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Exam 19: Job Order Costing

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Question 1

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

A) True
B) False

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Question 2

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Which of the following is the correct flow of manufacturing costs?

A) raw materials, work in process, finished goods, cost of goods sold
B) raw materials, finished goods, cost of goods sold, work in process
C) work in process, finished goods, raw materials, cost of goods sold
D) cost of goods sold, raw materials, work in process, finished goods

E) All of the above
F) B) and C)

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Question 3

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

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

The finished goods account is the controlling account for the

During August, the receipts and distributions of Material No. B4G9 are as follows:? (a)Determine the cost of each of the three issues under a perpetual system, using the first-in, first-out method. (b)Present the journal entry to record the issuance of the materials for the month, assuming that the cost of issuances is determined by the first-in, first-out method.

A job order cost system would be appropriate for a crude oil refining business.

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

Recording jobs completed would include a credit to

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

Match the costs that follow to the type of product cost (a-c) or designate as not a product cost (d) . -Assembler's wages

A summary of the materials requisitions completed during a period serves as the basis for transferring the cost of the materials from the controlling account in the general ledger to the controlling accounts for

On November 14, the Milling Department accepted Job 111407A for 1,000 pounds of cereal mix.? Overhead is applied at $5.75 per pound completed. The recipe produced 1,025 pounds of cereal mix. (a)Record the journal entry to transfer raw materials to Job 111407A. (b)Record the journal entry for direct labor incurred for Job 111407A. (c)Record the journal entry to apply manufacturing overhead to Job 111407A. (d)Record the journal entry to transfer Job 111407A to finished goods on November 14.

Match each of the following phrases with the term (a-g) that it most closely describes. -The stock ledger

Cavy Company estimates that total factory overhead costs will be $660,000 for the year. Direct labor hours are estimated to be 100,000.​ (a)Determine the: (1)Predetermined factory overhead rate (2)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 (b)Prepare the journal entry to apply factory overhead for April according to the predetermined overhead rate.

Job order costing and process costing are

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

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

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

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