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Exam 16: Job Order Costing

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Question 21

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Materials purchased on account during the month totaled $190,000. Materials requisitioned and placed in production totaled $165,000. The journal entry to record the materials purchased on account is

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Question 22

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

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B) False

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Question 23

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Match the costs that follow to the type of product cost (a-c) or designate as not a product cost (d). -Wood A)Direct labor B)Direct materials C)Factory overhead D)Not a product cost

A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $360,000 and direct labor hours would be 30,000. Actual manufacturing overhead costs incurred were $377,200, and actual direct labor hours were 36,000. The journal entry to apply the factory overhead costs for the year would include a

Match the costs that follow to the type of product cost (a-c) or designate as not a product cost (d). -President's salary A)Direct labor B)Direct materials C)Factory overhead D)Not a product cost

A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $360,000 and direct labor hours would be 30,000. Actual manufacturing overhead costs incurred were $377,200, and actual direct labor hours were 36,000. What is the predetermined overhead rate per direct labor hour?

The following account appears in the ledger after only part of the postings have been completed for July, the first month of the current fiscal year: Factory overhead is applied to jobs at the rate of 60% of direct labor cost. The actual factory overhead incurred for July was $75,000. Jobs completed during the month totaled $301,200. a.Journalize the entries to record (1) the application of factory overhead to production during July and (2) the jobs completed during July. b.What is the balance of the factory overhead account on July 31? c.Was factory overhead overapplied or underapplied on July 31? d.Determine the balance of Work in Process on July 31.

The amount of time spent by an employee on an individual job is recorded on a(n)

The source document for the data for debiting Work in Process for direct materials is a

The direct labor and overhead costs of providing services to clients are accumulated in

Match each of the following phrases with the term (a-g) that it most closely describes.​ -Typically used by companies whose products are indistinguishable from each other A)Job order cost system B)Process cost system C)Activity-based costing D)Underapplied overhead E)Overapplied overhead F)Finished goods ledger G)Materials ledger

Which of the following entries would not be found on the books of a service provider?

On November 2, Newsprint Manufacturing purchases 5 rolls of paper on account at $125 per roll for use within the production process. On November 5, 4 rolls of this paper are issued to Job 157A in the Printing Department. The Printing Department applies $675 in direct labor and $1,150 of factory overhead to Job 157A. On November 8, Printing transfers Job 157A to the Folding Department. The Folding Department applies $450 in direct labor and $655 in factory overhead to Job 157A. Job 157A is transferred to finished goods inventory on November 9. a.Journalize the entry to record the purchase of the paper. b.Journalize the entries to record the transfer of raw materials to work in process, the application of direct labor, and the application of manufacturing overhead to Job 157A while in the Printing Department. c.Journalize the entries to record the transfer of Job 157A to the Folding Department at actual cost. d.Journalize the entries to record the application of direct labor and the application of manufacturing overhead to Job 157A while in the Folding Department. e.Journalize the entry to record the transfer of Job 157A to finished goods inventory at actual cost.

Match each of the following phrases with the term (a-g) that it most closely describes.​ -A subsidiary ledger that maintains a separate account for each type of material A)Job order cost system B)Process cost system C)Activity-based costing D)Underapplied overhead E)Overapplied overhead F)Finished goods ledger G)Materials ledger

A manufacturing business reports just two types of inventory on its balance sheet: work in process inventory and finished goods inventory.

Factory overhead is applied to production using a predetermined overhead rate.

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

Discuss the use of job order costing for professional services businesses. What are the similarities and differences between service and manufacturing business job order costing?

At the end of April, Cavy Company had completed Jobs 766 and 765. The individual job cost sheets reveal the following information: Job 765 produced 152 units, and Job 766 consisted of 250 units.Assuming that the predetermined overhead rate is applied by using machine hours at a rate of $200 per hour, determine the (a) balance on the job cost sheets for each job and (b) the cost per unit at the end of April.

Match each of the following costs with the appropriate classification (a-e).​ -Membership fees for a health club for executives A)Product cost - direct materials B)Product cost - direct labor C)Product cost - factory overhead D)Period cost - selling expense E)Period cost - administrative expense