3. A document that lists the type and quantity of each type of direct material needed...
3. A document that lists the type and quantity of each type of direct material needed to make a product:
a. Job order costing
b. Bill of materials
c. Absorption costing
d. Job cost sheet
Homework Answers
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Answer) Bill of materials bill of materials or product structure is a list of the raw materials, sub-assemblies, intermediate assemblies, sub-components, parts, and the quantities of each needed to manufacture an end product |
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3. A document that lists the type and quantity of each type of
direct material needed...
The document which indicates the type and quantity of each material issued to the factory is...
The document which indicates the type and quantity of each material issued to the factory is called the: A. materials requisition form B. production list C. work ticket D. control account
The document that lists the total cost for a single job is a job-order cost sheet....
The document that lists the total cost for a single job is a job-order cost sheet. materials requisition form. time ticket. purchase order. None of these are correct.
1. LO 41 Which of the following product situations is better suited to job order costing...
1. LO 41 Which of the following product situations is better suited to job order costing than to process conting? A Each product batch is exactly the same as the prior batch B. The costs are easily traced to a specific product. C. Costs are accumulated by department D. The value of work in process is based on assigning standard costs. 2. LO 41 A job order costing system is most likely used by which of the following? A. a...
M2-3 (Static) Matching Terms in Job Order Costing (LO2-1, 2-2, 2-3, 2-4, 2-5) Match each term...
M2-3 (Static) Matching Terms in Job Order Costing (LO2-1, 2-2, 2-3, 2-4, 2-5) Match each term on the left with the best definition on the right. Note: Not all definitions will be used a. A detailed record of costs incurred to complete a specific job b. A source document that shows how a worker spent time each week. c. An accounting system used by companies to make standardized or homogeneous products or services d. An accounting system used by companies...
Matching Identify the document needed to support each of the following activities in a manufacturing organization...
Matching Identify the document needed to support each of the following activities in a manufacturing organization a. Receiving direct materials at the dock b. Billing a customer for a completed order c. Recording the costs of a specific job requiring direct materials, direct labor, and overhead d. Issuing direct materials into production e. Recording direct labor time at the beginning and end of each work shift f. Placing an order for direct materials with a supplier 1. Purchase order 2....
The table below has the costs for a specific period: Cost Item Direct labour Direct material...
The table below has the costs for a specific period: Cost Item Direct labour Direct material Advertising Factory supervision Sales commissions Depreciation administrative office equipment Indirect materials, factory Depreciation factory building Administrative office suppies Amount $90.000 $80.000 $40.000 $50.000 $60,000 $5,000 $7,000 $10,000 $3.000 Cequired: (a) What is the total period cost? (2 marks) Click or tap here to enter text (b) What is the total direct product cost? (2 marks) Hickor tap here to enter text (c) What is...
For each of the following independent situations, give the source document that would be referred to...
For each of the following independent situations, give the source document that would be referred to for the necessary information. 1. Direct materials costing $460 are requisitioned for use on a job. 2. Greiner’s Garage uses a job-order costing system. Overhead is applied to jobs based on direct labor hours. Which source document gives the number of direct labor hours worked on Job 2005-276? 3. Pasilla Investigative Services bills clients on a monthly basis for costs to date. Job 3-48...
Explanation not necessary Under absorption costing, a unit of product includes which costs? A. direct material, dir...
Explanation not necessary Under absorption costing, a unit of product includes which costs? A. direct material, direct labor, and fixed manufacturing overhead B. direct material, direct labor, and variable manufacturing overhead C. direct material, direct labor, and all variable manufacturing overhead D. direct material, direct labor, and manufacturing overhead During production, how are the costs in process costing accumulated? A to cost of goods sold B. to each individual department C. to each individual product D. to manufacturing overhead In...
Source Documents and Cost Flows in Job-Order Costing In job-order costing, the individual costs of each...
Source Documents and Cost Flows in Job-Order Costing In job-order costing, the individual costs of each job must be kept track of separately. The costs of each job are kept track of on a job-order cost sheet. The job-order cost sheets are subsidiary records to the account. Each job order cost sheet includes the unique name assigned to the job (e.g., Smith House for a construction firm, or 2014-001 for the first job of 2014 for a custom framing shop)....
91% 18. A management concept based on an understanding of the changing wants and needs of...
91% 18. A management concept based on an understanding of the changing wants and needs of customers, and which leads to flexible product designs and production processes, is called: a Continuous improvement b. Customer orientation c. Just-in-time d. Theory of constraints e. Total quality management 19. A document in a job order costing system that is used to record the costs of producing a job is ain a. Job cost sheet b. Job lot Finished goods summary d Process cost...
1. LO 41 Which of the following product situations is better suited to job order costing than to process conting? A Each product batch is exactly the same as the prior batch B. The costs are easily traced to a specific product. C. Costs are accumulated by department D. The value of work in process is based on assigning standard costs. 2. LO 41 A job order costing system is most likely used by which of the following? A. a...
M2-3 (Static) Matching Terms in Job Order Costing (LO2-1, 2-2, 2-3, 2-4, 2-5) Match each term on the left with the best definition on the right. Note: Not all definitions will be used a. A detailed record of costs incurred to complete a specific job b. A source document that shows how a worker spent time each week. c. An accounting system used by companies to make standardized or homogeneous products or services d. An accounting system used by companies...
Matching Identify the document needed to support each of the following activities in a manufacturing organization a. Receiving direct materials at the dock b. Billing a customer for a completed order c. Recording the costs of a specific job requiring direct materials, direct labor, and overhead d. Issuing direct materials into production e. Recording direct labor time at the beginning and end of each work shift f. Placing an order for direct materials with a supplier 1. Purchase order 2....
The table below has the costs for a specific period: Cost Item Direct labour Direct material Advertising Factory supervision Sales commissions Depreciation administrative office equipment Indirect materials, factory Depreciation factory building Administrative office suppies Amount $90.000 $80.000 $40.000 $50.000 $60,000 $5,000 $7,000 $10,000 $3.000 Cequired: (a) What is the total period cost? (2 marks) Click or tap here to enter text (b) What is the total direct product cost? (2 marks) Hickor tap here to enter text (c) What is...
Explanation not necessary Under absorption costing, a unit of product includes which costs? A. direct material, direct labor, and fixed manufacturing overhead B. direct material, direct labor, and variable manufacturing overhead C. direct material, direct labor, and all variable manufacturing overhead D. direct material, direct labor, and manufacturing overhead During production, how are the costs in process costing accumulated? A to cost of goods sold B. to each individual department C. to each individual product D. to manufacturing overhead In...
Source Documents and Cost Flows in Job-Order Costing In job-order costing, the individual costs of each job must be kept track of separately. The costs of each job are kept track of on a job-order cost sheet. The job-order cost sheets are subsidiary records to the account. Each job order cost sheet includes the unique name assigned to the job (e.g., Smith House for a construction firm, or 2014-001 for the first job of 2014 for a custom framing shop)....
91% 18. A management concept based on an understanding of the changing wants and needs of customers, and which leads to flexible product designs and production processes, is called: a Continuous improvement b. Customer orientation c. Just-in-time d. Theory of constraints e. Total quality management 19. A document in a job order costing system that is used to record the costs of producing a job is ain a. Job cost sheet b. Job lot Finished goods summary d Process cost...
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