Question 22 (4 points) Company H produced 8,125 units at a total cost of $40,625

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Question 22 (4 points)

Company H produced 8,125 units at a total cost of $40,625 and transferred them to finished goods inventory. On January 3, 2013, Company H sold 40,000 units to a vendor on account for $400,000. The company should record the entry below: _______________________.

Question 22 options:

Debit Accounts Receivable $400,000; Credit Sales $400,000; Debit Cost of Goods Sold $200,000; Credit Finished Goods $200,000

Debit Accounts Receivable $400,000; Credit Sales $400,000; Debit Cost of Goods Sold $400,000; Credit Finished Goods $400,000

Debit Accounts Payable $400,000; Credit Sales $400,000; Debit Cost of Goods Sold $200,000; Credit Finished Goods $200,000

None of the above

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Question 23 (5 points)

As of December 31, 2011, Company G reported Sales totaling $30,000. Merchandise Available for Sale totaling $10,000. Cost of Merchandise Sold was $4,000. Ending inventory for Company G was _______________________.

Question 23 options:

$6,000

$14,000

$20,000

None of the above

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Question 24 (3 points)

________________________ develops short-term actions for managing the day-to-day operations of the company.

Question 24 options:

Operational Planning

Strategic Planning

Strategies

None of the above

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Question 25 (3 points)

The Job Order and Process Cost Systems both use the periodic inventory systems for materials, work in process, and finished goods.

Question 25 options:

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Question 26 (3 points)

The primary objective of lean manufacturing is to increase the speed and quality, while reducing the cost of operations.

Question 26 options:

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Question 27 (3 points)

Steel totaling $7,089 was requisitioned from the storeroom for the Cutting Department using the process cost system. The company should ________________.

Question 27 options:

Debit Work in Process - Cutting Department $7,089; Credit Raw Materials $7,089

Debit Raw Materials $7,089; Credit Cash $7,089

Debit Raw Materials $7,089; Credit Work in Process - Cutting Department $7,089

None of the above

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Question 28 (3 points)

Working in Process totaling $6,234 was transferred from Department M to Department N. The company should _______________________.

Question 28 options:

Debit Work in Process - Department M $6,234; Credit Work in Process - Department N $6,234

Debit Work in Process - Department N $6,234; Credit Raw Materials $6,234

Debit Work in Process - Department N $6,234; Credit Work in Process - Department M $6,234

None of the above

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Question 29 (5 points)

The fiscal year for Company T begins in January and ends in December. The Financial Statements for Company T for 2011 reported the totals below:

     $7,000

The Gross Profit for Company T for 2011 is _________________________.

Question 29 options:

$15,000

$7,000

$8,000

None of the above

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Question 30 (4 points)

Company X estimates that it will use 7,000 direct labor hours, and it will incur total Factory Overhead costs of $21,000. The company will sell the finished goods for $5.00 per unit. The predetermined factory overhead rate is ________________.

Question 30 options:

$3.00

$5.00

$0.33

None of the above

A)

Debit Accounts Receivable $400,000; Credit Sales $400,000; Debit Cost of Goods Sold $200,000; Credit Finished Goods $200,000

B)

Debit Accounts Receivable $400,000; Credit Sales $400,000; Debit Cost of Goods Sold $400,000; Credit Finished Goods $400,000

C)

Debit Accounts Payable $400,000; Credit Sales $400,000; Debit Cost of Goods Sold $200,000; Credit Finished Goods $200,000

D)

None of the above

Explanation / Answer

As per Chegg guidelines we answer one question per post but I have answered more than 1 question Q22 A)   Debit Accounts Receivable $400,000; Credit Sales $400,000; Debit Cost of Goods Sold $200,000; Credit Finished Goods $200,000 Production Cost                40,625.00 No of units produced                  8,125.00 Cost per unit= 40625/8125                           5.00 No of units sold                40,000.00 Cost of goods sold              200,000.00 Q23   A) $6,000 Statement showing computations Particulars Amount Merchandise Available for Sale                10,000.00 Cost of Merchandise Sold                  4,000.00 Ending inventory for Company G = Available - COGS                  6,000.00 Q24   A)   Operational Planning Q30 A)   $3.00 Direct Labour Hours                  7,000.00 Factory Overhead Costs                21,000.00 predetermined factory overhead rate = 21,000/7,000                           3.00

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