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Exam 19: Job Order Costing

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Question 61

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Match each of the following phrases with the term (a-g) that it most closely describes. -Applied overhead is more than actual overhead incurred

A) Job order cost system
B) Process cost system
C) Activity-based costing
D) Underapplied overhead
E) Overapplied overhead
F) Finished goods ledger
G) Materials ledger

H) C) and G)
I) C) and F)

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Question 62

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Costs that are incurred in generating revenues during the period, but are not involved in the manufacturing process, are referred to as

A) period costs
B) conversion costs
C) factory overhead costs
D) product costs

E) A) and B)
F) None of the above

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Question 63

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Cavy Company completed 26,000 units during the year at a cost of $2,139,800. The beginning finished goods inventory was 5,000 units valued at $405,000. Assuming a FIFO cost flow, determine the cost of goods sold for 20,000 units.

Match the costs that follow to the type of product cost (a-c) or designate as not a product cost (d) . -Salespeople commissions

Jase Company allocates overhead based on a predetermined overhead rate of $9.00 per direct labor hour. Job J904 required 8 tons of direct material at a cost of $600 per ton and took employees who earn $21 per hour a total of 80 hours to complete. What is the total cost of Job J904?

Selected accounts with amounts omitted are as follows:​ ​​ If the balance of Work in Process on August 31 is $220,000, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs?

A process cost accounting system provides for a separate record of the cost of each particular quantity of product that passes through the factory.

The direct labor and overhead costs of providing services to clients are accumulated in a work in process account.

Cavy Company estimates that the factory overhead for the following year will be $1,250,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 40,000 hours. The machine hours for the month of April for all of the jobs were 4,780. If the actual factory overhead totaled $141,800, determine the over- or underapplied amount for the month.

Each account in the work in process subsidiary ledger in a job order costing system is called a job cost sheet.

Match each of the following phrases with the term (a-e) that it most closely describes it. Each term will be used only once. -The process by which factory overhead is assigned to a cost object

Use the budget data shown below for Sharp Company to answer the questions that follow: $\begin{array} { l r } \text { Estimated direct labor hours } & 12,000 \\\text { Estimated direct labor dollars } & \$ 90,000 \\\text { Estimated factory overhead costs } & \$ 179,000 \\\text { Actual direct labor hours } & 11,500 \\\text { Actual direct labor dollars } & \$ 92,000 \\\text { Actual factory overhead costs } & \$ 180,000\end{array}$ -A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $360,000 and direct labor hours would be 30,000. Actual manufacturing overhead costs incurred were $377,200, and actual direct labor hours were 36,000. The entry to apply the factory overhead costs for the year would include a

Use the budget data shown below for Sharp Company to answer the questions that follow: $\begin{array} { l r } \text { Estimated direct labor hours } & 12,000 \\\text { Estimated direct labor dollars } & \$ 90,000 \\\text { Estimated factory overhead costs } & \$ 179,000 \\\text { Actual direct labor hours } & 11,500 \\\text { Actual direct labor dollars } & \$ 92,000 \\\text { Actual factory overhead costs } & \$ 180,000\end{array}$ -A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $360,000 and direct labor hours would be 30,000. Actual manufacturing overhead costs incurred were $377,200, and actual direct labor hours were 36,000. What is the predetermined overhead rate per direct labor hour?

A process cost accounting system provides product costs for each of the departments or processes within the factory.

Discuss the use of job order costing for professional services businesses. What are the similarities and differences between service and manufacturing business job order costing?

The amount of time spent by an employee in the factory is usually recorded on

The entry to record the flow of direct labor costs into production in a job order cost accounting system is to

Which of the following represents the factory overhead applied to a product?

A service organization will not use the job order costing method because it has no direct materials.

At the end of July, the first month of the current fiscal year, the factory overhead account had a debit balance. Which of the following describes the nature of this balance and how it would be reported on the interim balance sheet?