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Exam 2: Job Order Costing

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Question 71

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

A) True
B) False

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Question 72

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List the accounts used in the cost flow for a a manufacturer and b a service provider.

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a Materials
Wages Payable
Fact...

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Question 73

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The 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?

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

A manufacturer may employ a job order cost system for some of its products and a process cost system for others.

Prepare the journal entry for materials and labor, based on the following: Raw materials issued: Job No.609, $850; for general use in factory, $600 Labor time tickets: Job No.609, $1,600; $400 for supervision

Match each of the following phrases with the term a-g that it most closely describes. -applied overhead is less than actual overhead incurred

The amount of time spent by an employee on an individual job are recorded on

Recording jobs completed would include a credit to

Period costs are costs that are incurred for the production requirements of a certain period.

A summary of the time tickets for August follows: Present the journal entries to record a the labor cost incurred and b the application of factory overhead to production for August.The factory overhead rate is 70% of direct labor cost.

Which of the following is the correct flow of manufacturing costs?

What is the balance of Sales for Adams Company at the end of the first quarter?

Which types of inventories does a manufacturing business report on the balance sheet?

A job order cost system would be appropriate for a crude oil refining business.

The document that serves as the basis for recording direct labor on a job cost sheet is the clock card.

The Thomlin Company forecasts that total overhead for the current year will be $15,000,000 with 300,000 total machine hours.Year to date, the actual overhead is $16,000,000 and the actual machine hours are 330,000 hours.If the Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time year to date, the overhead is

The basis for recording direct and indirect labor costs incurred is a summary of the period's

The 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 was 4,780.If the actual factory overhead totaled $141,800, determine the over- or under applied amount for the month.

The Cavy Company estimates that the factory overhead for the following year will be $1,470,000.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 was 4,780.Prepare the journal entry to apply factory overhead.