FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 2: Job Order Costing

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 1

Multiple Choice

Review LaterAdd Note

Review Later

The period costs of a textbook publisher would include:

A) wages of a press operator
B) factory utility costs
C) advertising expenses
D) paper costs

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

Correct Answer

verified

Show Answer

Question 2

Multiple Choice

Review LaterAdd Note

Review Later

The Thomlin Company forecasts that total overhead for the current year will be $15,000,000 and that total machine hours will be 300,000 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 over/under applied by

A) $1,000,000 overapplied
B) $1,000,000 underapplied
C) $500,000 overapplied
D) $500,000 underapplied

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

Correct Answer

verified

Show Answer

Question 3

Multiple Choice

Review LaterAdd Note

The basis for recording direct and indirect labor costs incurred is a summary of the period's:

Flagler Company allocates overhead based on machine hours. They estimated overhead costs for the year to be $420,000. Estimated machine hours were 50,000. Actual hours and costs for the year were 46,000 machine hours and $380,000 of overhead. Required: a. Calculate the overhead application rate for the year. b. What is the amount of applied overhead for the year? c. What is the amount of under or overapplied overhead for the year? Indicate whether it is over- or underapplied.

The 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 was 4,780. If the actual factory overhead totaled $141,800, determine the over or under applied amount for the month.

Which of the following costs are NOT included in finished goods inventory?

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

A job order cost accounting system provides for a separate record of the cost of each particular quantity of product that passes through the factory.

On November 14th the Milling Department has accepted Job 111407A for 1,000 pounds of Cereal Mix. The bill of materials (BOM) for the Cereal Mix is:

During the period, labor costs incurred on account amounted to $275,000 including $200,000 for production orders and $75,000 for general factory use. In addition, factory overhead applied to production was $32,000. From the following, select the entry to record the factory overhead applied to production.

Discuss how job order cost information is used in decision making. What are some possible reasons that actual cost of materials would exceed expected costs for a job?

Record in good journal entry format the following transactions:

Selected accounts with some debits and credits omitted are presented as follows: If the balance of Work in Process at August 31 is $220,000, what was the amount debited to Work in Process for direct materials in August?

The materials requisition is used to

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

A process cost accounting system provides for a separate record of the cost of each particular quantity of product that passes through the factory.

The direct labor and overhead costs of providing services to clients are accumulated in a work-in-process account.

The entries to record cost and sale of a finished good on account is:

Cost accounting systems are used to supply cost data information on costs incurred by a manufacturing process or department.

Selected accounts with some debits and credits omitted are presented as follows: If the balance of Work in Process at August 31 is $220,000, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs?