ACCT 212 Read & Interact Wild & Shaw Chapter 2 Job Order Costing solutions complete answers

ACCT 212 Read & Interact Wild & Shaw Chapter 2 Job Order Costing solutions complete answers 

 

The journal entry to record the accrual of factory utilities is to:

 

The journal entry to record depreciation on factory equipment is to:

 

The journal entry to record indirect labor used in production is to:

 

A company has a predetermined overhead rate of $14 per machine hour. Job 846 uses 27.5 machine hours. Overhead allocated to Job 846 will be $__________

 

Time tickets are used in job order costing to:

 

Journal entries for materials used in production are posted to:(Check all that apply.)

 

The journal entry to record the purchase of materials on account is to:

 

Requisitions are used in job order costing to record the cost and quantity of:

 

Time tickets are used in job order costing to record the time and cost of:

 

After jobs are complete, the job cost sheet is used to provide a subsidiary ledger for which account?

 

The journal entry to record the purchase of materials on account is a(n):

 

During production, job cost sheets represent:

 

The cost accounting system which is used when producing customized products is called __________ order production.

 

A company has a predetermined overhead rate of 50% of direct labor costs. Job 62 incurs $560 in labor costs. Overhead allocated to Job 62 will be $ ________

 

The journal entry to record indirect labor costs used in production includes a debit to Factory _____________.

 

After adjusting for over- or underapplied overhead, the balance in the Factory Overhead account will be ______________.

 

If the factory overhead is overapplied, then the adjusting journal entry to close the factory overhead account includes a: (Check all that apply.)

 

If the factory overhead is underapplied, then the adjusting journal entry to close the factory overhead account includes a: (Check all that apply.)

 

Both service companies and manufacturing companies have: (Check all that apply).

 

A company incurs factory overhead costs of $1,200 and applied $1,500. If the difference is considered immaterial, then the: (Check all that apply.)

 

One important difference between service companies and manufacturing companies is that:

 

A Schedule of Cost of Goods Manufactured includes all of the following costs:

 

The journal entry to record the use of indirect materials in production is to:

 

Factory overhead is a _____ account.

 

The Factory Overhead account is  (debited/credited) for actual overhead costs.

 

A Schedule of Cost of Goods Manufactured includes all of the following costs except:

 

Match the following activities to their effect on the general ledger accounts.

 

List the following documents in the order in which they are used when recording direct labor costs in job order costing, with the first document on top.

 

List the following documents in the order in which they are used when recording indirect labor costs in job order costing, with the first document on top.

 

Producing products that are individually designed to meet the needs of a specific customer where each customized product is manufactured separately is the definition of:

 

The correct order of cost flows in a job order costing system is:

 

Job order production is most likely used by companies that produce:

 

A cost accounting system includes which of the following?

 

True or false: A job order costing system requires the company to keep separate records for each job.

 

Designate the following as either from job order or process operations.

 

The three types of manufacturing costs in a job order costing system include:

 

The correct cost flow in a job order costing system is:

 

A cost accounting system: (Check all that apply.)

 

Job cost sheets can be used to: (Check all that apply.) 

 

The cost accounting system which is used when producing customized products is called       order production.

 

List the following documents in the order in which they are used when recording indirect materials costs in job order cost accounting, with the first document on top.

 

Manufacturing of products in a repetitive manner is referred to as (process/job order)      operations while manufacturing of custom products is referred to as (process/job order)      operations.

 

The journal entry to record direct labor in production is a(n):

 

All of the following are manufacturing costs except:

 

Managers use a predetermined overhead rate for which of the following reasons? (Check all that apply.)

 

All of the following are inventory accounts for a manufacturer except:

 

A company uses direct labor hours as its allocation base. Management estimates the company will have 10,000 hours of direct labor during the year and total overhead costs of $120,000. The predetermined overhead rate will be $      per hour.

 

Companies use job cost sheets to track the costs of:

 

The production factor to which overhead costs are linked, such as direct labor or machine hours, is known as the overhead       base.

 

List the following documents in the order in which they are used when recording direct materials costs in job order cost accounting, with the first document on top.

 

The Factory Overhead account is (debited/credited)      for applied overhead costs.

 

The journal entry to record direct labor will result in a(n):

 

At the end of the accounting period, a company's overhead was underapplied by $150. If not adjusted, how does this affect net income?

 

Manufacturing costs include direct materials, direct labor, and

 

A consulting firm has a predetermined overhead rate of $120 per labor hour. The Smith job required 5 hours to compete. The overhead cost applied to this job is $     .

 

The predetermined overhead rate is calculated:

 

Overhead may be applied based on: (Select all that apply).

 

If the factory overhead is overapplied, then: (Check all that apply.)

 

At the end of the accounting period, a company's overhead was overapplied by $400. The Factory Overhead account was properly adjusted. What effect did the adjustment have on net income?

 

A tax accounting firm pays tax preparers $44 per hour. The firm has a predetermined overhead rate of $24 per labor hour. The Jones tax return required 2.5 hours to complete. The total cost of this job is $     .

 

The journal entry to record direct labor in production is to:

 

If the factory overhead is underapplied, then: (Check all that apply.)

 

A company uses direct labor costs as it allocation base. Management estimates the company will incur $150,000 of direct labor cost during the year and total overhead costs of $200,000. What is their predetermined overhead rate?

 

The recording of direct labor will result in a: 

 

A company works on three jobs and incurs the following: Direct materials - $50,000 and Direct labor - $100,000. The company uses a predetermined overhead rate of 60% of direct labor costs. How much overhead will be allocated to the three jobs?

 

A company has a predetermined overhead rate of 50% of direct labor costs. Job 62 incurs $560 in labor costs. Overhead allocated to Job 62 will be $ __.

 

The predetermined overhead rate is based on total overhead costs and activity base.

 

To determine the cost of producing each job or job lot, companies use a:

 

The journal entry to record indirect materials costs used in production includes a debit to factory __.

 

The journal entry to record indirect materials in production is to:

 

The journal entry to record the allocation of factory overhead is:

 

The journal entry to record the allocation of factory overhead to work in process is: