Homework Answers
| Question # | TRUE/FALSE |
| 6 | TRUE |
| 7 | TRUE |
| 8 | FALSE |
| 9 | TRUE |
| 10 | FALSE |
| 11 | FALSE |
| 12 | TRUE |
| 13 | TRUE |
| 14 | TRUE |
| 15 | TRUE |
| 16 | TRUE |
| 17 | FALSE |
| 18 | TRUE |
| 19 | FALSE |
| 20 | TRUE |
| 21 | TRUE |
| 22 | TRUE |
| 23 | FALSE |
| 24 | TRUE |
| 25 | TRUE |
| 38 | TRUE |
| 39 | TRUE |
| 40 | FALSE |
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True or False
6. An architect is a business which is likely to use job costing....
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...
Match the following terms to the statements shown below. Use capital letters for your answers. Each...
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...
The Luke Company uses a normal job-costing systern at its Minneapolis plant. The plant has a...
The Luke Company uses a normal job-costing systern at its Minneapolis plant. The plant has a machining department and an asserbly department. Its job-costing system has two direct-cost categories (direct materials and direct manufacturing labor) and two manufacturing overhead cost pools (the machining department overhead, allocated to jobs based on actual machine-hours, and the assembly department overhead, allocated to jobs based on actual direct manufacturing labor costs). The 2017 budget for the plant is as follows: (Click the icon to...
The Lowell Company uses a normal job-costing system at its Minneapolis plant. The plant has a...
The Lowell Company uses a normal job-costing system at its Minneapolis plant. The plant has a machining department and an assembly department. Its job-costing system has two direct-cost categories (direct materials and direct manufacturing labor, and two manufacturing overhead cost pools (the machining department overhead allocated to jobs based on actual machine-hours, and the assembly department overhead, allocated to jobs based on actual direct manufacturing labor costs). The 2017 budget for the plant is as follows: (Click the icon to...
CW 1 Actual costing, normal costing, manufacturing overhead. Destin Products uses a -job-costing system with two...
CW 1 Actual costing, normal costing, manufacturing overhead. Destin Products uses a -job-costing system with two direct-cost categories (direct materials and direct man- ufacturing labour) and one manufacturing overhead cost poll. Destin allocates man- ufacturing overhead costs using direct manufacturing labour costs. Destin provides the following information: Budget for Actuals for Year 2021 Year 2021 Direct manufacturing labour costs Direct manufacturing overhead costs Direct materials costs $1,000,000 $1,750,000 $1,500,000 $980,000 $1,862,000 $1,450,000 REQUIRED 1. Compute the actual and budgeted manufacturing...
Che Job costing A job-costing syste ing system has a separate job-cost record for each job....
Che Job costing A job-costing syste ing system has a separate job-cost record for each job. A summary of the job-cost card is typically found in a subsidiary ledger. The general ledger Rocount Work-in-Process Control control presents the total of these separate job cost records pertaining to all unfinished jobs. The job-cost records and Work-in-Process Control account track ob costs from when ob start until they are complete. When jobs are completed or sold, they are recorded in the finished-goods...
4-31 Job costing, accounting for manufacturing overhead, budgeted rates. The Fasano Company uses a job-costing system...
4-31 Job costing, accounting for manufacturing overhead, budgeted rates. The Fasano Company uses a job-costing system at its Dover, Delaware, plant. The plant has a machining department and a finishing department. Fasano uses normal costing with two direct-cost categories (direct materials and direct manu. facturing labor) and two manufacturing overhead cost pools (the machining department with machine. hours as the allocation base, and the finishing department with direct manufacturing labor costs as the allocation base). The 2011 budget for the...
true or false 14. In a process costing system. partially completed units in Work-in-Process Inventory are...
true or false
14. In a process costing system. partially completed units in Work-in-Process Inventory are typically converted to equivalent completed units. 15. Before purchasing an Enterprise Resource Planning (ERP) system, companies must confirm that the benefits of an ERP system will outweigh the costs of implementation 16. Underapplied overhead occurs when actual overhead costs are lower than overhead costs applied to jobs. 17. Total companywide estimated overhead costs will change depending on if plant wide allocation or departmental allocation...
