Actual manufacturing overhead appears on job cost cards. True False
Actual manufacturing overhead appears on job cost cards.
True
False
Homework Answers
Manufacturing overhead applied appears on the job cost card. Actual manufacturing overhead incurred is debited to the manufacturing overhead account. The under/over applied overhead is adjusted to the cost of goods sold. Hence, manufacturing overhead applied appears on the job cost card not the actual manufacturing overhead.
Hence, the given statement is False.
Job cost sheets contain entries for actual direct material, actual direct labor, and actual manufacturing overhead...
Job cost sheets contain entries for actual direct material, actual direct labor, and actual manufacturing overhead cost incurred in completing a job. True or False True False
Actual overhead costs are not assigned to jobs in a job costing system. True or False...
Actual overhead costs are not assigned to jobs in a job costing system. True or False True False
Actual overhead costs are not assigned to jobs in a job costing system True or False...
Actual overhead costs are not assigned to jobs in a job costing system True or False True False
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?
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...
Process cost systems use job order cost cards to accumulate cost data. True False
Process cost systems use job order cost cards to accumulate cost data. True False
Manufacturing overhead costs allocated to a job amounted to $496,000. The actual manufacturing costs incurred during...
Manufacturing overhead costs allocated to a job amounted to $496,000. The actual manufacturing costs incurred during the year were $530,000. Overhead costs have been underallocated. O True False
If a job is not completed at year end, then no manufacturing overhead cost would be...
If a job is not completed at year end, then no manufacturing overhead cost would be applied to that job when a predetermined overhead rate is used. True or False True False
The amount of overhead applied to a particular job equals the actual amount of overhead caused...
The amount of overhead applied to a particular job equals the actual amount of overhead caused by the job. True or False True False
TRUE OR FALSE Overhead Cost : A. True or False / It is usually better to...
TRUE OR FALSE Overhead Cost : A. True or False / It is usually better to spread fixed factory overhead costs over more units compared to fewer units (as long as the units made can be sold). B.True or False / If actual variable overhead per unit is less than budgeted variable overhead, then the variance will be unfavorable. C. True or False / In general, the more overhead incurred, the higher the resulting profit.
Job cost sheets contain entries for actual direct material, actual direct labor, and actual manufacturing overhead cost incurred in completing a job. True or False True False
Actual overhead costs are not assigned to jobs in a job costing system. True or False True False
Actual overhead costs are not assigned to jobs in a job costing system True or False 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...
Manufacturing overhead costs allocated to a job amounted to $496,000. The actual manufacturing costs incurred during the year were $530,000. Overhead costs have been underallocated. O True False
If a job is not completed at year end, then no manufacturing overhead cost would be applied to that job when a predetermined overhead rate is used. True or False True False
The amount of overhead applied to a particular job equals the actual amount of overhead caused by the job. True or False True False
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