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Exam 2: Job Order Costing

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Question 21

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

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Question 22

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

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Question 23

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A summary of the materials requisitions completed during a period serves as the basis for transferring the cost of the materials from the controlling account in the general ledger to the controlling accounts for:

Poobah Manufacturers Inc. has estimated total factory overhead costs of $95,000 and 10,000 direct labor hours for the current fiscal year. If job number 117 incurred 2,300 direct labor hours, the work in process account will be debited and factory overhead will be credited for:

Which of the following is the correct formula to calculate the predetermined factory overhead rate?

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 was 4,780. Prepare the journal entry to apply factory overhead.

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

Which of the following would most likely be a period cost?

For the manufacturing business, inventory which is in the process of being manufactured is referred to as:

The following is a list of costs incurred by several business organizations:

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

When job 711 was completed, direct materials totaled $4,000; direct labor, $5,600; and factory overhead, $2,400 respectively. Units produced totaled 1,000. Unit costs are:

Cranston Company estimates the following overhead costs for the coming year:

The recording of the factory labor incurred for general factory use would include a debit to:

In a factory with several processing departments, a single factory overhead rate may not provide accurate product costs and effective cost control.

Which of the following would most likely be a product cost?

Direct labor cost is an example of a period cost.

During the month of April, Cavy Company incurred factory overhead as follows:

The Cavy Company accumulated 560 hours of direct labor on Job 345 and 800 hours on Job 777. The direct labor was incurred at a rate of $20 per direct labor hour for Job 345 and $21 per direct labor for Job 777. Journalize the entry to record the flow of labor costs into production.

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