferred the costs to Finished Goods Inventory. On July 6, it completed the sale of the goods to a customer for $5,700 cash. Which of the following is the correct journal entry to record the cost of goods sold?

debit WIP Inventory $4,500 and credit Cost of Goods Sold $4,500

debit Finished Goods Inventory $4,500 and credit Cost of Goods Sold $4,500

debit COGS $4,500 and credit Finished Goods Inventory $4,500

debit COGS $4,500 and credit Work _ in _ Process Inventory $4,500

Multiple Choice

1 min

1 pt

Bass Accounting Services expects its accountants to work a total of 23,000 direct labor hours per year. The company's estimated total indirect costs are $299,000. The company uses direct labor hours as the allocation base for indirect costs. What is the indirect cost allocation rate? (Round your answer to the nearest cent.)

$13.00 per hour

$15.60 per hour

$26.00 per hour

$130.00 per hour