FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 16: Job Order Costing

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 51

Multiple Choice

Review LaterAdd Note

Review Later

A separate account for each material is found in a

A) general ledger
B) materials ledger
C) receiving report
D) job cost sheet

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

Correct Answer

verified

Show Answer

Question 52

Essay

Review LaterAdd Note

Review Later

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.

Correct Answer

verified

(a) Work in Process 39,200 Fac...

View Answer

Show Answer

Question 53

True/False

Review LaterAdd Note

Activity-based costing is a method of accumulating and allocating costs by department.

Which of the following is a product cost?

For a manufacturing business,products that are in the process of being manufactured are referred to as

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 $23,000.The entry to record the factory overhead applied to production is

The entries to record cost and sale of a finished good on account is

Direct labor cost is an example of a period cost.

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

Match each of the following phrases with the term (a-e) that it most closely describes it.Each term will be used only once.​ -the process by which factory overhead is assigned to a cost object

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

National Survey Company uses a job order cost system.

Cranston Company estimates the following overhead costs for the coming year: Equipment depreciation $160,000 Equipment maintenance 60,000 Supervisory salaries 40,000 Factory rent ​ 100,000 Total $360,000 ​ Cranston is also budgeting $600,000 in direct labor costs and 15,000 machine hours for the coming year. (a)Calculate the predetermined overhead rate using direct labor costs as the allocation base. (b)Calculate the predetermined overhead rate using machine hours as the allocation base.

Selected accounts with some amounts omitted are as follows ​ ​ If the balance of Work in Process on August 31 is $220,000,what was the amount debited to Work in Process for factory overhead in August,assuming a factory overhead rate of 30% of direct labor costs?

Record the journal entries for the following transactions: 1. March 10: 500 units of raw materials were purchased on account at $4.00 per unit. 2. March 15: 250 units of raw materials were requisitioned at $4.50 per unit for production,Job 872. 3. March 25: 215 units of raw materials were requisitioned at $5.00 per unit for production,Job 879.

Match each of the following phrases with the term (a-e) that it most closely describes it.Each term will be used only once.​ -serves as the basis for recording direct labor on a job cost sheet

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

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: ​ 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.

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

Technics Inc.,a manufacturing company,utilizes job order costing.Each division establishes its own estimates regarding overhead,which are as follows: ​ Division A Division B Total estimated overhead $128,000 $261,000 Total estimated machine hours 16,000 72,500 Total estimated direct labor costs $155,000 $290,000 If Division A allocates overhead on the basis of machine hours,and Division B allocates overhead as a percentage of direct labor costs,what would the predetermined overhead rate be for each division?