Q1: The Thomlin Company forecasts that total overhead for the current year will

Question

Q1:

The Thomlin Company forecasts that total overhead for the current year will be $11,675,000 with 187,000 total machine hours. Year to date, the actual overhead is $7,806,000 and the actual machine hours are 83,000 hours. If the Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date), the overhead is

Round the factory overhead rate to the nearest dollar before multiplying by the number of hours.

$2,660,000 overapplied

$3,724,000 overapplied

$2,660,000 underapplied

$3,724,000 underapplied

Q2:

Selected accounts with some amounts omitted are as follows

If the balance of Work in Process at August 31 is $196,400, 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?

$13,380

$13,300

$197,000

$93,500

Q3:

Which types of inventories does a manufacturing business report on the balance sheet?

direct materials inventory, work in process inventory, and finished goods inventory

finished goods inventory and work in process inventory only

direct materials inventory and work in process inventory only

direct materials inventory and finished goods inventory only

Q4:

Adams Company is a manufacturing company that has worked on several production jobs during the first quarter of the year. Below is a list of all the jobs for the quarter:

Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job.

What is the ending balance of Work in Process for Adams Company at the end of the first quarter?

a.$3,208

b.$2,752

c.$456

d.$0

Q5:

Adams Company is a manufacturing company that has worked on several production jobs during the first quarter of the year. Below is a list of all the jobs for the quarter:

Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job.

What is the ending balance of Cost of Goods Sold for Adams Company at the end of the first quarter?

a.$685

b.$1,685

c.$2,685

d.$456

Q6:

Adams Company is a manufacturing company that has worked on several production jobs during the first quarter of the year. Below is a list of all the jobs for the quarter:

Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job.

What is the ending balance of Finished Goods for Adams Company at the end of the first quarter?

a.$1,685

b.$456

c.$1,067

d.$2,752

Q7:

Adams Company is a manufacturing company that has worked on several production jobs during the first quarter of the year. Below is a list of all the jobs for the quarter:

Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job.

What is the balance of Sales for Adams Company at the end of the first quarter?

a.$2,685

b.$1,685

c.$1,000

d.$685

Q8:

Adams Company is a manufacturing company that has worked on several production jobs during the first quarter of the year. Below is a list of all the jobs for the quarter:

Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job.

What is the gross profit for Adams Company at the end of the first quarter?

Work in Process Aug. 1 Balance 276,300 Aug. 31 Goods finished 197,000      31 Direct materials X        31 Direct labor 44,600      31 Factory overhead X

Explanation / Answer

As per chegg policy, only 4 question can be posted in one go and answered. Request to post balance questions seperately.

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As per chegg policy, only 4 question can be posted in one go and answered. Request to post balance questions seperately.

Q1 Budgeted Total Overheads 11675000 Tota Machin Hour 187000 Predetermined Overhead Rate 11675000/187000               62 Actual Machin Hours 83000 Applied Overhead 83000*62 5146000 Actual Overhead 7806000 Underapplied Overhead 7806000-5146000 2660000 Q2 the amount debited to Work in Process for factory overhead in August will be Applied Overheads 30% of Direct Labor 44600*30% 13380 Q3 direct materials inventory and work in process inventory only Q4 In WIP, only Job No 360 is lying as rest of already trasnferred to Finished Goods once completed. the ending balance of Work in Process 456

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