22.The journal entry to record applying overhead during the production process is:A)Manufacturing Overhead....................................XXXWork In Process.........................................XXXB)Finished Goods...................................................XXXManufacturing Overhead...........................XXXC)Manufacturing Overhead....................................XXXFinished Goods..........................................XXXD)Work In Process..................................................XXXManufacturing Overhead...........................XXXAnswer: DLevel: EasyLO: 423.When manufacturing overhead is applied to production, it is added to: Show We have textbook solutions for you! The document you are viewing contains questions related to this textbook. College Accounting, Chapters 1-27 Heintz/Parry Expert Verified A)the Cost of Goods Sold account.B)the Raw Materials account.C)the Work in Process account.D)the Finished Goods inventory account.Answer: CLevel: EasyLO: 5,7Garrison, Managerial Accounting, 12th Edition75Chapter 3 Systems Design: Job-Order Costing24.Which of the following statements is true?I.Overhead application may be made slowly as a job is worked on.II.Overhead application may be made in a single application at thetime of completion of the job.III. Overhead application should be made to any job not completed at year-end in order to properly value the work in process inventory.A)Only statement I is true.B)Only statement II is true.C)Both statements I and II are true.D)Statements I, II, and III are alltrue. Answer: D Level: Easy LO: 525.On the Schedule of Cost of Goods Manufactured, the final Cost ofGoods Manufactured figure represents:A)the amount of cost charged to Work in Process during the period.B)the amount of cost transferred from Finished Goods to Cost of Goods Soldduring the period.C)the amount of cost placed into production during the period.D)the amount of cost of goods completed during the current year whether theywere started before or during the current year. Answer: DLevel: HardLO: 626.Under a job-order costing system, the dollar amount transferred from Work inProcess to Finished Goods is the sum of the costs charged to all jobs:A)started in process during the period.B)in process during the period.C)completed and sold during the period.D)completed during the period.Answer: DLevel: MediumLO: 776Garrison, Managerial Accounting, 12thEditionChapter 3 Systems Design: Job-Order Costing27.If a company applies overhead to production on the basis of a predetermined rate,a debit balance in the Manufacturing Overhead account at the end of the periodmeans that:A)actual overhead cost was greater than the amount charged to production.B)actual overhead cost was less than the amount of direct labor cost.C)more overhead cost has been charged to production than has been chargedto finished goods during the period.D)actual overhead cost was less than the amount charged to production.Answer: ALevel: MediumLO: 8 Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 116 pages? Upload your study docs or become a Course Hero member to access this document Which journal entry is used to record the manufacturing overhead application?Answer and Explanation: To record the application of manufacturing overhead to work in process, a credit must be made to manufacturing overhead to reduce the balance in the account and move it into production with a debit to work in process. The work in process account is increased with a debit.
What is the journal entry for manufacturing overheads incurred?They are first transferred into manufacturing overhead and then allocated to work in process. The entry to record the indirect material is to debit manufacturing overhead and credit raw materials inventory.
When manufacturing overhead is applied to production it is applied to?Manufacturing overhead applied are the overhead costs added or applied to each job during the production process. These costs are added to work-in-process to become part of total manufacturing costs along with direct materials and direct labor.
How is manufacturing overhead recorded?According to GAAP (generally accepted accounting principles), manufacturing overhead should be included in the cost of finished goods in inventory and work in progress inventory on a manufacturer's balance sheet and in the cost of goods income statement.
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The journal entry to record applying overhead during the production process is:
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