Exam 4: Job-Order Costing and Normal Cost Overhead Application

On April 9 of the current year, Job XX4 was completed.The job cost sheet showed a total of $4,000 in direct materials and $6,000 in direct labor at a rate of $20 per direct labor hour.Plantwide overhead is applied at $30 per direct labor hour.The debit to Finished Goods Inventory to record the completion of Job XX4 is

(Multiple Choice)

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Question 81

John's Water Slides makes custom water slides for hotels.On September 1, there were three jobs in process, Jobs 812, 813, and 814.Two more jobs were started during September, Jobs 815 and 816.By September 30, Jobs 812, 814, and 816 were finished.The following data has been collected: Overhead is applied at the rate of 120% of direct labor cost.Jobs are sold at cost plus 60%.Selling and administrative expenses for September totaled $2,950.By September 30, Jobs 812 were 816 are sold, but the customer who ordered Job 814 decided he did not want the slide so it is still in the warehouse. - What is the ending balance of Finished Goods if the beginning balance was $0?

(Multiple Choice)

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Question 82

When materials are requested for production the cost is removed from and added to .

(Short Answer)

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Question 83

At the beginning of the year, Titanium Inc.estimated that overhead would be $100,000 and direct labor hours would be 20,000.At the end of the year, actual overhead was $175,900 and there were actually 35,000 direct labor hours. What is the predetermined overhead rate?

(Multiple Choice)

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Question 84

Match the following cost flows with the proper event in a job-costing firm: -cost of materials is removed from materials account and added to work-in- process account

(Multiple Choice)

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Question 85

Freshy Milk Company produces dairy equipment.Most of its jobs have a number of units per job.The company has two different departments through which all jobs pass.Overhead is applied using a plant wide rate of $15 per direct labor hour.Direct labor wages average $6 an hour.Data for Job #3 for the year is: - Compute the total cost of Job #3.

(Multiple Choice)

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Question 86

Hill Company uses job-order costing.At the end of the month, the following data was gathered: Hill's selling price is cost plus 50% for each of its products. What is the total in Finished Goods?

(Multiple Choice)

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Question 87

In an actual cost system, actual direct materials, actual direct labor and estimated overhead are used to determine unit cost.

(True/False)

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Question 88

__________________________ is a costing system that accumulates production costs by process or by department for a given period of time.

(Short Answer)

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Question 89

A __________________________ is used by the cost accounting department to enter the cost of direct materials onto the correct job-order cost sheet.

(Short Answer)

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Question 90

A time ticket does not include the _____.

(Multiple Choice)

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Question 91

John has applied overhead of $80,000 and actual overhead of $70,600 for the month of November.He applies overhead based on direct labor hours, and that amounts to 10,000 hours for the month of November.The overhead for the year was estimated to be $1,120,000.How many direct labor hours were estimated for the year?

(Multiple Choice)

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Question 92

Match the following cost flows with the proper event in a job-costing firm: -direct materials, direct labor and applied overhead are totaled to yield manufacturing cost of job

(Multiple Choice)

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Question 93

A _____ is subsidiary to the work-in-process account and is the primary document for accumulating all costs related to a particular task.

(Multiple Choice)

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Question 94

Production costs do not include

(Multiple Choice)

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Question 95

Match each item with the correct statement below. -Overhead assigned to production using predetermined rates

(Multiple Choice)

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Question 96

The cost of goods sold appearing on the income statement as an expense, when using a normal costing system, is the normal cost of goods sold.

(True/False)

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Question 97

Sanders Manufacturing has the following amounts listed before reconciling the overhead variance. Assuming that any overhead variance is immaterial, calculate the adjusted Cost of Goods Sold after adjusting for the overhead variance.

(Multiple Choice)

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Question 98

Match the following cost flows with the proper event in a job-costing firm: -immaterial overhead variance closed to costs of goods sold

(Multiple Choice)

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Question 99

Match the following cost flows with the proper event in a job-costing firm: -costs of product are removed from finished goods and added to cost of goods sold

(Multiple Choice)

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Question 100

Showing 81 - 100 of 175

When materials are requested for production the cost is removed from and added to .

At the beginning of the year, Titanium Inc.estimated that overhead would be $100,000 and direct labor hours would be 20,000.At the end of the year, actual overhead was $175,900 and there were actually 35,000 direct labor hours. What is the predetermined overhead rate?

Match the following cost flows with the proper event in a job-costing firm: -cost of materials is removed from materials account and added to work-in- process account

Hill Company uses job-order costing.At the end of the month, the following data was gathered: Hill's selling price is cost plus 50% for each of its products. What is the total in Finished Goods?

