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Exam 19: Job Order Costing

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Question 81

Multiple Choice

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The amount of time spent by an employee on an individual job is recorded on

A) pay stubs
B) in-and-out cards
C) time tickets
D) employees' earnings records

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Question 82

Multiple Choice

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Use the budget data shown below for Sharp Company to answer the questions that follow: $\begin{array} { l r } \text { Estimated direct labor hours } & 12,000 \\\text { Estimated direct labor dollars } & \$ 90,000 \\\text { Estimated factory overhead costs } & \$ 179,000 \\\text { Actual direct labor hours } & 11,500 \\\text { Actual direct labor dollars } & \$ 92,000 \\\text { Actual factory overhead costs } & \$ 180,000\end{array}$ -If factory overhead is applied based on direct labor hours, the amount of overhead to be applied is

A) $180,000
B) $181,000
C) $172,500
D) $184,000

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Question 83

Essay

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Six selected transactions for the current month are indicated by letters in the following T accounts in a job order cost accounting system:​ Describe each of the six transactions.

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.

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?

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

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

Recording jobs shipped and customers billed would include a credit to

For which of the following businesses would the job order cost system be appropriate?

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

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

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

In a job order cost accounting system, the entry to record the flow of direct materials into production is to

Period costs are

The document authorizing the issuance of materials from the storeroom is a

Cavy 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 40,000 hours. The machine hours for the month of April for all of the jobs were 4,780. If the actual factory overhead totaled $141,800, determine the over- or underapplied amount for the month.

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

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

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

Job order cost accounting systems can be used only for companies that manufacture a product.