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Exam 2: Job Order Costing

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Question 81

Multiple Choice

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Selected accounts with amounts omitted are as follows If the balance of Work in Process at August 31 is $220,000, what was the amount debited to Work in Process for direct materials in August?

A) $390,000
B) $170,000
C) $525,000
D) $580,000

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

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Question 82

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Materials purchased on account during the month amounted to $190,000.Materials requisitioned and placed in production totaled $156,000.The entry to record the transaction for materials requisitioned by the production department is

A)
B)
C)
D)

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

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Question 83

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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. -salesmen commissions

Which of the following are the two main types of cost accounting systems for manufacturing operations?

Which of the following would not be found in the accounting system of a service provider?

For which of the following businesses would the process cost system be appropriate?

When a job is completed in a service organization, the job costs are transferred to the

A widely used activity base for developing factory overhead rates in highly automated settings is

The following budget data are available for Sharp Company: If factory overhead is applied based on direct labor hours, the amount of overhead to be applied is

Flagler Company allocates overhead based on machine hours.It estimated overhead costs for the year to be $420,000.Estimated machine hours were 50,000.Actual hours and costs for the year were 46,000 machine hours and $380,000 of overhead. Required: a Calculate the overhead application rate for the year. b What is the amount of applied overhead for the year? c What is the amount of under or over applied overhead for the year? Indicate whether it is over or under applied.

Which of the following is a product cost?

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

During the period, labor costs incurred on account amounted to $175,000, including $150,000 for production orders and $25,000 for general factory use.Factory overhead applied to production was $32,000.The entry to record the actual factory overhead costs incurred is

Information about costs developed through a job order cost system cannot be used to evaluate an organization's cost performance.

What is the ending balance of Cost of Goods Sold for Adams Company at the end of the first quarter?

During the period, labor costs incurred on account amounted to $175,000, including $150,000 for production orders and $25,000 for general factory use.In addition, factory overhead charged to production was $32,000.The entry to record the direct labor costs is

Job cost sheets can provide information to managers on unit cost trends, the cost impact of continuous improvement in the manufacturing process, the cost impact of materials changes, and the cost impact of direct materials price or direct labor rate changes over time.

Match each of the following phrases with the term a-g that it most closely describes. -typically used by companies that make custom products

The following account appears in the ledger after only part of the postings have been completed for July, the first month of the current fiscal year: Work in Process Factory overhead is applied to jobs at the rate of 60% of direct labor cost.The actual factory overhead incurred for July was $75,000.Jobs completed during the month totaled $301,200. a Prepare the journal entries to record 1 the application of factory overhead to production during July and 2 the jobs completed during July. b What is the balance of the factory overhead account on July 31? c Was factory overhead over applied or under applied on July 31? d Determine the balance of Work in Process on July 31.

Define and discuss the two main types of cost accounting systems for manufacturing operations.What are their similarities and differences?