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Exam 17: Job Order Costing

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Question 81

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Which of the following products probably would be manufactured using a job order costing system?

A) Number 2 pencils
B) Computer monitors.
C) Wedding invitations.
D) Paper.

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

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Question 82

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The Thomlin Company forecasts that total overhead for the current year will be $15,000,000 and that total machine hours will be 300,000 hours. Year to date, the actual overhead is $16,000,000 and the actual machine hours are 330,000 hours. If the Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date) the overhead is over/under applied by

A) $1,000,000 overapplied
B) $1,000,000 underapplied
C) $500,000 overapplied
D) $500,000 underapplied

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

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Question 83

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Job order costing and process costing are

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

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

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

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

A service organization will not use the job order costing method because it has no direct materials.

A receiving report is prepared when purchased materials are first received by the manufacturing department.

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

In the job order system, the finished goods account is the controlling account for the factory overhead ledger.

The source of the data for debiting Work-in-Process for direct materials is the:

A summary of the materials requisitions completed during a period serves as the basis for transferring the cost of the materials from the controlling account in the general ledger to the controlling accounts for:

Technics Inc., a manufacturing company, utilizes job order costing. Each division establishes its own estimates regarding overhead which are as follows: Required: 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?

Which of the following costs are NOT included in finished goods inventory?

Which of the following is the correct flow of manufacturing costs?

The Thomlin Company forecasts that total overhead for the current year will be $15,000,000 and that total machine hours will be 300,000 hours. Year to date, the actual overhead is $16,000,000 and the actual machine hours are 330,000 hours. If the Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, what is that overhead rate?

When job 711 was completed, direct materials totaled $4,000; direct labor, $5,600; and factory overhead, $2,400 respectively. Units produced totaled 1,000. Unit costs are:

Zeke Company is a manufacturing company that has worked on several production jobs during the 1st quarter of the year. Below is a list of all the jobs for the quarter: Job 356, 357, 358 & 359 were completed. Jobs 356 & 357 were sold at a profit of $500 on each job. What is the ending balance of Finished Goods for Zeke Company as of the end of the 1st quarter?

The details concerning the costs incurred on each job order are accumulated in a work in process account, which is supported by a: