Question 1

Present entries to record the following summarized operations related to production for a company using a job order cost system:

Accepted Answer

The answer of Present entries to record the following summarized...

Question 2

Which of the following is not a reason a service firm would use a job order costing system?

Accepted Answer

A)   to help control costs
B)   to determine client billing
C)   to determine department costs within the firm
D)   to determine profitE) C) and D)
F) B) and D)

Question 3

If factory overhead applied exceeds the actual costs,the factory overhead account will have a credit balance.

Accepted Answer

A) True 
 B)False

Question 4

The materials requisition is used to

Accepted Answer

A)   release materials from the storeroom to the factory
B)   release finished goods to the shipping department
C)   record the acquisition of materials from a vendor
D)   record and electronically transmit materials data in place of a receiving reportE) A) and D)
F) None of the above

Question 5

Period costs are classified as either

Accepted Answer

A)   selling expenses or production expenses
B)   administrative expense or production expenses
C)   selling expenses or administrative expenses
D)   general expenses or selling expensesE) B) and C)
F) A) and D)

Question 6

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

Accepted Answer

A)   debit balance and be underapplied
B)   credit balance and be underapplied
C)   credit balance and be overapplied
D)   debit balance and be overappliedE) A) and B)
F) All of the above

Question 7

Costs that are incurred in generating revenues during the period,but are not involved in the manufacturing process are referred to as

Accepted Answer

A)   period costs
B)   conversion costs
C)   factory overhead costs
D)   product costsE) All of the above
F) None of the above

Question 8

The Cavy Company estimates that the factory overhead for the following year will be $1,250,000.The company has determined that the basis for applying factory overhead will be machine hours,which is estimated to be 40,000 hours.There are 4,780 machine hours for all of the jobs in the month of April.What is the amount that will be applied to all of the jobs for the month of April?

Accepted Answer

$1,250,000 / 40,000 ...

Question 9

The process cost system is appropriate where few products are manufactured and each product is made to customers' specifications.

Accepted Answer

A) True 
 B)False

Question 10

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.The actual factory overhead for the year were $1,375,000.Determine the over- or underapplied amount for the year.

Accepted Answer

A)   $17,500 overapplied
B)   $17,500 underapplied
C)   $118,250 overapplied
D)   $118,250 underappliedE) A) and B)
F) A) and C)

Question 11

During August,the receipts and distributions of Material No.B4G9 are as follows:
​

Accepted Answer

The answer of During August,the receipts and distributions of Material...

Question 12

Which of the following products would be manufactured using a job order costing system?

Accepted Answer

A)   a cell phone
B)   a highlighter pen
C)   a graduation invitation
D)   a reclinerE) A) and C)
F) A) and B)

Question 13

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

Accepted Answer

A)   $21,850
B)   $2,300
C)   $95,000
D)   $23,000E) A) and B)
F) B) and C)

Question 14

If factory overhead applied exceeds the actual costs,overhead is said to be underapplied.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following would be most likely to use process costing?

Accepted Answer

A)   a custom furniture manufacturer
B)   an auto body repair shop
C)   a law firm
D)   a lawn fertilizer manufacturerE) A) and C)
F) A) and B)

Question 16

When Job 117 was completed,direct materials totaled $4,400; direct labor,$5,600; and factory overhead,$2,400.A total of 1,000 units were produced at a per-unit cost of

Accepted Answer

A)   $12,400
B)   $1,240
C)   $124
D)   $12.40E) A) and B)
F) A) and D)

Question 17

In the job order costing system,the finished goods account is the controlling account for the factory overhead ledger.

Accepted Answer

A) True 
 B)False

Question 18

Materials are transferred from the storeroom to the factory in response to materials requisitions.

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A)  direct labor
B)  direct materials
C)  factory overhead
D)  not a product costE) B) and D)
F) A) and D)

Question 20

In a job order cost accounting system used by a service business,which of the following items would normally not be included as part of overhead?

Accepted Answer

A)   materials
B)   direct labor
C)   rent
D)   suppliesE) B) and C)
F) A) and D)

Exam 16: Job Order Costing

Which of the following products would be manufactured using a job order costing system?

Correct Answer
verified

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

Correct Answer
verified

The materials requisition is used to

Correct Answer
verified

Period costs are classified as either

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified

In the job order costing system,the finished goods account is the controlling account for the factory overhead ledger.

Correct Answer
verified

Materials are transferred from the storeroom to the factory in response to materials requisitions.

Correct Answer
verified

In a job order cost accounting system used by a service business,which of the following items would normally not be included as part of overhead?

Correct Answer
verified

Correct Answer
verified
$1,250,000 / 40,000 ...
View Answer

Which of the following is not a reason a service firm would use a job order costing system?

Correct Answer
verified

Present entries to record the following summarized operations related to production for a company using a job order cost system:

Correct Answer
verified

If factory overhead applied exceeds the actual costs,overhead is said to be underapplied.

Correct Answer
verified

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

Correct Answer
verified

If factory overhead applied exceeds the actual costs,the factory overhead account will have a credit balance.

Correct Answer
verified

Which of the following would be most likely to use process costing?

Correct Answer
verified

The process cost system is appropriate where few products are manufactured and each product is made to customers' specifications.

Correct Answer
verified

When Job 117 was completed,direct materials totaled $4,400; direct labor,$5,600; and factory overhead,$2,400.A total of 1,000 units were produced at a per-unit cost of

Correct Answer
verified

Costs that are incurred in generating revenues during the period,but are not involved in the manufacturing process are referred to as

Correct Answer
verified

During August,the receipts and distributions of Material No.B4G9 are as follows:

Correct Answer
verified

Exam 16: Job Order Costing

Which of the following products would be manufactured using a job order costing system?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The materials requisition is used to

Correct AnswerverifiedShow Answer

Period costs are classified as either

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

In the job order costing system,the finished goods account is the controlling account for the factory overhead ledger.

Correct AnswerverifiedShow Answer

Materials are transferred from the storeroom to the factory in response to materials requisitions.

Correct AnswerverifiedShow Answer

In a job order cost accounting system used by a service business,which of the following items would normally not be included as part of overhead?

Correct AnswerverifiedShow Answer

Correct Answerverified$1,250,000 / 40,000 ...View AnswerShow Answer

Which of the following is not a reason a service firm would use a job order costing system?

Correct AnswerverifiedShow Answer

Present entries to record the following summarized operations related to production for a company using a job order cost system:

Correct AnswerverifiedShow Answer

If factory overhead applied exceeds the actual costs,overhead is said to be underapplied.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

If factory overhead applied exceeds the actual costs,the factory overhead account will have a credit balance.

Correct AnswerverifiedShow Answer

Which of the following would be most likely to use process costing?

Correct AnswerverifiedShow Answer

The process cost system is appropriate where few products are manufactured and each product is made to customers' specifications.

Correct AnswerverifiedShow Answer

When Job 117 was completed,direct materials totaled $4,400; direct labor,$5,600; and factory overhead,$2,400.A total of 1,000 units were produced at a per-unit cost of

Correct AnswerverifiedShow Answer

Costs that are incurred in generating revenues during the period,but are not involved in the manufacturing process are referred to as

Correct AnswerverifiedShow Answer

During August,the receipts and distributions of Material No.B4G9 are as follows: ​

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified
$1,250,000 / 40,000 ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

During August,the receipts and distributions of Material No.B4G9 are as follows:

Correct Answer
verified