54. Valles Corporation had $22,000 of raw materials on hand on February 1. During the month, the…

 
   

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54. Valles Corporation had $22,000 of raw materials on
hand on February 1. During the month, the company purchased an additional
$75,000 of raw materials. The journal entry to record the purchase of raw
materials would include a:
A. credit to Raw Materials of $97,000
B. debit to Raw Materials of $97,000
C. credit to Raw Materials of $75,000
D. debit to Raw Materials of $75,000

55. Wedd Corporation had $35,000 of raw materials on
hand on May 1. During the month, the company purchased an additional $68,000 of
raw materials. During May, $92,000 of raw materials were requisitioned from the
storeroom for use in production. These raw materials included both direct and
indirect materials. The indirect materials totaled $5,000. The debits to the
Work in Process account as a consequence of the raw materials transactions in
May total:
A. $92,000
B. $0
C. $68,000
D. $87,000

56. During February, Degan Inc. transferred $60,000
from Work in Process to Finished Goods and recorded a Cost of Goods Sold of
$65,000. The journal entries to record these transactions would include
a:
A. debit to Finished Goods of $65,000
B. credit to Cost of Goods Sold of $65,000
C. credit to Work in Process of $60,000
D. credit to Finished Goods of $60,000

57. Kirson Corporation incurred $89,000 of actual
Manufacturing Overhead costs during December. During the same period, the
Manufacturing Overhead applied to Work in Process was $92,000. The journal
entry to record the application of Manufacturing Overhead to Work in Process
would include a:
A. debit to Manufacturing Overhead of $92,000
B. debit to Work in Process of $89,000
C. credit to Manufacturing Overhead of $92,000
D. credit to Work in Process of $89,000

58. At the beginning of August, Hogancamp Corporation
had $26,000 of raw materials on hand. During the month, the company purchased
an additional $73,000 of raw materials. During August, $77,000 of raw materials
were requisitioned from the storeroom for use in production. The credits to the
Raw Materials account for the month of August total:
A. $73,000
B. $77,000
C. $99,000
D. $26,000

59. During July at Tiner Corporation, $74,000 of raw
materials were requisitioned from the storeroom for use in production. These
raw materials included both direct and indirect materials. The indirect
materials totaled $7,000. The journal entry to record this requisition would
include a debit to Manufacturing Overhead of:
A. $0
B. $74,000
C. $7,000
D. $67,000

60. On February 1, Caddell Corporation had $28,000 of
raw materials on hand. During the month, the company purchased an additional
$70,000 of raw materials. During February, $81,000 of raw materials were
requisitioned from the storeroom for use in production. The debits to the Raw
Materials account for the month of February total:
A. $98,000
B. $70,000
C. $28,000
D. $81,000

61. In May, Hervey Inc. incurred $60,000 of direct
labor costs and $3,000 of indirect labor costs. The journal entry to record the
accrual of these wages would include a:
A. credit to Manufacturing Overhead of $3,000
B. debit to Work in Process of $63,000
C. credit to Work in Process of $63,000
D. debit to Manufacturing Overhead of $3,000

62. The Donaldson Company uses a job-order costing
system. The following data were recorded for July:

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Overhead is applied to jobs at the rate of 80% of direct materials cost. Jobs
475, 477, and 478 were completed during July and transferred to finished goods.
Jobs 475 and 478 have been delivered to the customer. Donaldson’s Work in
Process inventory balance on July 31 was:
A. $7,280
B. $2,600
C. $3,160
D. $3,320

63. Pinnini Co. uses a predetermined overhead rate
based on direct labor-hours to apply manufacturing overhead to jobs. Last year,
Pinnini Company incurred $225,000 in actual manufacturing overhead cost. The
Manufacturing Overhead account showed that overhead was overapplied $14,500 for
the year. If the predetermined overhead rate was $5.00 per direct labor-hour,
how many hours did the company work during the year?
A. 45,000 hours
B. 47,900 hours
C. 42,100 hours
D. 44,000 hours