M2-3 (Static) Matching Terms in Job Order Costing (LO2-1, 2-2, 2-3, 2-4, 2-5) Match each term...
M2-4 (Static) Matching Terms in Job Order Costing [LO 2-4, 2-6) Match each term on the left with the best definition on the right. Note: Not all definitions will be used. a. Materials that cannot be directly or conveniently traced to a specific unit or job. b. Total production cost assigned to goods that were produced during the period. c. Cost of materials purchased from suppliers that have not yet been used in production. d. Actual amount of indirect manufacturing...
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...
Match each costing system characteristic to job order costing, process costing, or both. Used by companies that manufacture identical items through a series of 1. 2 3. uniform production steps or processes Transfers costs from Work-in-Process Inventory to Finished Goods Inventory to Cost of Goods Sold Used by companies that manufacture unique products or provide specialized services Has multiple Work-in-Process Inventory accounts Tracks direct materials, direct labor, and manufacturing overhead costs 4. 5.
Exercise 2-7 Job-Order Costing; Working Backwards [LO2-1, LO2-2, LO2-3] Hahn Company uses a job-order costing system. Its plantwide predetermined overhead rate uses direct labor-hours as the allocation base. The company pays its direct laborers $15.50 per hour. During the year, the company started and completed only two jobs-Job Alpha, which used 64,400 direct labor-hours, and Job Omega. The job cost sheets for the these two jobs are shown below: Job Alpha Direct materials Direct labor Manufacturing overhead applied Total job...
Exercise 2-7 Job-Order Costing; Working Backwards [LO2-1, LO2-2, LO2-3] Hahn Company uses a job-order costing system. Its plantwide predetermined overhead rate uses direct labor-hours as the allocation base. The company pays its direct laborers $12.50 per hour. During the year, the company started and completed only two jobs-Job Alpha, which used 68,200 direct labor-hours, and Job Omega. The job cost sheets for the these two jobs are shown below: Job Alpha Direct materials Direct labor Manufacturing overhead applied Total job...
Exercise 2-7 Job-Order Costing; Working Backwards (LO2-1, LO2-2, LO2-3) Hahn Company uses a job-order costing system. Its plantwide predetermined overhead rate uses direct labor-hours as the allocation base. The company pays its direct laborers $15 per hour. During the year, the company started and completed only two jobs-Job Alpha, which used 54,500 direct labor-hours, and Job Omega. The job cost sheets for the these two jobs are shown below: Job Alpha Direct materials Direct labor Manufacturing overhead applied Total job...
Exercise 2-7 (Algo) Job-Order Costing; Working Backwards (LO2-1, LO2-2, LO2-3] Hahn Company uses a job-order costing system. Its plantwide predetermined overhead rate uses direct labor-hours as the allocation base. The company pays its direct laborers $20.50 per hour. During the year, the company started and completed only two jobs—Job Alpha, which used 69,900 direct labor-hours, and Job Omega. The job cost sheets for the these two jobs are shown below: Job Alpha Direct materials Direct labor Manufacturing overhead applied Total...
Exercise 2-7 Job-Order Costing; Working Backwards [LO2-1, LO2-2, LO2-3] Hahn Company uses a job-order costing system. Its plantwide predetermined overhead rate uses direct labor-hours as the allocation base. The company pays its direct laborers $15 per hour. During the year, the company started and completed only two jobs—Job Alpha, which used 54,500 direct labor-hours, and Job Omega. The job cost sheets for the these two jobs are shown below: Job Alpha Direct materials Direct labor Manufacturing overhead applied Total job...
Match the following terms to the statements shown below. Use capital letters for your answers. Each term can only be used once. Activity-based costing F. Manufacturing costs Cost driver G. Overapplied overhead Direct labor H. Period costs Full cost I. Process costing system Job cost sheet J. Selling costs ______ 1. The costs associated with securing and filling customers orders. ______ 2. Required under GAAP for valuing inventory on the balance sheet. ______ 3. Assigns overhead costs to products using...
Exercise 2-7 (Algo) Job-Order Costing; Working Backwards (LO2-1, LO2-2, LO2-3] Hahn Company uses a job-order costing system. Its plantwide predetermined overhead rate uses direct labor-hours as the allocation base. The company pays its direct laborers $21.50 per hour. During the year, the company started and completed only two jobs—Job Alpha, which used 64,900 direct labor-hours, and Job Omega. The job cost sheets for the these two jobs are shown below: Job Alpha Direct materials Direct labor Manufacturing overhead applied Total...