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Exam 16: Job Order Costing

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Question 71

Multiple Choice

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

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

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

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Question 72

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The materials requisition serves as the source document for debiting the accounts in the materials ledger.

A) True
B) False

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Question 73

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The Cavy Company accumulated 560 hours of direct labor on Job 345 and 800 hours on Job 777.The direct labor was incurred at a rate of $20 per direct labor hour for Job 345 and $21 per direct labor for Job 777.Journalize the entry to record the flow of labor costs into production.

The direct labor and overhead costs of providing services to clients are accumulated in

Selected accounts with a credit amount omitted are as follows ​ ​ What was the balance of Work in Process as of April 30?

Which of the following would record the labor costs to an individual job?

Selected accounts with 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 direct materials in August?

Each account in the work in process subsidiary ledger in a job order costing system is called 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) . -maintenance supplies

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.

Perpetual inventory controlling accounts and subsidiary ledgers are maintained for materials,work in process,and finished goods in job order costing systems.

Which of the following is a period cost?

Recording jobs shipped and customers billed would include a credit to

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

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

A law firm would use a job order cost system to accumulate all of the costs associated with a particular client engagement,such as lawyer time,copying charges,filing fees,and overhead.

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

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

The recording of the application of factory overhead costs to jobs would include a credit to

Cavy Company estimates that total factory overhead costs will be $660,000 for the year.Direct labor hours are estimated to be 100,000. ​ Determine (a)the predetermined factory overhead rate; (b)the amount of factory overhead applied to Job 345 if the amount of direct labor hours is 560 and Job 777 if the amount of direct labor hours is 800; and (c)prepare the journal entry to apply factory overhead for April according to the predetermined overhead rate.