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Exam 16: Job Order Costing

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Question 21

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The current year's advertising costs are normally considered period costs.

A) True
B) False

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Question 22

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

A) $456
B) $1,067
C) $1,685
D) $2,752

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

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Question 23

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

Generally accepted accounting principles require companies to use only one factory overhead rate for product costing.

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

What is the gross profit for Adams Company at the end of the first quarter?

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

The Thomlin Company forecasts that total overhead for the current year will be $15,500,000 with 250,000 total machine hours.Year to date,the actual overhead is $16,000,000 and the actual machine hours are 330,000 hours.The predetermined overhead rate based on machine hours is

On November 14,the Milling Department accepted Job 111407A for 1,000 pounds of cereal mix. ​ Overhead is applied at $5.75 per pound completed.The recipe produced 1,025 pounds of cereal mix.

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

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

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​

Interim financial statements for a manufacturing business would report overapplied factory overhead as a deferred item on the balance sheet.

On the balance sheet for a manufacturing business,the cost of direct materials,direct labor,and factory overhead,which have entered into the manufacturing process but are associated with products that have not been finished,are reported as direct materials inventory.

The balance of Material Q on May 1 and the receipts and issuances during May are as follows: ​ Determine the cost of each of the issuances under a perpetual system,using the FIFO method.

Nonmanufacturing costs are generally classified into two categories: selling and administrative.

Match each of the following phrases with the term (a-e) that it most closely describes it.Each term will be used only once.​ -prepared when materials that have been ordered are received and inspected

The period costs of a textbook printer would include

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. ​ (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 overapplied overhead for the year? Indicate whether it is over or underapplied.

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