In today’s class we covered how to correct misallocations of overhead cost and journal entries in a manufacturing account. The test below is designed to test how well you understood out previous class and if you can make correct journal entries. Give it a try and all the best of luck!
Material is transferred to the factory
We ship goods to the customer
We transfer goods to the storeroom
We purchase goods on account
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Credit to manufacturing overhead
Debit to manufacturing overhead
Debit to cost of goods sold
Credit to work in process inventory
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Purchase of goods on account
Transfer of goods to the finished goods storeroom
Transfer goods out of the factory
Transfer of material to work in process inventory
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Debit to manufacturing overhead
Debit to marketing expense
Debit to work in process inventory
Credit to work in process inventory
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Debit to manufacturing overhead credit to wages expense
Debit to work in process inventory credit to wages payable
Debit to wages expense credit to manufacturing overhead
Debit to wages payable credit to work in process inventory
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Before the period starts
During the period
At the end of the period
At any time
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Debit to manufacturing overhead credit to direct materials expense.
Debit to work in process inventory credit to raw materials inventory.
Debit to raw materials inventory credit to work in process inventory.
Debit to direct materials expense credit to manufacturing overhead.
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Cost of goods sold should be decreased
Cost of goods sold should be increased
Finished goods inventory should be increased
Work in process inventory should be decreased
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Credit to manufacturing overhead
Debit to manufacturing overhead
Debit to accounts payable
Debit to utilities payable
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Purchase of goods on account
Transfer of goods to the finished goods storeroom
The sale of goods to a customer
Transfer of materials into work in process inventory
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In all circumstances
If most of the inventory produced during the period has not been sold
Under no circumstance
If most of the inventory produced during the period has been sold
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