FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 2: Job Order Costing

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 71

Multiple Choice

Review LaterAdd Note

Review Later

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

A) debit Factory Overhead, credit Work in Process
B) debit Finished Goods, credit Wages Payable
C) debit Work in Process, credit Wages Payable
D) debit Factory Overhead, credit Wages Payable

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

Correct Answer

verified

Show Answer

Question 72

True/False

Review LaterAdd Note

Review Later

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

A) True
B) False

Correct Answer

verified

Show Answer

Question 73

Essay

Review LaterAdd Note

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 in April according to the predetermined overhead rate.

Job order costing and process costing are

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

The following are true regarding product costs except

Crain Company budgeted 35,000 direct labor hours and incurred 40,000 direct labor hours. It incurred $780,000 of overhead and estimated overhead was $735,000. What is Crain's predetermined overhead rate? Was overhead overapplied or underapplied for the year? By how much?

Job cost sheets can provide information to managers for all but the following:

Information about costs developed through a job order cost system can not be used to evaluate an organization's cost performance.

When the goods are sold, their costs are transferred from Work in Process to Finished Goods.

In a job order cost accounting system for a service business, materials costs are normally included as part of overhead.

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

Generally, period costs are classified as either

Each account in the cost ledger in a job order system is called a job cost sheet.

Put the following in the order of the flow of manufacturing costs for a company a. Closing under/over applied factory overhead to cost of goods sold b. Materials purchased c. Factory labor used and factory overhead incurred in production d. Completed jobs moved to finished goods e. Factory overhead applied to jobs according to the predetermined overhead rate f. Materials requisitioned to jobs g. Selling of finished product h. Preparation of financial statements to determine gross profit

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

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 Sales for Zeke Company as of the end of the 1st quarter?

Which of the following is not true about why a service firm will use the job order costing system?

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

During June, the receipts and issuances of Material No. A2FO are as follows: