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The direct labor and overhead costs of providing services to clients are accumulated in


A) finished services expense
B) work in process
C) administrative salaries expense
D) overhead

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

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Which of the following entries would not be found on the books of a service provider?


A) a debit to Work in Process; and a credit to Materials
B) a debit to Work in Process; and a credit to Wages Payable
C) a debit to Work in Process; and a credit to Overhead
D) a debit to Cost of Services; and a credit to Work in Process

E) C) and D)
F) None of the above

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Match the costs that follow to the type of product cost a-c or designate as not a product cost d. -factory supervisor's salary


A) direct labor
B) direct materials
C) factory overhead
D) not a product cost

E) B) and C)
F) A) and C)

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The period costs of a textbook printer would include


A) wages of a press operator
B) factory insurance costs
C) CEO salary expense
D) paper costs

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

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Costs that are treated as assets until the product is sold are


A) product costs
B) period costs
C) conversion costs
D) selling expenses

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

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Cavy Company estimates that total factory overhead costs will be $660,000 for the year.Direct labor hours are estimated to be 100,000. Determine a the predetermined factory overhead rate; b the amount of factory overhead applied to Job 345 if the amount of direct labor hours is 560 and Job 777 if the amount of direct labor hours is 800; and c prepare the journal entry to apply factory overhead for April according to the predetermined overhead rate.

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a $660,000/100,000 = $6.60
b J...

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Which of the following is the formula to calculate the predetermined factory overhead rate?


A) estimated total factory overhead costs divided by estimated activity base
B) actual total factory overhead costs divided by estimated activity base
C) estimated total factory overhead costs divided by actual activity base
D) actual total factory overhead costs divided by actual activity base

E) C) and D)
F) B) and C)

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Perpetual inventory controlling accounts and subsidiary ledgers are maintained for materials, work in process, and finished goods in job order costing systems.

A) True
B) False

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The following budget data are available for Sharp Company: The following budget data are available for Sharp Company: If factory overhead is to be applied based on direct labor dollars, the predetermined overhead rate is A) 199% B) 196% C) $14.92 D) $15.65 If factory overhead is to be applied based on direct labor dollars, the predetermined overhead rate is


A) 199%
B) 196%
C) $14.92
D) $15.65

E) All of the above
F) A) and D)

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Six selected transactions for the current month are indicated by letters in the following T accounts in a job order cost accounting system: Materials Work in Process Six selected transactions for the current month are indicated by letters in the following T accounts in a job order cost accounting system: Materials Work in Process a a d b c Wages Payable f b Factory Overhead Finished Goods a c d e b f f Cost of Goods Sold e f Describe each of the six transactions. Six selected transactions for the current month are indicated by letters in the following T accounts in a job order cost accounting system: Materials Work in Process a a d b c Wages Payable f b Factory Overhead Finished Goods a c d e b f f Cost of Goods Sold e f Describe each of the six transactions. a a d b c Wages Payable f Six selected transactions for the current month are indicated by letters in the following T accounts in a job order cost accounting system: Materials Work in Process a a d b c Wages Payable f b Factory Overhead Finished Goods a c d e b f f Cost of Goods Sold e f Describe each of the six transactions. b Factory Overhead Finished Goods Six selected transactions for the current month are indicated by letters in the following T accounts in a job order cost accounting system: Materials Work in Process a a d b c Wages Payable f b Factory Overhead Finished Goods a c d e b f f Cost of Goods Sold e f Describe each of the six transactions. Six selected transactions for the current month are indicated by letters in the following T accounts in a job order cost accounting system: Materials Work in Process a a d b c Wages Payable f b Factory Overhead Finished Goods a c d e b f f Cost of Goods Sold e f Describe each of the six transactions. a c d e b f f Cost of Goods Sold Six selected transactions for the current month are indicated by letters in the following T accounts in a job order cost accounting system: Materials Work in Process a a d b c Wages Payable f b Factory Overhead Finished Goods a c d e b f f Cost of Goods Sold e f Describe each of the six transactions. e f Describe each of the six transactions.

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a direct and indirect materials are issu...

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The document authorizing the issuance of materials from the storeroom is a


A) materials requisition
B) purchase requisition
C) receiving report
D) purchase order

E) None of the above
F) All of the above

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Which of the following is a period cost?


A) depreciation on factory lunchroom furniture
B) salary of telephone receptionist in the sales office
C) salary of a security guard for the factory parking lot
D) computer chips used by a computer manufacturer

E) A) and D)
F) B) and D)

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Materials purchased on account during the month totaled $190,000.Materials requisitioned and placed in production totaled $165,000.The journal entry to record the material purchase on account is


A) Materials purchased on account during the month totaled $190,000.Materials requisitioned and placed in production totaled $165,000.The journal entry to record the material purchase on account is A) B) C) D)
B) Materials purchased on account during the month totaled $190,000.Materials requisitioned and placed in production totaled $165,000.The journal entry to record the material purchase on account is A) B) C) D)
C) Materials purchased on account during the month totaled $190,000.Materials requisitioned and placed in production totaled $165,000.The journal entry to record the material purchase on account is A) B) C) D)
D) Materials purchased on account during the month totaled $190,000.Materials requisitioned and placed in production totaled $165,000.The journal entry to record the material purchase on account is A) B) C) D)

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

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Which of the following products would be manufactured using a job order costing system?


A) a cell phone
B) a highlighter pen
C) a graduation invitation
D) a recliner

E) A) and B)
F) B) and C)

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Sanders Inc.has applied $567,988 of overhead to jobs in the cost ledger.Actual overhead at the end of the year is $575,000.The adjustment for over or under applied overhead is


A) $7,012 over applied, increase Cost of Goods Sold
B) $7,012 under applied, increase Cost of Goods Sold
C) $7,012 over applied, decrease Cost of Goods Sold
D) $7,012 under applied, decrease Cost of Goods Sold

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

Correct Answer

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