1) On March 1, Metevier Corporation had $45,000 of raw materials on hand

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1) On March 1, Metevier Corporation had $45,000 of raw materials on hand. During the month, the company purchased an additional $50,000 of raw materials. During March, $58,000 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 journal entry to record the requisition from the storeroom would include a: *

Debit to Work in Process of $58,000

Debit to Work in Process of $53,000

Debit to Raw Materials of $58,000

None of the above

2. During February, Irving Corporation incurred $78,000 of actual Manufacturing Overhead costs. During the same period, the Manufacturing Overhead applied to Work in Process was $65,000. The journal entry to record the incurrence of the actual Manufacturing Overhead costs would include a: *

Debit to Manufacturing Overhead of $78,000

Credit to Manufacturing Overhead of $78,000

Credit to Work in Process of $65,000

None of the above

3. When the company purchases raw materials for $50,000 on account, the entry should include: *

A debit to Raw Material Inventory $50,000 and a credit to Cash $50,000

A debit to Accounts payable $50,000 and a credit to Raw Materials Inventory $50,000

A debit to Raw Materials Inventory $50,000 and a credit to Accounts Payable $50,000

None of the above

4. Raw materials requisitioned by production for job No.110 consist of Direct Materials $15,000 and Indirect Materials $5,000. The entry to record this transaction should include: *

A debit to Work in Process $10,000 and a credit to Raw Material Inventory $10,000

A debit to Work in Process $15,000, a debit to Manufacturing Overhead $5,000 and a credit to Raw Material Inventory $20,000

A debit to Work in Process $15,000, a credit to Manufacturing Overhead $5,000 and a credit to Raw Material Inventory $20,000

None of the above

5. To manufacture job No. 210, ABC company incurred $150,000 of factory labor, of which $10,000 were employer payroll taxes. The entry to record this transaction would include: *

A debit to Factory Labor $150,000, a credit to Employer Payroll Taxes Payable $10,000 and a credit to Factory Wages Payable $140,000

A debit to Factory Labor $160,000, a credit to Employer Payroll Taxes Payable $10,000 and a credit to Factory Wages Payable $150,000

A debit to Factory Labor $140,000, a debit to Employer Payroll Taxes Payable $10,000 and a credit to Factory Wages payable $150,000

None of the above

6. Time tickets indicated 15,000 labor hours in the production of Job .320, out of which 10,000 were direct labor hours. The company pays $13 per each labor hour. The entry to record this transaction is: *

A debit to Work in Process Inventory $195,000 and a credit to Factory Labor $195,000

A debit to Work in Process Inventory $130,000 and a credit to Factory Labor $130,000

A debit to Work in Process Inventory $130,000, a debit to manufacturing overhead $65,000, and a credit to Factory Labor $195,000

None of the above

7. The journal entry to record the completion of Job No.120 at a cost of $50,000 would include: *

A debit to Work in Process Inventory $50,000 and a credit to Finished Goods Inventory $50,000

A credit to Work in Process Inventory $50,000 and a debit to Finished Goods Inventory $50,000

A debit to Cost of Goods Sold $50,000 and a credit to Finished Goods Inventory $50,000

None of the above

8. Goods costing $75,000 were sold for $90,000 on account. The entry to record this transaction would include: *

A debit to Accounts Receivable $75,000 and a credit to Sales Revenue $75,000

A debit to Cost of Goods Sold $75,000 and a credit to Finished Goods Inventory $75,000

A debit to Cost of Goods Sold $90,000 and a credit to Finished Goods Inventory $90,000

None of the above