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Exam 17: Job Order Costing

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Question 31

True/False

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A process cost accounting system is best used by manufacturers of like units of product that are not distinguishable from each other during a continuous production process.

A) True
B) False

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Question 32

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Match each of the following phrases with the term a-g) that it most closely describes. -a subsidiary ledger that maintains a separate account for each type of material

A) job order cost system
B) process cost system
C) activity-based costing
D) under applied overhead
E) over applied overhead
F) finished goods ledger
G) materials ledger

H) C) and G)
I) D) and G)

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Question 33

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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 factory overhead costs incurred were $377,200, and actual direct labor hours were 36,000. What is the amount of over applied or under applied manufacturing overhead at the end of the year?

The 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 the 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

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, is reported as direct materials inventory.

Which of the following represents the factory overhead applied to a product?

The details concerning the costs incurred on each job order are accumulated in a work in process account and supported by a

Job order cost accounting systems may be used for planning and controlling a service business.

A process cost accounting system provides product costs for each of the departments or processes within the factory.

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

Job cost sheets can provide information to managers for all except

Selected accounts with some amounts omitted are as follows If the balance of Work in Process at October 31 is $21,000, what was the amount of factory overhead applied in October?

The controlling account for the cost ledger is

The balance of Material Q on May 1 and the receipts and issuances during May are as follows: Determine the cost of each of the issuances under a perpetual system, using the FIFO method.

The recording of the jobs completed would include a debit to

Aspen Technologies has the following budget data: $\begin{array}{lr}\text { Estimated direct labor hours } & 15,000 \\\text { Estimated direct labor dollars } & \$ 90,000 \\\text { Estimated factory overhead costs } & \$ 198,000\end{array}$ If factory overhead is to be applied based on direct labor hours, the predetermined overhead rate is

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 ending balance of Work in Process for Adams Company at the end of the first quarter?

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 number 117 incurred 2,300 direct labor hours, Work in Process will be debited and Factory Overhead will be credited for

The recording of the application of factory overhead costs to jobs would include a credit to

The debit to factory overhead for the cost of indirect materials is obtained from the summary of the materials requisitions.