Question 1

When indirect material is used, we will debit __________________ account because it is an ______________ cost.

A. Raw Materials; applied

B. Manufacturing Overhead; actual

C. Manufacturing Overhead; applied

D. Raw Materials; actual

Question 2

When indirect material is used, we will credit __________________ account.

A. Raw Materials

B. Cost of Goods Sold

C. Manufacturing Overhead

D. Work in Process

Question 3

Beginning Work in Process + Manufacturing Costs Added This Period - Ending Work in Process =

A. Cost of Goods Avaiable for Sale

B. Cost of Goods Manufactured

C. Cost of Goods Sold

D. Finished Goods Inventory

Question 4

A company had an unadjusted Cost of Goods Sold of $1,690,000. The company closes its underapplied or overapplied overhead to Cost of Goods Sold. The company had actual manufacturing overhead of $650,000 and applied manufacturing overhead of $666,250. What is the adjusted Cost of Goods Sold for the year?

A. $1,706,250

B. ($16,250)

C. $1,690,000

D. $1,673,750

E. $16,250

Question 5

Beginning finished goods inventory was $130,000. The cost of goods manufactured for the month was $760,000. The ending finished goods inventory was $150,000. What was the cost of goods sold for the month?

A. $760,000

B. $780,000

C. $20,000

D. $740,000