Homework Answers
Answer--1-The correct option is d.Antique Automobile Restorer.
Explanation- Antique Automobile Restorer would most likely uses a job-order costing system. Job order costing system is used when the various items produced are sufficiently different from each other and each has a significant cost.
2-The cost of all jobs not yet completed is in the work in process account.
3-The cost of all jobs completed but not yet sold is in the finished goods account
4-The correct option is b.Material Requisition form.
5-Two common allocation bases used to allocate manufacturing overhead are:-
a.direct labor hours b.direct labor cost.
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1. Which entity below would most likely use a job-order costing system? a. Textile manufacturer b....
Chapter 3 discusses job costing. Which type of company listed below would most likely use job...
Chapter 3 discusses job costing. Which type of company listed below would most likely use job costing. A. manufacture of fiber optic cable B .cereal manufacturer C .oil refinery D. home builder When is the predetermined manufacturing overhead rate calculated and what is it used for? A.beginning of the year; to allocate manufacturing overhead to a job during the year B.end of the year; to allocate direct materials, direct labor, and manufacturing overhead to a job during the year C.end...
True or false erlap 1. A movie production company would likely use a job costing system...
True or false
erlap 1. A movie production company would likely use a job costing system to track revenues and costs. 2. A process costing system is used by companies that make identical units of product in batches. 3. The journal entry for recording timesheet submissions by employees working on various jobs will include a debit to the Direct Labor account. 4. When a manufacturing company purchases raw materials, the Raw Materials Inventory account is debited. 5. When direct materials...
True or False 6. An architect is a business which is likely to use job costing....
True or False
6. An architect is a business which is likely to use job costing. 7. Prime costs are direct labour and direct material. 8. GAAP requires a product cost for finished goods inventory only. 9 Goods that are in production but not yet complete are classified as work in process. 10. Inventory is reported at cost in the statement of financial position. 11. Cost of sales is shown in the statement of financial position 12. Non-manufacturing costs are...
Classic Technology Co. manufactures DVDs for computer software and entertainment companies. Classic uses job order costing....
Classic Technology Co. manufactures DVDs for computer software and entertainment companies. Classic uses job order costing. On June 2, Classic began production of 5,400 DVDs, Job 423, for Digital Pictures for $1.10 sales price per DVD. Classic promised to deliver the DVDs to Digital Pictures by June 5. Classic incurred the following direct costs: (Click the icon to view the costs.) (Click the icon to view additional information.) Read the requirements. Requirement 1. Prepare a job cost record for Job...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances were as follows: Raw materials $ 72,500 Work in process $ 18,200 Finished goods $ 46,500 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company’s predetermined overhead rate of $15.50 per direct labor-hour was based on a cost formula that estimated $620,000 of total manufacturing overhead for an estimated activity level of 40,000 direct...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 59,500 $ 37,600 $ 61,800 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $14.25 per direct labor hour was based on cost formula that estimated $570,000 of total manufacturing overhead for an estimated activity level of 40.000 direct...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances were as follows: Raw materials $ 40,000 Work in process $ 18,000 Finished goods $ 35,000 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company’s predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 59,500 $37,600 $ 61,800 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $14.25 per direct labor-hour was based on a cost formula that estimated $570,000 of total manufacturing overhead for an estimated activity level of 40.000 direct labor-hours....
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances were as follows: Raw materials $ 62,500 Work in process $ 23,200 Finished goods $ 36,900 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company’s predetermined overhead rate of $11.00 per direct labor-hour was based on a cost formula that estimated $440,000 of total manufacturing overhead for an estimated activity level of 40,000 direct...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 63,000 $ 22,200 $ 52,500 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $11.50 per direct labor-hour was based on a cost formula that estimated $460,000 of total manufacturing overhead for an estimated activity level of 40,000 direct...
True or false
erlap 1. A movie production company would likely use a job costing system to track revenues and costs. 2. A process costing system is used by companies that make identical units of product in batches. 3. The journal entry for recording timesheet submissions by employees working on various jobs will include a debit to the Direct Labor account. 4. When a manufacturing company purchases raw materials, the Raw Materials Inventory account is debited. 5. When direct materials...
True or False
6. An architect is a business which is likely to use job costing. 7. Prime costs are direct labour and direct material. 8. GAAP requires a product cost for finished goods inventory only. 9 Goods that are in production but not yet complete are classified as work in process. 10. Inventory is reported at cost in the statement of financial position. 11. Cost of sales is shown in the statement of financial position 12. Non-manufacturing costs are...
Classic Technology Co. manufactures DVDs for computer software and entertainment companies. Classic uses job order costing. On June 2, Classic began production of 5,400 DVDs, Job 423, for Digital Pictures for $1.10 sales price per DVD. Classic promised to deliver the DVDs to Digital Pictures by June 5. Classic incurred the following direct costs: (Click the icon to view the costs.) (Click the icon to view additional information.) Read the requirements. Requirement 1. Prepare a job cost record for Job...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 59,500 $ 37,600 $ 61,800 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $14.25 per direct labor hour was based on cost formula that estimated $570,000 of total manufacturing overhead for an estimated activity level of 40.000 direct...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 59,500 $37,600 $ 61,800 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $14.25 per direct labor-hour was based on a cost formula that estimated $570,000 of total manufacturing overhead for an estimated activity level of 40.000 direct labor-hours....
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 63,000 $ 22,200 $ 52,500 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $11.50 per direct labor-hour was based on a cost formula that estimated $460,000 of total manufacturing overhead for an estimated activity level of 40,000 direct...
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