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Exam 3: Job Order Costing

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Question 41

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Which one of the following contains sources of costs that will be added to job cost sheets?

A) invoices, time tickets, and the predetermined overhead rate
B) materials requisition slips, time tickets, and the actual overhead costs
C) materials requisition slips, payroll register, and the predetermined overhead rate
D) materials requisition slips, time tickets, and the predetermined overhead rate

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Question 42

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Which one of the following is a procedure as part of assigning manufacturing costs in a job-order cost system?

A) adding manufacturing overhead costs to Work in Process as they are incurred
B) transferring the costs of completed goods out of Finished Goods
C) adding actual manufacturing overhead costs to jobs
D) adding direct materials costs to Work in Process as the materials are used

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Question 43

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Over-applied overhead

Tool Time Inc.uses job-order costing for its brand new line of homework machines.The cost incurred for production during 2020 totalled $7,000 of materials, $2,500 of direct labour costs, and $1,000 of manufacturing overhead applied.The company ships all goods as soon as they are completed which results in no finished goods inventory on hand at the end of any year.Beginning work in process totalled $5,500, and the ending balance is $2,500.During the year, the company completed 20 machines.How much is the cost per machine?

How is the authorization for issuing materials made when an effective system of internal control is in place?

When overhead is under applied at the end of a year,

Which one of the following is a common activity base used to calculate the predetermined overhead rate?

Which one of the following is used in assigning manufacturing costs to work in process inventory?

Tra Corporation is analyzing its account balances for 2020.As of the end of 2020, a debit balance of $4,000 remains in the Manufacturing Overhead account.What impact will this have on the financial statements?

How does a company eliminate any immaterial balance in the Manufacturing Overhead account at the end of the year?

Which one of the following occurs when assigning manufacturing costs to work in process?

Which one of the following should be equal to the balance of the Work in Process Inventory account at the end of the period?

For which of the following products would a job-order costing system be appropriate?

How often are postings to subsidiary accounts in a costing system made?

Use the following information to answer questions A company expected its annual overhead costs to be $750,000 and machine hours to equal 100,000 hours. Actual overhead was $745,000, and actual machine hours totalled 97,000 hours. -How much overhead was applied?

Which one of the following would most likely be a subsidiary account for Manufacturing Overhead?

Which one of the following describes factory labour?

When a job or goods are completed,

Which one of the following statements is true in determining total manufacturing costs on the cost of goods manufactured schedule?

At the end of each month, a company must total up the costs shown on the job cost sheets.What amount should this equal?