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 81

Multiple Choice

Review LaterAdd Note

Review Later

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

A) canned soup processor
B) oil refinery
C) lumber mill
D) hospital

E) None of the above
F) A) and B)

Correct Answer

verified

Show Answer

Question 82

True/False

Review LaterAdd Note

Review Later

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

A) True
B) False

Correct Answer

verified

Show Answer

Question 83

Multiple Choice

Review LaterAdd Note

The finished goods account is the controlling account for the

A process cost accounting system is best used by manufacturers of like units of product that are not distinguishable from each other during a continuous production process.

A manufacturing company applies factory overhead based on direct labor hours.At the beginning of the year,it estimated that factory overhead costs would be $360,000 and direct labor hours would be 30,000.Actual manufacturing overhead costs incurred were $377,200,and actual direct labor hours were 36,000.What is the predetermined overhead rate per direct labor hour?

Each document in the cost ledger is called a

The amount of time spent by an employee in the factory is usually recorded on

At the end of April,Cavy Company had completed Jobs 766 and 765.The individual job cost sheets reveal the following information: ​ Job 765 produced 152 units,and Job 766 consisted of 250 units. Assuming that the predetermined overhead rate is applied by using machine hours at a rate of $200 per hour,determine the (a)balance on the job cost sheets for each job,and (b)the cost per unit at the end of April.

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

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 $32,000.The entry to record the actual factory overhead costs incurred is

The details concerning the costs incurred on each job order are accumulated in a work in process account and supported by a

The recording of the factory labor incurred for general factory use would include a debit to

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

All of the following are true regarding product costs except ​

If the underapplied factory overhead amount is immaterial,it is transferred to Cost of Goods Sold at the end of the fiscal year.

A difference in quantity of materials used on two comparable jobs may be caused by

Depreciation expense on factory equipment is part of factory overhead cost.

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

Job order cost systems can be used to compare unit costs of similar jobs to determine if costs are staying within expected ranges.

A manufacturing company applies factory overhead based on direct labor hours.At the beginning of the year,it estimated that factory overhead costs would be $360,000 and direct labor hours would be 30,000.Actual manufacturing overhead costs incurred were $377,200,and actual direct labor hours were 36,000.The entry to apply the factory overhead costs for the year would include a