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Exam 15: Job Order Costing and Analysis

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Question 61

Multiple Choice

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Labor costs in manufacturing can be:

A) Direct or indirect.
B) Indirect or sunk.
C) Direct or payroll.
D) Indirect or payroll.
E) Direct or sunk.

F) A) and E)
G) B) and E)

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Question 62

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Cost accounting systems used by manufacturing companies are based on the:

A) Periodic inventory system.
B) Perpetual inventory system.
C) Finished goods inventories.
D) Weighted average inventories.
E) LIFO inventory system

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

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Question 63

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The ending inventory of finished goods has a total cost of $9,000 and consists of 600 units.If the overhead applied to these goods is $3,000,and the overhead rate is 75% of direct labor,how much direct materials cost was incurred in producing these units?

Erlander Company uses a job order cost accounting system.On November 1,$15,000 of direct materials and $3,500 of indirect materials were requisitioned for production.Prepare the general journal entry to record this requisition.

The amount by which overhead incurred during a period exceeds the overhead applied to jobs is:

The production activities for a customized product represent a(n) :

Job order manufacturing systems would be appropriate for companies that produce training films for a specific customer.

Job order manufacturing systems would be appropriate for companies that produce compact disks or disposable cameras.

The job order cost sheets used by Garza Company revealed the following: $\begin{array} { c c c } \text { Job. No. } & \text { Bal. May 1 } & \text { May Production } \\&&\text { Costs } \\124 & \$ 1,700 & \$-- \\125 & 1,200 & 300 \\126 &-- & 900\end{array}$ Job No.125 was completed during May and Jobs No.124 and 125 were shipped to customers in May.What was the company's cost of goods sold for May and the goods in process inventory on May 31?

A company's predetermined overhead allocation rate is 130% based on direct labor cost.How much overhead would be allocated to Job No.105 if it required total direct labor costs of $60,000?

Time tickets for factory employees during the month of August are summarized as follows: $\begin{array} { l r } \text { Job } 919 & \$ 9,800 \\\text { Job } 920 & 14,650 \\\text { Job } 921 & 12,250 \\\text { Job } 922 & 16,000 \\\text { Total direct labor } & \$ 52,700 \\\text { Indirect labor } & 16,800 \\\text { Total labor cost } & \$ 69,500\end{array}$ Prepare the necessary journal entries to record factory payroll.

A company's file of job cost sheets for finished but unsold jobs equals the balance in the Finished Goods Inventory account.

Materials requisitions and time tickets are cost accounting source documents.

If actual overhead incurred during a period exceeds applied overhead,the difference will be a credit balance in the Factory Overhead account at the end of the period.

The file of job cost sheets for completed but undelivered jobs equals the balance in the Goods in Process Inventory account.

The R&R Company's manufacturing costs for August are: direct labor,$13,000; indirect labor,$6,500; direct materials,$15,000; taxes on raw materials and work in process,$800; heat,lights,and power,$1,000; and insurance on plant and equipment,$200.R&R Company's factory overhead incurred for August is:

A document in a job order cost accounting system that is used to record the costs of producing a job is a(n) :

The following data relates to the Density Company's first operating period.Calculate cost of ending inventory for each product.

When materials are used as indirect materials,their cost is debited to the Factory Overhead account.

A ______________________ accounting system records manufacturing activities using a periodic inventory system.A ____________________ accounting system records manufacturing activities using a perpetual inventory system.