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Exam 2: Job Order Costing

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Question 41

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Which of the following would be most likely to use process costing?

A) a custom furniture manufacturer
B) an auto body repair shop
C) a law firm
D) a lawn fertilizer manufacturer

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

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Question 42

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The recording of the jobs completed would include a debit to

A) Factory Overhead
B) Finished Goods
C) Work in Process
D) Cost of Goods Sold

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

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Question 43

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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

Which of the following products would be manufactured using a job order costing system?

The following budget data are available for Sharp Company: If factory overhead is applied based on direct labor hours, the amount of overhead to be applied is

The finished goods account is the controlling account for the

Job order costing and process costing are

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

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?

Selected accounts with amounts omitted are as follows If the balance of Work in Process on August 31 is $220,000, what was the amount debited to Work in Process for direct materials in August?

Cranston Company estimates the following overhead costs for the coming year: Equipment depreciation              $160,000 Equipment maintenance                 60,000 Supervisory salaries                       40,000 Factory rent                                    100,000 Total                                            $360,000 Cranston is also budgeting $600,000 in direct labor costs and 15,000 machine hours for the coming year. (a) Calculate the predetermined overhead rate using direct labor costs as the allocation base. (b) Calculate the predetermined overhead rate using machine hours as the allocation base.

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

Which types of inventories does a manufacturing business report on the balance sheet?

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?

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

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

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

Job cost sheets can provide information to managers for all except

A separate account for each material is found in a

The document authorizing the issuance of materials from the storeroom is a