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...
chapter 4 job costing Please help with #5 Ch4 Job costing A job-costing system has a...
chapter 4 job costing
Please help with #5
Ch4 Job costing A job-costing system has a sep record is typically found in a sul Control presents the total system has a separate job-cost record for each job. A summary of the job-cost ypically found in a subsidiary leder. The general ledger account-Work-in-Process presents the total of these separate job cost records pertaining to all unfinished jobs. The job-cost records and Work-in-Process Control account track job costs account track job costs...
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...
The Luke Company uses a normal job-costing systern at its Minneapolis plant. The plant has a machining department and an asserbly department. Its job-costing system has two direct-cost categories (direct materials and direct manufacturing labor) and two manufacturing overhead cost pools (the machining department overhead, allocated to jobs based on actual machine-hours, and the assembly department overhead, allocated to jobs based on actual direct manufacturing labor costs). The 2017 budget for the plant is as follows: (Click the icon to...
The Lowell Company uses a normal job-costing system at its Minneapolis plant. The plant has a machining department and an assembly department. Its job-costing system has two direct-cost categories (direct materials and direct manufacturing labor, and two manufacturing overhead cost pools (the machining department overhead allocated to jobs based on actual machine-hours, and the assembly department overhead, allocated to jobs based on actual direct manufacturing labor costs). The 2017 budget for the plant is as follows: (Click the icon to...
CW 1 Actual costing, normal costing, manufacturing overhead. Destin Products uses a -job-costing system with two direct-cost categories (direct materials and direct man- ufacturing labour) and one manufacturing overhead cost poll. Destin allocates man- ufacturing overhead costs using direct manufacturing labour costs. Destin provides the following information: Budget for Actuals for Year 2021 Year 2021 Direct manufacturing labour costs Direct manufacturing overhead costs Direct materials costs $1,000,000 $1,750,000 $1,500,000 $980,000 $1,862,000 $1,450,000 REQUIRED 1. Compute the actual and budgeted manufacturing...
Che Job costing A job-costing syste ing system has a separate job-cost record for each job. A summary of the job-cost card is typically found in a subsidiary ledger. The general ledger Rocount Work-in-Process Control control presents the total of these separate job cost records pertaining to all unfinished jobs. The job-cost records and Work-in-Process Control account track ob costs from when ob start until they are complete. When jobs are completed or sold, they are recorded in the finished-goods...
4-31 Job costing, accounting for manufacturing overhead, budgeted rates. The Fasano Company uses a job-costing system at its Dover, Delaware, plant. The plant has a machining department and a finishing department. Fasano uses normal costing with two direct-cost categories (direct materials and direct manu. facturing labor) and two manufacturing overhead cost pools (the machining department with machine. hours as the allocation base, and the finishing department with direct manufacturing labor costs as the allocation base). The 2011 budget for the...
true or false
14. In a process costing system. partially completed units in Work-in-Process Inventory are typically converted to equivalent completed units. 15. Before purchasing an Enterprise Resource Planning (ERP) system, companies must confirm that the benefits of an ERP system will outweigh the costs of implementation 16. Underapplied overhead occurs when actual overhead costs are lower than overhead costs applied to jobs. 17. Total companywide estimated overhead costs will change depending on if plant wide allocation or departmental allocation...
chapter 4 job costing
Please help with #5
Ch4 Job costing A job-costing system has a sep record is typically found in a sul Control presents the total system has a separate job-cost record for each job. A summary of the job-cost ypically found in a subsidiary leder. The general ledger account-Work-in-Process presents the total of these separate job cost records pertaining to all unfinished jobs. The job-cost records and Work-in-Process Control account track job costs account track job costs...
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