Dean Hardware, Inc. is comprised of five operating segments. Information about each of these segments is as follows (in thousands): Rakes Pails Shovels Hardware AccessoriesSales to outsiders$94 $506 $44 $122 $28 Intersegment transfers 4 26 14 30 24 Interest revenue - outsiders 2 - 4 8 - Interest revenue - intersegment - 6 - - 22 Operating expenses - outsiders 116 414 40 102 26 Operating expenses - intersegment 2 20 6 16 22 Interest expense - 12 - 2 22 Income taxes (4) 10 4 6 2 Tangible assets 18 116 12 12 8 Intangible assets - - 4 8 6 Intersegment
receivables 8 6 - - - ?Which operating segments are reportable under the revenue test?
A. Pails and Hardware.
B. Rakes, Hardware, and Accessories.
C. Rakes and Hardware.
D. Rakes and Pails.
E. Rakes, Pails, and Hardware.
Answer: E
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Portside Watercraft uses a job order costing system. During one month Portside purchased $173,000 of raw materials on credit; issued materials to production of $164,000, of which $24,000 were indirect. Portside incurred a factory payroll cost of $95,000, of which $25,000 was indirect labor. Portside uses a predetermined overhead rate of 170% of direct labor cost. The journal entry to record the issuance of materials to production is:
A. Debit Raw Materials Inventory $153,000; credit Accounts Payable $153,000. B. Debit Work in Process Inventory $140,000; debit Factory Overhead $24,000; credit Raw Materials Inventory $164,000. C. Debit Finished Goods Inventory $140,000; credit Raw Materials Inventory $140,000. D. Debit Raw Materials Inventory $195,000; credit Work in Process Inventory $195,000. E. Debit Work in Process Inventory $140,000; debit Raw Materials Inventory $24,000; credit Materials Inventory $164,000.
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