account balances

At the beginning of 2012, Conway Manufacturing Company had the following account balances: During the year, the following transactions took place: After these transactions have been recorded, the preliminary balance in the Finished goods account is a: debit of $508,000. debit of $500,000. debit of $573,000. debit of $65,000. Question 2 Which of the following correctly describes the term cost driver? The inflation rate which causes costs to rise The initial purchase price of direct materials The primary factor which is correlated with the amount of cost incurred to produce a product The total material, labor, and overhead cost of a completed job Question 3 The records at Smith and Jones Company show Job. No. 110 charged with $11,000 of direct materials and $12,500 of direct labor. Smith and Jones Company allocates manufacturing overhead at 85% of direct labor cost. What is the total cost of Job No. 110? $20,625 $34,125 $22,500 $21,625 Question 4 On June 30, Coraline Company finished job number 750, with total job costs of $4,600, and transferred the costs to Finished goods. On July 6, they completed the sale of the goods to a customer for $5,100 cash. In order to record the sale, two entries are necessary, one to record revenue, and one to record cost of goods sold. Which of the following is the correct entry needed to record the revenues? Debit Finished goods inventory $4,600, credit Sales revenue $4,600 Debit cash $5,100, credit Sales revenue $5,100 Debit Sales revenue $5,100, credit Cash $5,100 Debit Cost of goods sold $4,600, credit Sales revenue $4,600