FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 17: Job Order Costing

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 21

Essay

Review LaterAdd Note

Review Later

Record in good journal entry format the following transactions:

Correct Answer

verified

Show Answer

Question 22

True/False

Review LaterAdd Note

Review Later

As product costs are incurred in the manufacturing process, they are accounted for as assets and reported on the balance sheet as inventory.

A) True
B) False

Correct Answer

verified

Show Answer

Question 23

True/False

Review LaterAdd Note

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

Materials purchased on account during the month amounted to $180,000. Materials requisitioned and placed in production totaled $165,000. From the following, select the entry to record the transaction on the day the materials were bought.

The following budget data are available for Happy Company: If factory overhead is to be applied based on direct labor dollars, the predetermined overhead rate is

Direct labor cost is an example of a period cost.

Job order cost accounting systems may be used to evaluate a company's efficiency.

Job order cost accounting systems may be used for planning and controlling a service business.

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.

Which of the following is not a characteristic of a job order costing system?

The balance of Material Q on May 1 and the receipts and issuances during May are as follows: Determine the cost of each of the issuances under a perpetual system, using the first-in, first-out method.

Selected accounts with some debits and credits omitted are presented as follows: If the balance of Work in Process at October 31 is $21,000, what was the amount of factory overhead applied in October?

Which of the following entries would probably not be found on the books of a service provider?

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

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

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

A process cost accounting system accumulates costs for each of the departments or processes within the factory.

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

The amount of time spent by each employee and the labor cost incurred for each individual job or for factory overhead are recorded on:

A summary of the time tickets for August follows: Present the journal entries to record (a) the labor cost incurred and (b) the application of factory overhead to production for August. The factory overhead rate is 70% of direct labor cost.