NEED ACCOUNTING HELP! I need help with the answers listed below!

NEED ACCOUNTING HELP! I need help with the answers listed below!.

I’m working on a Accounting question and need guidance to help me study.
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What is the journal entry to record the direct labor summarized on the labor distribution report?

Question 1 options:

	Debit Payroll; credit Cash
	Debit Work-in-Process; credit Payroll
	Debit Payroll; credit Direct Labor
	Debit Finished Goods; credit Payroll

Manufacturing overhead includes all manufacturing costs,

Question 2 options:

	including raw materials.
	including overhead.
	excluding raw materials and direct labor.
	None of the above

Factory Supplies Expense, Depreciation Expense—Factory, and Heat, Light, and Power—Factory appear on which section of the worksheet?

Question 3 options:

	Statement of cost of goods sold
	Balance sheet
	Income statement
	Statement of cost of goods manufactured

The formula for cost of goods manufactured is

Question 4 options:

	raw materials minus direct labor plus overhead plus beginning work-in-process inventory plus ending work-in-process inventory.
	raw materials plus direct labor minus overhead plus beginning work-in-process inventory plus ending work-in-process inventory.
	raw materials plus direct labor less overhead plus beginning work-in-process inventory less ending work-in-process inventory.
	beginning work-in-process plus total manufacturing cost minus ending work-in-process.

In a manufacturing company, the purchase of materials on account should be recorded as follows:

Question 5 options:

	Accounts Payable Raw Materials Inventory
	Raw Materials Inventory Accounts Payable
	Finished Goods Inventory Accounts Payable
	Work-in-Process Inventory Accounts Payable

Omega.com sold 25 jet skis for $7,000, which cost $5,000. The entry to record the sale would include a

Question 6 options:

	credit to Finished Goods Inventory for $5,000.
	credit to Sales for $7,000.
	debit to Cost of Goods Sold for $5,000.
	All of the above

Raw material inventory appears on the

Question 7 options:

	balance sheet.
	income statement.
	cost of goods manufactured statement.
	Both a and c

If direct labor for the month is $80,000 and overhead is applied based on 75% of direct labor dollars, what is the entry to apply overhead?

Question 8 options:

	Debit Work-in-Process Inventory $80,000; credit Payroll $80,000
	Debit Work-in-Process Inventory $80,000; credit Overhead—Applied $80,000
	Debit Overhead—Applied $60,000; credit Work-in-Process Inventory $60,000
	Debit Work-in-Process Inventory $60,000; credit Overhead—Applied $60,000

What is the journal entry to record issuing raw materials from the storeroom?

Question 9 options:

	Debit Work-in-Process; credit Overhead—Control
	Debit Work-in-Process; credit Raw Materials Inventory
	Debit Raw Materials Inventory; credit Work-in-Process
	Debit Overhead—Control; credit Work-in-Process

The entry for indirect materials (such as glue, etc.) requisitioned for use in production is which of the following?

Question 10 options:

	Raw Materials Inventory Work-in-Process Inventory
	Work-in-Process Inventory Accounts Payable
	Work-in-Process Inventory Raw Materials Inventory
	None of the above

If direct labor for the month is $40,000, overhead is applied based on direct labor, annual overhead is $600,000, and annual direct labor is $1,000,000, what is the entry to charge direct labor to production?

Question 11 options:

	Debit Overhead—Applied $40,000; credit Work-in-Process Inventory $40,000
	Debit Work-in-Process Inventory $24,000; credit Overhead—Applied $24,000
	Debit Work-in-Process Inventory $40,000; credit Payroll $40,000
	Debit Work-in-Process Inventory $66,000; credit Overhead—Applied $66,000

During the week ending on November 30, total factory payroll incurred was $6,000. Of this total, 80% was for direct labor. The entry to record the payroll distribution would include which of the following?

Question 12 options:

	Debit Work-in-Process Inventory $4,800 and Overhead—Control $1,200
	Debit Work-in-Process Inventory $4,800 and Overhead—Applied $1,200
	Debit Work-in-Process Inventory $4,800 and Indirect Labor Expense $1,200
	Debit Work-in-Process Inventory $6,000

Direct labor includes the wages of

Question 13 options:

	administrators.
	maintenance workers.
	the shop foreman.
	an hourly worker producing the product.

What is the journal entry to record issuing supplies from the storeroom?

Question 14 options:

	Debit Overhead—Control; credit Supplies Inventory
	Debit Supplies Inventory; credit Overhead—Applied
	Debit Overhead—Applied; credit Raw Materials Inventory
	Debit Overhead—Applied; credit Supplies Inventory

The entry to record the requisition of supplies from the storeroom would include which of the following?

Question 15 options:

	Debit to Overhead—Control; credit to Supplies Inventory
	Debit to Raw Materials; credit to Work-in-Process
	Debit to Work-in-Process; credit to Overhead—Control
	Debit to Overhead—Applied; credit to Overhead—Control

Calculate the cost of goods sold when beginning finished goods inventory equals $70,000, ending finished goods inventory is $85,000, and cost of goods manufactured is $600,000.

Question 16 options:

	$445,000
	$585,000
	$685,000
	$615,000

Journal entries crediting Payroll and debiting Work-in-Process Inventory are made for

Question 17 options:

	foremen’s salaries.
	administrative salaries.
	hourly manufacturing labor.
	raw materials.

Lumber used in construction of a building is part of

Question 18 options:

	raw material costs.
	labor costs.
	manufacturing overhead.
	None of the above

The entry to record rent expense of $9,000, supervision expense of $19,000, and depreciation expense of $7,000 to overhead is which of the following?

Question 19 options:

	Debit Overhead—Applied $35,000; credit Rent Expense $9,000; credit Supervision $19,000; credit Depreciation Expense $7,000
	Debit Overhead—Control $35,000; credit Rent Expense $9,000; credit Supervision $19,000; credit Depreciation Expense $7,000
	Debit Overhead—Applied $35,000; credit Overhead—Control $35,000
	None of the above

The statement of cost of goods manufactured includes

Question 20 options:

	direct labor costs.
	raw material costs.
	manufacturing overhead.
	All of the above

NEED ACCOUNTING HELP! I need help with the answers listed below!

NEED ACCOUNTING HELP! I need help with the answers listed below!

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