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Exam 16: Job Order Costing

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Question 101

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Match each of the following costs with the appropriate classification (a-e).​ -Bandages for the emergency room of a hospital A)Product cost - direct materials B)Product cost - direct labor C)Product cost - factory overhead D)Period cost - selling expense E)Period cost - administrative expense

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Question 102

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Journalizing the entry to record jobs shipped and customers billed would include a debit to

A) Accounts Payable
B) Cash
C) Finished Goods
D) Cost of Goods Sold

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

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Question 103

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

Cavy Company estimates that the factory overhead for the following year will be $1,470,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 40,000 hours. The machine hours for the month of April for all of the jobs were 4,780. Journalize the entry to record the factory overhead applied in April.

On the balance sheet for a manufacturing business, the cost of direct materials, direct labor, and factory overhead, which have entered into the manufacturing process but are associated with products that have not been finished, are reported as direct materials inventory.

Cavy Company estimates that the factory overhead for the following year will be $1,250,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 40,000 hours. The machine hours for the month of April for all of the jobs were 4,780. If the actual factory overhead for April totaled $141,800, determine the over- or underapplied amount for the month.

Thomlin Company forecasts that total overhead for the current year will be $15,000,000 with 300,000 total machine hours. Year to date, the actual overhead is $16,000,000 and the actual machine hours are 330,000 hours. If Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date) , the overhead is

The finished goods account is the controlling account for the

Winston Company estimates that the factory overhead for the following year will be $1,250,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 50,000 hours. The total machine hours for the year were 54,300 hours. The actual factory overhead for the year was $1,375,000.​ a. Determine the total factory overhead amount applied. b. Compute the over- or underapplied amount for the year. c. Journalize the entry to transfer the over- or underapplied factory overhead to cost of goods sold.

Reynolds Manufacturers Inc. has estimated total factory overhead costs of $95,000 and expected direct labor hours of 9,500 for the current fiscal year. If Job 117 incurs 2,300 direct labor hours, Work in Process will be debited and Factory Overhead will be credited for

Cavy Company completed 26,000 units during the year at a cost of $2,139,800. The beginning finished goods inventory was 5,000 units valued at $405,000. Assuming a FIFO cost flow, determine the cost of goods sold for 20,000 units.

Adams Company is a manufacturing company that has worked on several production jobs during the first quarter of the year. Below is a list of all the jobs for the quarter: Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job. -What is the gross profit for Adams Company at the end of the first quarter?

In a job order cost accounting system, when goods that have been ordered are received, the receiving department personnel count the goods, inspect the goods, and complete a

Match the costs that follow to the type of product cost (a-c) or designate as not a product cost (d). -Machine operator's wages A)Direct labor B)Direct materials C)Factory overhead D)Not a product cost

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

Which of the following would not be found in the accounting system of a service provider?

Match each of the following costs with the appropriate classification (a-e).​ -Long-distance telephone bill for calls made by salespersons A)Product cost - direct materials B)Product cost - direct labor C)Product cost - factory overhead D)Period cost - selling expense E)Period cost - administrative expense

Selected accounts with a credit amount omitted are as follows: What was the balance of Work in Process as of April 30?

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

For a manufacturing business, products that are in the process of being manufactured are referred to as