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23) Jobcoating A) records the flow of costs for each product or service 3) cannot be...
23) Job costing A) records the flow of costs for each product or service B) cannot...
23) Job costing A) records the flow of costs for each product or service B) cannot be used by the service industry C) allocates an equal amount of cost to each wit made during a time period D) is used when each unit of output is identical Explanation: A) 24) Which of the following are reasons for t r ods such as a year, to calculate indirect cost rates? A) shorter the period, the greater is the influence of seasonal...
Question 6 (2 points) What is unique about the flow of costs in a job order...
Question 6 (2 points) What is unique about the flow of costs in a job order cost system? Each job is costed separately in a Work in Process subsidiary ledger. It involves accumulating material, labor, and manufacturing overhead costs as they are incurred in order to determine the job cost. Job costs cannot be measured until all overhead costs are determined. There are no costs remaining in Work in Process at year end. Question 7 (2 points) Which one of...
Match each term with the explanation. Averages manufacturing costs across all units produced so that each...
Match each term with the explanation. Averages manufacturing costs across all units produced so that each identical unit bears the same cost Process of dividing the total manufacturing overhead among the jobs produced during the year Used to accumulate direct materials, direct labor and manufacturing overhead allocated to a job Predetermined manufacturing overhead rate multiplied by actual amount of allocation base used by job Account credited when recording the use of direct labor on jobs Account credited when finished goods...
example given %) E4-27 (book/static) Capitola Manufacturing produces surfboards. The company uses a normal-costing system and...
example given
%) E4-27 (book/static) Capitola Manufacturing produces surfboards. The company uses a normal-costing system and allocates manufacturing overhead second quarters of the year. The company is in danger of losing one of its larger customers, Pacific Wholesale, due to large fluctu and third quarters. You have been provided the following budgeted information for the coming year: BE! Click the icon to view the budgeted information.) (Click the icon to view additional information.) Read the requirements. Requirement 1 and 2....
16) Davie, Inc. used estimated direct labor hours of 200,000 and estimated manufacturing overhead costs of...
16) Davie, Inc. used estimated direct labor hours of 200,000 and estimated manufacturing overhead costs of $1,150,000 in establishing its predetermined overhead allocation rate for the year. Actual results showed the following: Actual manufacturing overhead Allocated manufacturing overhead $700,000 $325.000 What was the number of direct labor hours worked during the year? (Round any intermediate calculations to two decimal places, and your final answer to the nearest whole number.) A) 172,234 hours B) 240,084 hours 282,857 hours D) 146,087 hours...
Which of the following is true of absorption costing? It expenses marketing costs as cost of...
Which of the following is true of absorption costing? It expenses marketing costs as cost of goods sold. It treats direct manufacturing costs as a period cost. It includes fixed manufacturing overhead as an inventoriable D) It treats indirect manufacturing costs as a period cost. Answer: 17. Which of the following is true of variable costing? A) It expenses administrative costs as cost of goods sold. B) It treats direct manufacturing costs as a product cost. It includes fixed manufacturing...
Which of the following is true of absorption costing? It expenses marketing costs as cost of goods sold. It treats...
Which of the following is true of absorption costing? It expenses marketing costs as cost of goods sold. It treats direct manufacturing costs as a period cost. It includes fixed manufacturing overhead as an inventoriable D) It treats indirect manufacturing costs as a period cost. Answer: 17. Which of the following is true of variable costing? A) It expenses administrative costs as cost of goods sold. B) It treats direct manufacturing costs as a product cost. It includes fixed manufacturing...
3. Use T-accounts to show the flow of costs through the system. In showing the flow,...
3. Use T-accounts to show the flow of costs through the system. In showing the flow, you do not need to show detailed overhead variances. Show only the over- and underapplied variances for fixed and variable overhead. Record the following transactions in the T-accounts: If an amount is zero, enter "O". (a) purchase of materials, (b) issuance of materials into production, (c) incurrence of direct labor cost, (d) application of variable overhead cost to production, (e) application of fixed overhead...
Mark: 19 (1 point for each question) 1) The unemployment rate is high in the city...
