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Exam 2: Job Order Costing

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Question 31

True/False

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

A) True
B) False

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Question 32

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The job order costing system is not used by service organizations.

A) True
B) False

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Question 33

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Match the costs that follow to the type of product cost a-c or designate as not a product cost d. -machine operator

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

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

The inventory accounts generally maintained by a manufacturing firm are only finished goods and materials.

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

The Winston Company estimates that the factory overhead for the following year will be $1,250,000.The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 50,000 hours.The total machine hours for the year was 54,300.The actual factory overhead for the year was $1,375,000.Determine the over- or under applied amount for the year.

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 over applied or under applied for the year? By how much?

If factory overhead applied exceeds the actual costs, the factory overhead account will have a credit balance.

If factory overhead applied exceeds the actual costs, overhead is said to be under applied.

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

In a job order cost accounting system, the entry to record the flow of direct materials into production is

The balance of Material Q on May 1 and the receipts and issuances during May are as follows: Balance, May 1 8 at $32 Received, May 11 23 at $33 Received, May 25 15 at $35 Issued, May 17 14 Issued, May 27 18 Determine the cost of each of the issuances under a perpetual system, using the FIFO method.

When Job 117 was completed, direct materials totaled $4,400; direct labor, $5,600; and factory overhead, $2,400.A total of 1,000 units were produced at a per-unit cost of

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

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

The Cavy Company estimates that the factory overhead for the following year will be $1,250,000.The company has determined that the basis for applying factory overhead will be machine hours, which is estimated to be 40,000 hours.There are 4,780 machine hours for all of the jobs in the month of April.What is the amount that will be applied to all of the jobs for the month of April?

The recording of the jobs completed would include a debit to

The cost of production of completed and transferred goods during the period amounted to $540,000, and the finished products shipped to customers had total production costs of $375,000.The entry to record the transfer of costs from work in process to finished goods is