Homework Answers
Ans (C) Companies producing customized Product in small quantities uses job order costing system.
Explanation:
(A) if actual overhead is higher than applied than it is said to b under applied oh. Hence this is false statement
(B) If it is immaterial it is closed to cost of good sold and not FG inventory.hence'this is incorrect Statement.
(D) both inventory system is of equal importance depending on the nature of business. hence (d) is incorrect.
(C)when customised products are manufactured in small quantities job order costing system is used.
This what exactly option (c) states, hence it is the only correct option.
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Which of the following statement is true? O Under-applied overhead variance results when actual overhead cost...
30. The overhead control account records the actual overhead costs incurred and the overhead cost...
True or False
30. The overhead control account records the actual overhead costs incurred and the overhead costs allocated. 31. There are normally three inventory accounts in a manufacturer's general ledger; raw materials, cost of sales and finished goods. 32. When raw materials are purchased the raw materials inventory account is credited. 33. Actual overhead is debited to the overhead control account. 34. The journal entry to record overhead allocated is debit Work in Process and credit Overhead Control 35....
85. When there are differences between estimates and actual amounts, one outcome is under or over...
True/False
85. When there are differences between estimates and actual amounts, one outcome is under or over applied overhead. 86. Job costing provides a cost estimate for individual jobs while process costing provides an average cost estimate for an individual unit of product 87. Process costing makes assumptions about exactly when and how costs are incurred during the production process. 88. Mismeasurement of inputs into the costing system is likely to be lower in companies that have just commenced operations....
Under a job order cost accounting system, individual jobs are always charged with actual overhead costs...
Under a job order cost accounting system, individual jobs are always charged with actual overhead costs when they are transferred to finished goods. Select one: True False
both questions plz Under job order costing, the predetermined overhead rate equals: Estimated overhead divided by...
both questions plz
Under job order costing, the predetermined overhead rate equals: Estimated overhead divided by the number of months in the period Actual overhead divided by actual direct labor hours Actual overhead minus estimated overhead Actual overhead multiplied by the actual activity level for a period Estimated overhead divided by the estimated activity level for a period D la 2 19 Under job order costing, the overhead variance is underapplied if: actual overhead is less than applied overhead O...
Which one of the following statements is correct (true)? Multiple Choice U Most factory overhead costs...
Which one of the following statements is correct (true)? Multiple Choice U Most factory overhead costs are direct costs and can be easily traced to specific jobs. C ) A company producing many different kinds of furniture would probably use a process costing system. • Selling and administrative costs are expensed in the period incurred. Selling and admin Any balance in the Work In Process account at the end of the period should be closed to COGS Suppose jobs are...
D Question 9 3 pts overhead applied to a job is which of the following O...
D Question 9 3 pts overhead applied to a job is which of the following O pre determined rate x actual hours O predetermined rate x estimated hours none of the above 2 pts D Question 10 applying overhead to a job using pre determined rates is prevalent in a normal costing system True O False
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...
Which of the following statements regarding overhead allocation is true? Actual job costs are almost always...
Which of the following statements regarding overhead allocation is true? Actual job costs are almost always higher than estimated job costs Actual job costs are almost always the same as estimated job costs Actual job costs are almost always different from estimated job costs Actual job costs are almost always lower than estimated job costs
Note: Show favorable variances as negative numbers What was the variable overhead efficiency variance ? What...
Note: Show favorable variances as negative numbers What was the variable overhead efficiency variance ? What was the variable OH spending variance ? What is the fixed OH volume (denominator) variance? What is the fixed OH spending variance? F G H Variance Analysis 12 Special order lamps are manufactured in division S. Because of the precise nature of the process a 19 standard cost system has been developed. The following standards are used for the special orders: 20 21 ....
Answer the following True or False Questions 1 i)Applied overhead is calculated by dividing the actual...
Answer the following True or False Questions 1 i)Applied overhead is calculated by dividing the actual activity level of application base by the predetermined overhead rate. True/False? ii)Overapplied overhead means that not enough overhead cost was charged to products as they were made. True/False? iii)As manufacturing overhead is incurred, it is added to the individual job. True/False?
True or False
30. The overhead control account records the actual overhead costs incurred and the overhead costs allocated. 31. There are normally three inventory accounts in a manufacturer's general ledger; raw materials, cost of sales and finished goods. 32. When raw materials are purchased the raw materials inventory account is credited. 33. Actual overhead is debited to the overhead control account. 34. The journal entry to record overhead allocated is debit Work in Process and credit Overhead Control 35....
True/False
85. When there are differences between estimates and actual amounts, one outcome is under or over applied overhead. 86. Job costing provides a cost estimate for individual jobs while process costing provides an average cost estimate for an individual unit of product 87. Process costing makes assumptions about exactly when and how costs are incurred during the production process. 88. Mismeasurement of inputs into the costing system is likely to be lower in companies that have just commenced operations....
both questions plz
Under job order costing, the predetermined overhead rate equals: Estimated overhead divided by the number of months in the period Actual overhead divided by actual direct labor hours Actual overhead minus estimated overhead Actual overhead multiplied by the actual activity level for a period Estimated overhead divided by the estimated activity level for a period D la 2 19 Under job order costing, the overhead variance is underapplied if: actual overhead is less than applied overhead O...
Which one of the following statements is correct (true)? Multiple Choice U Most factory overhead costs are direct costs and can be easily traced to specific jobs. C ) A company producing many different kinds of furniture would probably use a process costing system. • Selling and administrative costs are expensed in the period incurred. Selling and admin Any balance in the Work In Process account at the end of the period should be closed to COGS Suppose jobs are...
D Question 9 3 pts overhead applied to a job is which of the following O pre determined rate x actual hours O predetermined rate x estimated hours none of the above 2 pts D Question 10 applying overhead to a job using pre determined rates is prevalent in a normal costing system True O False
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...
Which of the following statements regarding overhead allocation is true? Actual job costs are almost always higher than estimated job costs Actual job costs are almost always the same as estimated job costs Actual job costs are almost always different from estimated job costs Actual job costs are almost always lower than estimated job costs
Note: Show favorable variances as negative numbers What was the variable overhead efficiency variance ? What was the variable OH spending variance ? What is the fixed OH volume (denominator) variance? What is the fixed OH spending variance? F G H Variance Analysis 12 Special order lamps are manufactured in division S. Because of the precise nature of the process a 19 standard cost system has been developed. The following standards are used for the special orders: 20 21 ....
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