Mark: 19 (1 point for each question) 1) The unemployment rate is high in the city in which a company has a factory. The company finds that they are able to pay new employees a lower wage per hour than when the unemployment rate was lower a year ago. Which variance is directly impacted? A) Materials price variance B) Materials efficiency variance C) Labour price variance D) Labour efficiency variance 2) Thomas Corporation produces stopwatches. According to company standards, it...
Antuan Company set the following standard costs for one unit of its product. Direct materials (6...
Antuan Company set the following standard costs for one unit of its product. Direct materials (6 Ibs. $5 per Ib.) Direct labor (2 hrs. e $17 per hr.) Overhead (2 hrs. $18.50 per hr.) 30 34 37 Total standard cost $101 The predetermined overhead rate ($18.50 per direct labor hour) is based on an expected volume of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity...
23) Job costing A) records the flow of costs for each product or service B) cannot be used by the service industry C) allocates an equal amount of cost to each wit made during a time period D) is used when each unit of output is identical Explanation: A) 24) Which of the following are reasons for t r ods such as a year, to calculate indirect cost rates? A) shorter the period, the greater is the influence of seasonal...
Question 6 (2 points) What is unique about the flow of costs in a job order cost system? Each job is costed separately in a Work in Process subsidiary ledger. It involves accumulating material, labor, and manufacturing overhead costs as they are incurred in order to determine the job cost. Job costs cannot be measured until all overhead costs are determined. There are no costs remaining in Work in Process at year end. Question 7 (2 points) Which one of...
example given
%) E4-27 (book/static) Capitola Manufacturing produces surfboards. The company uses a normal-costing system and allocates manufacturing overhead second quarters of the year. The company is in danger of losing one of its larger customers, Pacific Wholesale, due to large fluctu and third quarters. You have been provided the following budgeted information for the coming year: BE! Click the icon to view the budgeted information.) (Click the icon to view additional information.) Read the requirements. Requirement 1 and 2....
16) Davie, Inc. used estimated direct labor hours of 200,000 and estimated manufacturing overhead costs of $1,150,000 in establishing its predetermined overhead allocation rate for the year. Actual results showed the following: Actual manufacturing overhead Allocated manufacturing overhead $700,000 $325.000 What was the number of direct labor hours worked during the year? (Round any intermediate calculations to two decimal places, and your final answer to the nearest whole number.) A) 172,234 hours B) 240,084 hours 282,857 hours D) 146,087 hours...
Which of the following is true of absorption costing? It expenses marketing costs as cost of goods sold. It treats direct manufacturing costs as a period cost. It includes fixed manufacturing overhead as an inventoriable D) It treats indirect manufacturing costs as a period cost. Answer: 17. Which of the following is true of variable costing? A) It expenses administrative costs as cost of goods sold. B) It treats direct manufacturing costs as a product cost. It includes fixed manufacturing...
Which of the following is true of absorption costing? It expenses marketing costs as cost of goods sold. It treats direct manufacturing costs as a period cost. It includes fixed manufacturing overhead as an inventoriable D) It treats indirect manufacturing costs as a period cost. Answer: 17. Which of the following is true of variable costing? A) It expenses administrative costs as cost of goods sold. B) It treats direct manufacturing costs as a product cost. It includes fixed manufacturing...
3. Use T-accounts to show the flow of costs through the system. In showing the flow, you do not need to show detailed overhead variances. Show only the over- and underapplied variances for fixed and variable overhead. Record the following transactions in the T-accounts: If an amount is zero, enter "O". (a) purchase of materials, (b) issuance of materials into production, (c) incurrence of direct labor cost, (d) application of variable overhead cost to production, (e) application of fixed overhead...
Mark: 19 (1 point for each question) 1) The unemployment rate is high in the city in which a company has a factory. The company finds that they are able to pay new employees a lower wage per hour than when the unemployment rate was lower a year ago. Which variance is directly impacted? A) Materials price variance B) Materials efficiency variance C) Labour price variance D) Labour efficiency variance 2) Thomas Corporation produces stopwatches. According to company standards, it...
Antuan Company set the following standard costs for one unit of its product. Direct materials (6 Ibs. $5 per Ib.) Direct labor (2 hrs. e $17 per hr.) Overhead (2 hrs. $18.50 per hr.) 30 34 37 Total standard cost $101 The predetermined overhead rate ($18.50 per direct labor hour) is based on an expected volume of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity...
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