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Exam 17: Job Order Costing

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Question 1

Multiple Choice

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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) . -plastic parts

A) direct labor
B) direct materials
C) factory overhead
D) not a product cost

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

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Question 2

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

A) True
B) False

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Question 3

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Classify each of the preceding costs as product costs or period costs. For those costs classified as product costs, indicate whether the product cost is a direct materials cost, direct labor cost, or factory overhead cost. For those costs classified as period costs, indicate whether the period cost is a selling expense or an administrative expense. Use the following tabular headings for preparing your answer. Place an X in the appropriate column. ANSWER: -List the accounts used in the cost flow for a) a manufacturer and b) a service provider.

Selected accounts with some amounts omitted are as follows If the balance of Work in Process at August 31 is $220,000, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs?

At the end of the fiscal year, the balance in Factory Overhead is small. The balance would be

At the end of the year, overhead applied was $42,000,000. Actual overhead was $40,300,000. Closing over/under applied overhead into Cost of Goods Sold would cause net income to

Recording jobs shipped and customers billed would include a credit to

Define and discuss the two main types of cost accounting systems for manufacturing operations. What are their similarities and differences?

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

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

Match the costs that follow to the type of product cost a-c) or designate as not a product cost d) . -salesmen commissions

Which of the following is the formula to calculate the predetermined factory overhead rate?

The amount of time spent by an employee on an individual job are recorded on

The Jase Company allocates overhead based on a predetermined overhead rate of $9.00 per direct labor hour. Job J904 required 8 tons of direct material at a cost of $600 per ton and took employees who earn $21 per hour a total of 80 hours to complete. What is the total cost of Job J904?

If the amount of factory overhead cost incurred exceeds the amount applied, the factory overhead account will have a

Recording jobs shipped and customers billed would include a debit to

Which of the following are the two main types of cost accounting systems for manufacturing operations?

The journal entry to record the transfer of 1,600 units of part number 1177 with a value of $2.50 each, to work in process is

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

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