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Exam 2: Job Order Costing

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Question 91

Multiple Choice

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Which of the following is not a characteristic of a job order costing system?

A) It accumulates cost for each department within the factory.
B) It provides a separate record for the cost of each quantity of product that passes through the factory.
C) It is best suited for industries that manufacture custom goods.
D) It uses only one work in process account.

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

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Question 92

Multiple Choice

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At the end of the year, overhead applied was $42,000,000.Actual overhead was $40,300,000.Closing over/under applied overhead into Cost of Goods Sold would cause net income to

A) increase by $1,700,000
B) decrease by $1,700,000
C) increase by $3,400,000
D) decrease by $3,400,000

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

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Question 93

Multiple Choice

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The source document for the data for debiting Work in Process for direct materials is a

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

On May 15, the stamping department accepted Job 051507A to make 1,000 funnels.Materials requisitioned was 1,100 sheets at $1.20 per sheet and 1,150 grommets at $0.15 per set.The cost driver used by stamping department is the drop-forge strokes indicated by a machine mounted counter.Overhead is applied at $2.25 for each drop-forge stroke.Additionally, $375.00 of overhead is applied to each job due to setup and tear down.Direct labor is applied at $22.50 per hour for the machine operator and $11.10 for the machine loader.The job required 6.5 hours of labor. Upon completion, the job was transferred to Finished Goods Inventory.Journalize all events as of May 15.

During April, Cavy Company incurred factory overhead as follows: Record the entry for factory overhead incurred during April.

A difference in quantity of materials used on two comparable jobs may be caused by

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

Match each of the following phrases with the term a-g that it most closely describes. -the stock ledger

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

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 factory overhead costs incurred were $377,200, and actual direct labor hours were 36,000.What is the amount of over applied or under applied manufacturing overhead at the end of the year?

At the end of April, Cavy Company had completed Jobs 766 and 765.The individual job cost sheets reveal the following information: Job 765 produced 152 units, and Job 766 consisted of 250 units. Assuming that the predetermined overhead rate is applied by using machine hours at a rate of $200 per hour, determine the a balance on the job cost sheets for each job, and b the cost per unit at the end of April.

The details concerning the costs incurred on each job order are accumulated in a work in process account and supported by a

A separate account for each material is found in a

Job order cost accounting systems may be used to evaluate a company's efficiency.

Depreciation expense on factory equipment is part of factory overhead cost.

Bar code scanners are now being used to track incoming materials and to electronically transmit this data.Scanners have replaced which of the following?

In a factory with several processing departments, a single factory overhead rate may not provide accurate product costs and effective cost control.

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

The job order costing system is used by service firms to determine revenues, expenses, and ultimately profit.