2 00:38:52 The account, Work-in-Process, is a control account. A control account means all the following, except: Multiple Choice Each control account has a subsidiary ledger. O Subsidiary ledgers are optional. Each subsidiary ledger has a control account. The total of all subsidiary ledgers balances equals the balance of the control account. 2 Each control account has a subsidiary ledger. X 00:38:30 Subsidiary ledgers are optional. Each subsidiary ledger has a control account. The total of all subsidiary ledgers balances equals the balance of the control account. Details are maintained in the subsidiary ledger. Help Save & Exit 4 All of the following are common activity bases (drivers) used to calculate a predetermined overhead rate, except for 00:38:07 Multiple Choice Direct labor hours. Machine hours. Direct labor dollars. Telephone usage. 4 Direct labor hours. 00:37:46 Machine hours. Direct labor dollars. Telephone usage. Square feet. Help Save & Exit 5 A company has a credit balance of $ 500 in the Factory Overhead account at the end of a month. This account balance is considered to be: 00:37:26 Multiple Choice Overapplied. Insignificant. Evenly applied. Underapplied. X 5 Overapplied. 00:36:47 Insignificant. Evenly applied. Underapplied. O Unevenly applied. 6 In response to a material requisition, $ 1,500 of direct materials and $ 750 of indirect materials were issued to Job # 501. What is the journal entry to record this issuance of materials? 00:36:23 Multiple Choice Raw Materials Factory Overhead Work-in-Process # 501 $2,250 $ 750 $1,500 Work-in-Process # 501 Factory Overhead $ 1,500 $ 750 Raw Materials $2,250 Now ICCHIOS 6 Work-in-Process # 501 Factory Overhead Raw Materials X 00:35:56 Factory Overhead Raw Materials Work-in-Process # 501 Finished Goods Factory Overhead Raw Materials $1,500 $ 750 $750 $ 750 $ 750 $ 1,500 $1,500 $ 750 $ 2,250 7 A company sold items that it manufactured for $50,000. The cost to manufacture these items was $ 30,000. What is the journal entry to record this sale? X 00:35:35 Multiple Choice Cost of Goods Sold Sales $ 30,000 $ 30,000 Accounts Receivable $ 50,000 Finished Goods $ 50,000 Finished Goods $ 30,000 Cost of Goods Sold $ 30,000 Sales $ 50,000 Accounts Receivable $ 50,000 7 00:35:12 Accounts Receivable $ 30,000 Work-in-Process # 501 $30,000 Sales $ 50,000 Finished Goods $ 50,000 Work-in-Process # 501 Factory Overhead Sales Cost of Goods Sold $ 30,000 $50,000 $ 30,000 $50,000 Accounts Receivable $ 50,000 Sales $ 50,000 Cost of Goods Sold $ 30,000 Finished Goods $ 30,000 8 A company incurred the following manufacturing costs for job # 650: direct materials $ 20,000 and direct labor $12,000. The company uses machine hours to allocate factory overhead and the predetermined overhead rate used is $10 per machine hour. This job used 240 direct labor hours and 500 machine hours. What are the total costs of this job? 00:34:50 Multiple Choice $ 34,400. $ 37,000. $ 32,500. 00 00:34:29 $34,400. $ 37,000. $ 32,500. $ 39,400. $ 38,500. 9 A company incurred factory overhead charges of $ 15,000 during the month of June. Factory Overhead costs of $ 14,500 were allocated to jobs during the same time period. What is the balance of the Factory Overhead account at the end of the month and is the balance over or underapplied? 00:31:47 Multiple Choice $ 500 debit, overapplied. $ 500 credit, overapplied. $500 debit, underapplied. 9 $ 500 debit, overapplied. 03 00:33:02 $ 500 credit, overapplied. $ 500 debit, underapplied. $ 500 credit, underapplied. None of the above