FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 15: Job Order Costing

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 81

Essay

Review LaterAdd Note

Review Later

The following information is available for Marks Company at December 31, 2017: Instructions (a) Prepare a condensed cost of goods manufactured schedule. (b) Prepare an income statement for the year through gross profit.

Correct Answer

verified

Show Answer

Question 82

Essay

Review LaterAdd Note

Review Later

A job order cost accounting system is fully integrated into the general ledger of a company. Identify the major general ledger accounts used in a job order cost system. Explain how manufacturing costs flow through these accounts so that inventories may be costed and income determined when goods are sold.

Correct Answer

verified

When a job order cost accounting system ...

View Answer

Show Answer

Question 83

Multiple Choice

Review LaterAdd Note

Spencer Inc. applies overhead to production at a predetermined rate of 80% based on direct labor cost. Job No. 130, the only job still in process at the end of August, has been charged with manufacturing overhead of $6,400. What was the amount of direct materials charged to Job 130 assuming the balance in Work in Process inventory is $20,000?

Emley Company incurred direct materials costs of $750,000 during the year. Manufacturing overhead applied was $700,000 and is applied based on direct labor costs. The predetermined overhead rate is 70%. How much are Emley Company's total manufacturing costs for the year?

Gallagher Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $425,000 for the year, and machine usage is estimated at 125,000 hours. For the year, $450,000 of overhead costs are incurred and 130,000 hours are used. Instructions (a) Compute the manufacturing overhead rate for the year. (b) What is the amount of under - or overapplied overhead at December 31? (c) Assuming the under - or overapplied overhead for the year is not allocated to inventory accounts, prepare the adjusting entry to assign the amount to cost of goods sold

Factory labor costs

Match the items below.

Hayward Manufacturing Company developed the following data: Hayward Manufacturing Company's total manufacturing costs for the period is

The perpetual inventory method cannot be used in a job order cost system.

Which one of the following is a source document that impacts the job cost sheet?

A cost accounting system consists of manufacturing cost accounts that are fully integrated into the general ledger of a company.

Simmons Inc. applies overhead to production at a predetermined rate of 90% based on direct labor cost. Job No. 250, the only job still in process at the end of August, has been charged with manufacturing overhead of $8,100. What was the amount of direct materials charged to Job 250 assuming the balance in Work in Process inventory is $30,000?

At the end of the year, any balance in the Manufacturing Overhead account is generally eliminated by adjusting

Actual manufacturing overhead costs should be charged to the Work in Process Inventory account as they are incurred.

Edwards Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $1,800,000 for the year, and machine usage is estimated at 200,000 hours. In January, $186,000 of overhead costs are incurred and 22,000 machine hours are used. For the remainder of the year, $1,940,000 of additional overhead costs are incurred and 214,000 additional machine hours are worked. Instructions (a) Compute the manufacturing overhead rate for the year. (b) What is the amount of over- or underapplied overhead at January 31? (c) What is the amount of over- or underapplied overhead at December 31?

A process cost accounting system is appropriate for similar products that are continuously mass produced.

When raw materials are purchased, the Work in Process Inventory account is debited.

Time tickets should be approved by

Finished Goods Inventory is charged for the cost of jobs completed during a period.

In determining total manufacturing costs on the cost of goods manufactured schedule,