In an actual cost system, actual direct materials, actual direct labor and estimated overhead are used to determine unit cost.

__________________________ is a costing system that accumulates production costs by process or by department for a given period of time.

A __________________________ is used by the cost accounting department to enter the cost of direct materials onto the correct job-order cost sheet.

A time ticket does not include the _____.

Match the following cost flows with the proper event in a job-costing firm: -direct materials, direct labor and applied overhead are totaled to yield manufacturing cost of job

A _____ is subsidiary to the work-in-process account and is the primary document for accumulating all costs related to a particular task.

Production costs do not include

Match each item with the correct statement below. -Overhead assigned to production using predetermined rates

The cost of goods sold appearing on the income statement as an expense, when using a normal costing system, is the normal cost of goods sold.

Sanders Manufacturing has the following amounts listed before reconciling the overhead variance. Assuming that any overhead variance is immaterial, calculate the adjusted Cost of Goods Sold after adjusting for the overhead variance.

Match the following cost flows with the proper event in a job-costing firm: -immaterial overhead variance closed to costs of goods sold

Match the following cost flows with the proper event in a job-costing firm: -costs of product are removed from finished goods and added to cost of goods sold

Introduction to Managerial Accounting

Basic Managerial Accounting Concepts

Cost Behavior, Cost Forecasting, and Segmented Income Statements

Activity-Based Costing and Management

Process Costing

Cost-Volume-Profit Analysis

Tactical Decision-Making and Relevant Costing

Profit Planning and Flexible Budgets

Standard Costing and Variance Analysis

Performance Evaluation and Decentralization

Capital Investment Decisions

Emerging Topics in Managerial Accounting: Sustainability, Quality Cost, Lean Accounting, International Issues, Enterprise Risk Management, the Managerial Accountant in Forensicfraud Accounting

Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 4: Job-Order Costing and Normal Cost Overhead Application

When materials are requested for production the cost is removed from ____________ and added to ____________.

At the beginning of the year, Titanium Inc.estimated that overhead would be $100,000 and direct labor hours would be 20,000.At the end of the year, actual overhead was $175,900 and there were actually 35,000 direct labor hours. What is the predetermined overhead rate?

Match the following cost flows with the proper event in a job-costing firm: -cost of materials is removed from materials account and added to work-in- process account

Hill Company uses job-order costing.At the end of the month, the following data was gathered: ​ ​ Hill's selling price is cost plus 50% for each of its products. ​ What is the total in Finished Goods?

In an actual cost system, actual direct materials, actual direct labor and estimated overhead are used to determine unit cost.

__________________________ is a costing system that accumulates production costs by process or by department for a given period of time.

A __________________________ is used by the cost accounting department to enter the cost of direct materials onto the correct job-order cost sheet.

A time ticket does not include the _____.

Match the following cost flows with the proper event in a job-costing firm: -direct materials, direct labor and applied overhead are totaled to yield manufacturing cost of job

A _____ is subsidiary to the work-in-process account and is the primary document for accumulating all costs related to a particular task.

Production costs do not include

Match each item with the correct statement below. -Overhead assigned to production using predetermined rates

The cost of goods sold appearing on the income statement as an expense, when using a normal costing system, is the normal cost of goods sold.

Sanders Manufacturing has the following amounts listed before reconciling the overhead variance. Assuming that any overhead variance is immaterial, calculate the adjusted Cost of Goods Sold after adjusting for the overhead variance.

Match the following cost flows with the proper event in a job-costing firm: -immaterial overhead variance closed to costs of goods sold

Match the following cost flows with the proper event in a job-costing firm: -costs of product are removed from finished goods and added to cost of goods sold

Introduction to Managerial Accounting

Basic Managerial Accounting Concepts

Cost Behavior, Cost Forecasting, and Segmented Income Statements

Activity-Based Costing and Management

Process Costing

Cost-Volume-Profit Analysis

Tactical Decision-Making and Relevant Costing

Profit Planning and Flexible Budgets

Standard Costing and Variance Analysis

Performance Evaluation and Decentralization

Capital Investment Decisions

Emerging Topics in Managerial Accounting: Sustainability, Quality Cost, Lean Accounting, International Issues, Enterprise Risk Management, the Managerial Accountant in Forensicfraud Accounting

Statement of Cash Flows

Financial Statement Analysis

Filters

When materials are requested for production the cost is removed from and added to .

Hill Company uses job-order costing.At the end of the month, the following data was gathered: Hill's selling price is cost plus 50% for each of its products. What is the total in Finished Goods?