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Exam 10: Accounting Systems for Manufacturing Businesses

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Question 51

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KCT Printing Company uses a job order cost system.

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Question 52

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The recording of the jobs completed would increase

A) Factory Overhead.
B) Finished Goods.
C) Work in Process.
D) Cost of Goods Sold.

E) A) and D)
F) A) and C)

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Question 53

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Using the job order cost system,service organizations are able to bill customers on a weekly or monthly basis,even when the job has not been completed.

For a construction contractor,the wages of carpenters would be classified as direct labor cost.

If the cost of direct materials is a small portion of total production cost,it may be classified as part of

The Crawford Company forecasts that total overhead for the current year will be $12,000,000 and that total machine hours will be 200,000 hours.Year to date,the actual overhead is $4,000,000 and the actual machine hours are 100,000 hours.If the Crawford 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

When the goods are completed,their costs are transferred from Work in Process to Finished Goods.

Which of the following items would NOT be classified as part of factory overhead?

A job order cost system accumulates costs for each of the departments or processes within the factory.

A manufacturing business reports three types of inventory on its balance sheet: direct materials inventory,work in process inventory and finished goods inventory.

Which of the following is an example of a factory overhead cost?

The following information is available for the first month of operations for Crawford,Inc.: -Calculate cost of goods sold for Crawford,Inc.

For an automotive repair shop,the wages of mechanics would be classified as direct labor cost.

Which of the following is an example of direct labor cost for an airplane manufacturer?

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

Nonmanufacturing costs are generally classified into two categories: selling and administrative.

Period costs are costs that are incurred for the production requirements of a certain period.

Which of the following are the two main types of cost accounting systems for manufacturing operations?

The following information is available for the first month of operations of Deer Inc. ,a manufacturer of sports apparel: Using the given information,determine the following: (a)Cost of goods sold (b)Direct materials cost (c)Direct labor cost

The following information is available for the first month of operations for Crawford,Inc.: -Calculate direct materials cost used in production for Crawford,Inc.