Homework Answers
True
A job order cost system identifies costs with a particular job rather than with a set time period
Job order cost system is used when products are made based on specific customer order. Thus we can identify cost of each order separately
Time period is not relevant for job order costing system.
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Question 2 2 pts A job order cost system identifies costs with a particular job rather...
QUESTION 11 The flow of costs in a job order cost system involves accumulating manufacturing costs...
QUESTION 11 The flow of costs in a job order cost system involves accumulating manufacturing costs incurred and assigning the accumulated costs to work done. cannot be measured until all jobs are complete measures product costs for a set time period. generally follows a LIFO cost flow assumption.
QUESTION 32 The cost of a completed job in a job-order costing system typically consists of...
QUESTION 32 The cost of a completed job in a job-order costing system typically consists of the actual direct materials cost of the job, the actual direct labor cost of the job, and the manufacturing overhead cost applied to the job. True 2.157 points False QUESTION 33 An activity in activity-based costing is an event that causes the consumption of overhead resources. True 2.857 False QUESTION 34 If a company has a great deal of product diversity, activity-based costing will...
1. The perpetual inventory method cannot be used in a job order cost system. True False...
1.
The perpetual inventory method cannot be used in a job order
cost system.
True
False
2. A job order cost system and a process cost system are two
alternative methods for valuing inventories.
True
False
3. Accumulating and assigning manufacturing costs are two
important activities in a job order cost system.
True
False
4. When raw materials are purchased, the Work in Process
Inventory account is debited.
True
False
5. Job order cost sheets constitute the subsidiary ledger of...
$8.000 $235.000 5 pts Question 6 Which of the following accounts represents the accumulated costs of...
$8.000 $235.000 5 pts Question 6 Which of the following accounts represents the accumulated costs of jobs that are incomplete? Work in process inventory Finished goods inventory O Cost of goods sold Raw materials inventory Question 7 5 pts In a job order system a company would only apply the manufacturing overhead to the job when it is completed and at no other time during the accounting period. True False Question 8 5 pts s regarding cost behavior, the concept...
Question 21 5 pts In a job order costing system manufacturing overhead is applied to jobs...
Question 21 5 pts In a job order costing system manufacturing overhead is applied to jobs using actual and not estimated costs. True O False Question 22 5 pts Which of the following statements about using a plantwide overhead rate based on direct laboris correct? Using a plantwide overhead rate based on direct labor costs will ensure that direct labor costs will be correctly traced to jobs. The labor theory of value ensures that using a plantwide overhead rate based...
$7.65 $12.00 O $9.20 Question 17 5 pts Dearden Corporation uses a job-order costing system with...
$7.65 $12.00 O $9.20 Question 17 5 pts Dearden Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $148,000, variable manufacturing overhead of $3.75 per machine- hour, and 50,000 machine-hours. The actual usage of machine hours was 52,100. The predetermined overhead rate per machine hour is closest to: $6,59 O $6.71 $9.67 O $2.96 Question...
1 In a job order cost accounting system, the total balances on the entire job cost...
1 In a job order cost accounting system, the total balances on the entire job cost sheets for unfinished jobs equals the balance in the Goods in Process Inventory account. Select one: True false 2 Return on total assets for a cost center is a useful measure to evaluate the cost center manager. Select one: True False False 3 Under a job order cost accounting system, individual jobs are always charged with actual overhead costs when they are transferred to...
Name TRUE/FALSE 1. In a process cost system, product costs are accumulated by processing department rather...
Name TRUE/FALSE 1. In a process cost system, product costs are accumulated by processing department rather than by job 2. If factory overhead applied exceeds the actual costs, then factory overhead is said to be underapplied. 3. A manufacturer may employ a job order cost system for some of its products and a process cost system for others. 4. Period costs can be found on the balance sheet or on the income statement. 5. Managerial accounting reports are always prepared...
Question 10 3 pts A job cost sheet is used to accumulate total costs incurred to...
Question 10 3 pts A job cost sheet is used to accumulate total costs incurred to produce a product or provide a service to a customer True False No answer text provided. O No answer text provided.
Question 5 4.5 pts Moor Company uses a job-order costing system and applies overhead costs to...
Question 5 4.5 pts Moor Company uses a job-order costing system and applies overhead costs to jobs at a rate of 120% of direct labor cost. Moor Company started the month of June with three jobs in process. The cost of beginning work in process plus the costs added during June are shown below: Job #1-A $3,250 Job #3-G $2,690 Job #7 -L $3,720 beginning work in process ..... COSTS ADDED DURING JUNE: direct materials direct labor $4,680 3,530 $3,950...
QUESTION 11 The flow of costs in a job order cost system involves accumulating manufacturing costs incurred and assigning the accumulated costs to work done. cannot be measured until all jobs are complete measures product costs for a set time period. generally follows a LIFO cost flow assumption.
QUESTION 32 The cost of a completed job in a job-order costing system typically consists of the actual direct materials cost of the job, the actual direct labor cost of the job, and the manufacturing overhead cost applied to the job. True 2.157 points False QUESTION 33 An activity in activity-based costing is an event that causes the consumption of overhead resources. True 2.857 False QUESTION 34 If a company has a great deal of product diversity, activity-based costing will...
1.
The perpetual inventory method cannot be used in a job order
cost system.
True
False
2. A job order cost system and a process cost system are two
alternative methods for valuing inventories.
True
False
3. Accumulating and assigning manufacturing costs are two
important activities in a job order cost system.
True
False
4. When raw materials are purchased, the Work in Process
Inventory account is debited.
True
False
5. Job order cost sheets constitute the subsidiary ledger of...
$8.000 $235.000 5 pts Question 6 Which of the following accounts represents the accumulated costs of jobs that are incomplete? Work in process inventory Finished goods inventory O Cost of goods sold Raw materials inventory Question 7 5 pts In a job order system a company would only apply the manufacturing overhead to the job when it is completed and at no other time during the accounting period. True False Question 8 5 pts s regarding cost behavior, the concept...
Question 21 5 pts In a job order costing system manufacturing overhead is applied to jobs using actual and not estimated costs. True O False Question 22 5 pts Which of the following statements about using a plantwide overhead rate based on direct laboris correct? Using a plantwide overhead rate based on direct labor costs will ensure that direct labor costs will be correctly traced to jobs. The labor theory of value ensures that using a plantwide overhead rate based...
$7.65 $12.00 O $9.20 Question 17 5 pts Dearden Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $148,000, variable manufacturing overhead of $3.75 per machine- hour, and 50,000 machine-hours. The actual usage of machine hours was 52,100. The predetermined overhead rate per machine hour is closest to: $6,59 O $6.71 $9.67 O $2.96 Question...
Name TRUE/FALSE 1. In a process cost system, product costs are accumulated by processing department rather than by job 2. If factory overhead applied exceeds the actual costs, then factory overhead is said to be underapplied. 3. A manufacturer may employ a job order cost system for some of its products and a process cost system for others. 4. Period costs can be found on the balance sheet or on the income statement. 5. Managerial accounting reports are always prepared...
Question 10 3 pts A job cost sheet is used to accumulate total costs incurred to produce a product or provide a service to a customer True False No answer text provided. O No answer text provided.
Question 5 4.5 pts Moor Company uses a job-order costing system and applies overhead costs to jobs at a rate of 120% of direct labor cost. Moor Company started the month of June with three jobs in process. The cost of beginning work in process plus the costs added during June are shown below: Job #1-A $3,250 Job #3-G $2,690 Job #7 -L $3,720 beginning work in process ..... COSTS ADDED DURING JUNE: direct materials direct labor $4,680 3,530 $3,950...
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