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Exam 16: Job Order Costing

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Question 61

True/False

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Job order cost accounting systems may be used to evaluate a company's efficiency.

A) True
B) False

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Question 62

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

A) finished goods inventory and work in process inventory only
B) direct materials inventory and work in process inventory only
C) direct materials inventory,work in process inventory,and finished goods inventory
D) direct materials inventory and finished goods inventory only

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

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Question 63

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

A widely used activity base for developing factory overhead rates in highly automated settings is

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

True / False ​ Cost accounting systems measure,record,and report product costs.

The 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.Prepare the journal entry to apply factory overhead.

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

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

The 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.Calculate the predetermined overhead rate to apply factory overhead.

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.

During the period,labor costs incurred on account amounted to $175,000,including $150,000 for production orders and $25,000 for general factory use.In addition,factory overhead charged to production was $32,000.The entry to record the direct labor costs is

Match each of the following phrases with the term (a-e) that it most closely describes it.Each term will be used only once.​ -serves as the basis for recording materials used

Information about costs developed through a job order cost system cannot be used to evaluate an organization's cost performance.

Which of the following systems provides for a separate record of the cost of each particular quantity of product that passes through the factory?

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

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

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

Recording jobs completed would include a credit to

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