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| The flow of costs in a job order cost system- |
| involves accumulating manufacturing costs incurred and assigning the accumulated costs to work done. |
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QUESTION 11 The flow of costs in a job order cost system involves accumulating manufacturing costs...
Question 6 (2 points) What is unique about the flow of costs in a job order...
Question 6 (2 points) What is unique about the flow of costs in a job order cost system? Each job is costed separately in a Work in Process subsidiary ledger. It involves accumulating material, labor, and manufacturing overhead costs as they are incurred in order to determine the job cost. Job costs cannot be measured until all overhead costs are determined. There are no costs remaining in Work in Process at year end. Question 7 (2 points) Which one of...
4. Crawford Company has the following equivalent units for July: materials 20,000 and conversion costs 18,000....
4. Crawford Company has the following equivalent units for July: materials 20,000 and conversion costs 18,000. Production cost data are: Materials Conversion Work in process, July 1 $ 6,400 $ 3,000 Costs added in July 50,400 42,000 The unit production costs for July are: Materials Conversion Costs A) $2.52 $2.50 Wiel 2.33 B) C) 2.84 2.84 2.52 2.50 D) 2.33 14. Edmiston Company reported the 1 Company reported the following year-end information: beginning work in process inventory, S80,000: cost of...
P20-1B Saced Manufacturing ngah order costs manufacturing uses a job order cost system and anglies overhead...
P20-1B Saced Manufacturing ngah order costs manufacturing uses a job order cost system and anglies overhead to production on the basis of direct labor hours, On January 1 2012 Lob No 75 was the only antary 1, 2012. Job No. 25 was the only job in process. The costs incurred prior to January 1 on this job were as direct materials $10,000; direct labor $6,000, and manufacturing overhead S9,000. Job No. 23 had been pleten al il cost of $42.000...
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...
Garcia Manufacturing uses a job order cost system and applies overhead to production on the basis of direct labor costs
Garcia Manufacturing uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2008, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20,000, direct labor $12,000, and manufacturing overhead $16,000. As of January 1, Job No. 49 had been completed at a cost of $90,000 and was part of finished goods inventory. There was...
Question 5 Bertrand Manufacturing uses a job-order cost system and applies overhead to production on the...
Question 5 Bertrand Manufacturing uses a job-order cost system and applies overhead to production on the basis of direct labour costs. On January 1, 2020, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $30,000, direct labour $15,200, and manufacturing overhead $20,200. As of January 1, Job No. 49 had been completed at a cost of $120,200 and was part of finished goods inventory. There...
8. Cost of goods sold A) is calculated exactly the same for merchandising and manufacturing companies....
8. Cost of goods sold A) is calculated exactly the same for merchandising and manufacturing companies. B) only appears on manufacturing companies' income statements. C) appears on both manufacturing and merchandising companies' income statements. D) only appears on merchandising companies' income statements. HHDCụ CITIZ. 87. Gantner Company had the following department information about physical units and percentage of completion: Work in process, May 1 (60%) Physical Units 60,000 Completed and transferred out 180,000 Work in process, May 31 (40%) 50,000...
Question 5 Bertrand Manufacturing uses a job-order cost system and applies overhead to production on the...
Question 5 Bertrand Manufacturing uses a job-order cost system and applies overhead to production on the basis of direct labour costs. On January 1, 2020, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $30,600, direct labour $15,300, and manufacturing overhead $20,800. As of January 1, Job No. 49 had been completed at a cost of $120,000 and was part of finished goods inventory. There...
Question 5 Bertrand Manufacturing uses a job-order cost system and applies overhead to production on the...
Question 5 Bertrand Manufacturing uses a job-order cost system and applies overhead to production on the basis of direct labour costs. On January 1, 2020, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $30,000, direct labour $15,200, and manufacturing overhead $20,200. As of January 1, Job No. 49 had been completed at a cost of $120,200 and was part of finished goods inventory. There...
Weinrich Manufacturing uses a job order cost system and applies overhead to production on the basis...
Weinrich Manufacturing uses a job order cost system and applies overhead to production on the basis of direct labor hours. On January 1, 2019, Job No. 25 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $10,000; direct labor $6,000; and manufacturing overhead $9,000. Job No. 23 had been completed at a cost of $42,000 and was part of finished goods inventory. There was a $8,000 balance in...
Question 6 (2 points) What is unique about the flow of costs in a job order cost system? Each job is costed separately in a Work in Process subsidiary ledger. It involves accumulating material, labor, and manufacturing overhead costs as they are incurred in order to determine the job cost. Job costs cannot be measured until all overhead costs are determined. There are no costs remaining in Work in Process at year end. Question 7 (2 points) Which one of...
4. Crawford Company has the following equivalent units for July: materials 20,000 and conversion costs 18,000. Production cost data are: Materials Conversion Work in process, July 1 $ 6,400 $ 3,000 Costs added in July 50,400 42,000 The unit production costs for July are: Materials Conversion Costs A) $2.52 $2.50 Wiel 2.33 B) C) 2.84 2.84 2.52 2.50 D) 2.33 14. Edmiston Company reported the 1 Company reported the following year-end information: beginning work in process inventory, S80,000: cost of...
P20-1B Saced Manufacturing ngah order costs manufacturing uses a job order cost system and anglies overhead to production on the basis of direct labor hours, On January 1 2012 Lob No 75 was the only antary 1, 2012. Job No. 25 was the only job in process. The costs incurred prior to January 1 on this job were as direct materials $10,000; direct labor $6,000, and manufacturing overhead S9,000. Job No. 23 had been pleten al il cost of $42.000...
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...
Question 5 Bertrand Manufacturing uses a job-order cost system and applies overhead to production on the basis of direct labour costs. On January 1, 2020, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $30,000, direct labour $15,200, and manufacturing overhead $20,200. As of January 1, Job No. 49 had been completed at a cost of $120,200 and was part of finished goods inventory. There...
8. Cost of goods sold A) is calculated exactly the same for merchandising and manufacturing companies. B) only appears on manufacturing companies' income statements. C) appears on both manufacturing and merchandising companies' income statements. D) only appears on merchandising companies' income statements. HHDCụ CITIZ. 87. Gantner Company had the following department information about physical units and percentage of completion: Work in process, May 1 (60%) Physical Units 60,000 Completed and transferred out 180,000 Work in process, May 31 (40%) 50,000...
Question 5 Bertrand Manufacturing uses a job-order cost system and applies overhead to production on the basis of direct labour costs. On January 1, 2020, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $30,600, direct labour $15,300, and manufacturing overhead $20,800. As of January 1, Job No. 49 had been completed at a cost of $120,000 and was part of finished goods inventory. There...
Question 5 Bertrand Manufacturing uses a job-order cost system and applies overhead to production on the basis of direct labour costs. On January 1, 2020, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $30,000, direct labour $15,200, and manufacturing overhead $20,200. As of January 1, Job No. 49 had been completed at a cost of $120,200 and was part of finished goods inventory. There...
Weinrich Manufacturing uses a job order cost system and applies overhead to production on the basis of direct labor hours. On January 1, 2019, Job No. 25 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $10,000; direct labor $6,000; and manufacturing overhead $9,000. Job No. 23 had been completed at a cost of $42,000 and was part of finished goods inventory. There was a $8,000 balance in...
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