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Exam 19: Job Order Costing

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Question 91

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At the end of the year, overhead applied was $42,000,000. Actual overhead was $40,300,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to

A) increase by $1,700,000
B) decrease by $1,700,000
C) increase by $3,400,000
D) decrease by $3,400,000

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Question 92

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March 25: 215 units of raw materials were requisitioned at $5.00 per unit for production, Job 879.

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Question 93

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

Recording jobs completed would include a debit to

Winston 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 50,000 hours. The total machine hours for the year were 54,300 hours. The actual factory overhead for the year was $1,375,000.​ (a)Determine the total factory overhead amount applied. (b)Calculate the over- or underapplied amount for the year. (c)Prepare the journal entry to close Factory Overhead into Cost of Goods Sold.

Reynolds Manufacturers Inc. has estimated total factory overhead costs of $95,000 and expected direct labor hours of 9,500 for the current fiscal year. If Job 117 incurs 2,300 direct labor hours, Work in Process will be debited and Factory Overhead will be credited for

Match each of the following phrases with the term (a-e) that it most closely describes it. Each term will be used only once. -Serve as the basis for recording direct labor on a job cost sheet

All of the following are true regarding product costs except

The period costs of a textbook printer would include

Which of the following is a product cost?

A summary of the time tickets for August follows:? Present the journal entries to record (a) the labor cost incurred and (b) the application of factory overhead to production for August. The factory overhead rate is 70% of direct labor cost.

Thomlin Company forecasts that total overhead for the current year will be $15,000,000 with 300,000 total machine hours. Year to date, the actual overhead is $16,000,000, and the actual machine hours are 330,000 hours. If Thomlin 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

Prepare the journal entry for materials and labor, based on the following:​Raw materials issued: Job No. 609, $850; for general use in factory, $600Labor time tickets: Job No. 609, $1,600; $400 for supervision

Job order cost accounting systems may be used for planning and controlling a service business.

Thomlin Company forecasts that total overhead for the current year will be $15,500,000 with 250,000 total machine hours. Year to date, the actual overhead is $16,000,000, and the actual machine hours are 330,000 hours. The predetermined overhead rate based on machine hours is

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 to be applied based on direct labor dollars, the predetermined overhead rate is

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

Match each of the following phrases with the term (a-e) that it most closely describes it. Each term will be used only once. -These make up the work in process subsidiary ledger

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 factory overhead costs incurred were $377,200, and actual direct labor hours were 36,000. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year?

The details concerning the costs incurred on each job order are accumulated in a work in process account and supported by a