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Question

Note: Please put your name & ID# on the exam & and return it along with the exam after completion answer sheet. Provide all your answers on the answer sheet Alex's Transport Co. assembles manufactured homes. The company recorded the followin on manufacturing overhead costs at year-end of 2017 s. g entry Accounts Debit Credit (In millions) Manufacturing Overhead Allocated Cost of Goods Sold 63 Manufacturing Overhead Control 68 Which of the following describes this year-end adjusting entry correctly? A) The company applied the proration approach for the 5 million under-allocation of manufacturing B) The company applied the write-off approach for the 5 million over-allocation of manufacturing C) The company applied the proration approach for the 5 million over-allocation of manufacturing D) The company applied the write-off approach for the 5 million under-allocation of manufacturing overhead costs incurred this year overhead costs incurred this year overhead costs incurred this year overhead costs incurred this year 9. The following information pertains to Micky's Mannequins Beginning Inventory Ounits .Units Manufactured 30,000 units Units Sold 29,500 units, sold for $85 per unit Total Manufacturing Costs $1,500,000 What is the average manufacturing cost per unit? And what is the ending balance for finished goods inventory account? A) Average manufacturing cost per unit: $50.00; Ending balance for finished goods: $42,500 B) Average manufacturing cost per unit: $50.85; Ending balance for finished goods: $25,000 C) Average manufacturing cost per unit: $50.85; Ending balance for finished goods: $42,500 D) Average manufacturing cost per unit: $50.00, Ending balance for finished goods: $25,000 10. What is the correct journal entry for payment of the factory rent? A) Work-in-Process Control B) Manufacturing Overhead Control C) Cost of Goods Sold Cash Control Cash Control Prepaid Rent D) Factory Depreciation Accumulated Depreciation Control

Explanation / Answer

Answer 8 The answer is Option A Answer 9 Average manufacturing cost per unit = Total Manufacturing cost / Units manufactured = $15,00,000/30000 units = $50 per unit Ending balance of Finished goods Inventory = 500 units * $50 per unit = $25,000 The answer is Option D Answer 10 The answer is Option B

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