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Exam 2: Job Order Costing

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Question 61

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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) job cost sheets
B) materials requisitions
C) receiving report
D) time tickets
E) cost allocation

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Question 62

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Each account in the work in process subsidiary ledger in a job order costing system is called a job cost sheet.

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Question 63

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Costs that are incurred in generating revenues during the period, but are not involved in the manufacturing process are referred to as

Match each of the following phrases with the term a-e that it most closely describes it.Each term will be used only once. -serves as the basis for recording materials used

At the end of the fiscal year, the balance in Factory Overhead is small.The balance would be

On the balance sheet for a manufacturing business, the cost of direct materials, direct labor, and factory overhead, which have entered into the manufacturing process but are associated with products that have not been finished, is reported as direct materials inventory.

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

Recording jobs shipped and customers billed would include a credit to

The journal entry to record the transfer of 1,600 units of part number 1177 with a value of $2.50 each, to work in process is

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

Interim financial statements for a manufacturing business would report over applied factory overhead as a deferred item on the balance sheet.

Record the journal entries for the following transactions: 1.March 10: 500 units of raw materials were purchased on account at $4.00 per unit. 2.March 15: 250 units of raw materials were requisitioned at $4.50 per unit for production, Job 872. 3.March 25: 215 units of raw materials were requisitioned at $5.00 per unit for production, Job 879.

Match each of the following phrases with the term a-g that it most closely describes. -a system that uses a different overhead rate for each activity

Match the costs that follow to the type of product cost a-c or designate as not a product cost d. -assembler's wages

Which of the following would record the labor costs to an individual job?

Cost accounting systems measure, record, and report product costs.

All of the following are true regarding product costs except

Activity-based costing is a method of accumulating and allocating costs by department.

Job order costing and process costing are

Job cost sheets can provide information to managers for all except