Exam 9: Cost Accounting Systems

Black Cat Limited supplies the following information.Manufacturing overhead is applied on the basis of direct labour hours. on the basis of direct labour hours. Estimated manufacturing overhead costs \ 2,295,000 Estimated direct labour hours 340,000 Actual direct labour hours 348,000 Actual manufacturing overhead costs \ 2,357,000 Compute the amount of overapplied or underapplied overhead.

Petlyn Pty Ltd applies overhead to completed jobs using a predetermined rate of 60% of direct labour costs.If Job No 22 shows $9,000 of factory overhead applied,how much was the direct labour cost of the job?

The Pike Supply Company distributes overhead based on direct labour dollars.The estimated manufacturing overhead for the year was $484,000 and the estimated direct labour dollars for the year were $110,000.Indicate the amount of underapplied or overapplied overhead if actual direct labour was $118,000 and actual manufacturing overhead was $497,400:

The applied factory overhead is debited/credited ____________________ to the factory overhead account.

Which of these is not a source document for job costing?

In an 'ideal' just-in-time processing plant,the inventories held are:

Equivalent units of production measures:

Smith Co started 40 000 units into production during the current period and completed 28 000.The other 12 000 units were 30% complete as to conversion costs at the end of the period.Total costs were $60 000 for material and $36 000 for conversion costs. Material is added at the beginning of the production process.Unit raw material and conversion costs for the period were: Raw materials cost Conversion cost a. \ 5.00 \ 10.00 b. \ 1.50 \ 10.00 c. \ 5.00 \ .90 d. \ 1.50 \ 1.14

Which best describes the set of costs that are debited directly to work in process inventory?

Magenta Ltd uses a job order costing system and applies factory overhead,based on direct labour hours,at a rate of $2 per direct labour hour.The data relating to production for last period is: Direct materials \ 13000 Indirect materials 2300 Direct labour (18000 hours) 54000 Production supervisor salaries 13700 Maintenance costs 7000 Factory rent 8100 Factory utilities 1800 Depreciation on machinery 2200 The overhead under or over-applied after ov erhead has been charged to production is: a. $\$ 900$ over-applied b. $\$ 900$ under-applied c. $\$ 2700$ over-applied d. $\$ 2700$ under-applied

The two types of cost accounting systems are j______ costing and p________ costing.

The statement concerning Activity-based costing ABC)that is not true is:

The correct statement concerning process costing is:

Which most accurately describes the flow of costs through the accounting system?

The usual treatment for under-applied overhead at year-end is to add it to ___________ __ ________ sold.

Something that is not a feature of just-in-time processing is:

Which of these is not a section of a cost of production report?

Manufacturing costs assigned to inventory should appear on the income statement in the period in which:

G Repair Services uses job order costing.At the end of the month the following information was available: Job X-1 Job X-2 Job X-3 Direct materials \ 50 \ 60 \ 30 Direct labour \ 20 \ 30 \ 10 Actual overhead costs are $100.Overhead is applied on the basis of 200% of direct labour costs.Jobs X-1 and X-2 have been completed and sold.Job X-3 is not yet complete.At month-end the work in process inventory balance is:

It is incorrect concerning Activity-Based Costing [ABC] that: