Under a job order cost accounting system, individual jobs are always charged with actual overhead costs...
Under a job order cost accounting system, individual jobs are always charged with actual overhead costs when they are transferred to finished goods. Select one: True False
Homework Answers
| FALSE |
| Under a job order cost accounting system, individual jobs are always charged with applied overhead costs when they are transferred to finished goods. |
| The overhead costs are applied to finished goods based on predetermined overhead rate determined at the beginning of year. |
| The difference between applied and actual overhead costs is transferred to Cost of goods sold at the end of period. |
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Under a job order cost accounting system, individual jobs are
always charged with actual overhead costs...
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...
30. The overhead control account records the actual overhead costs incurred and the overhead cost...
True or False
30. The overhead control account records the actual overhead costs incurred and the overhead costs allocated. 31. There are normally three inventory accounts in a manufacturer's general ledger; raw materials, cost of sales and finished goods. 32. When raw materials are purchased the raw materials inventory account is credited. 33. Actual overhead is debited to the overhead control account. 34. The journal entry to record overhead allocated is debit Work in Process and credit Overhead Control 35....
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
When a job is completed in a job order cost accounting system, the cost of the...
When a job is completed in a job order cost accounting system, the cost of the job is transferred to cost of goods sold. finished goods inventory. manufacturing overhead. work in process inventory.
A company uses a job order cost system and applies manufacturing overhead costs to jobs using...
A company uses a job order cost system and applies manufacturing overhead costs to jobs using a predetermined overhead rate based on direct labour-hours. The following data were extracted from the company's accounting records for the previous year: Manufacturing overhead: estimated: $50,000 actual: $55,000 Direct labour hours: estimated: #20,000 hrs actual: #24,000 hrs A job completed during the year incurred the following costs: Direct Materials $4,000 Direct labour $1,500 (at $5 per DLH) What was the under applied or over...
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...
Jensen Fences uses job order costing. Manufacturing overhead is charged to individual jobs through the use...
Jensen Fences uses job order costing. Manufacturing overhead is charged to individual jobs through the use of a predetermined overhead rate based on direct labor costs. The following information appears in the company's Work in Process Inventory account for the month of June. Debits to account: Balance, June 1 Direct naterials Direct labor Manufacturing overhead (applied to jobs as 125% of direct labor cost) $ 5,e8e 18,888 12,eee 15,8ee $ 58,800 Total debits to account Credits to account: Transferred to...
4.. Dina Corp. uses a job order cost accounting system. Four jobs were started during the...
4.. Dina Corp. uses a job order cost accounting system. Four jobs were started during the current year. The following is a record of the costs incurred: Job # 1010 1011 1012 1013 Material Direct Labor Direct Labor Used Used Hours Used $45,000 $72,000 8,000 59,000 77,000 7,000 35,000 30,000 3,000 26,000 40,000 5,000 Actual overhead costs were $55,800. The predetermined overhead allocation rate is $2.40 per direct labor hour. During the year, Jobs 1010, 1012, and 1013 were completed....
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $105,600 of manufacturing overhead for an estimated allocation base of $88,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: $ 138,000 $ 84,000 Purchase of raw...
True or False
30. The overhead control account records the actual overhead costs incurred and the overhead costs allocated. 31. There are normally three inventory accounts in a manufacturer's general ledger; raw materials, cost of sales and finished goods. 32. When raw materials are purchased the raw materials inventory account is credited. 33. Actual overhead is debited to the overhead control account. 34. The journal entry to record overhead allocated is debit Work in Process and credit Overhead Control 35....
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...
Jensen Fences uses job order costing. Manufacturing overhead is charged to individual jobs through the use of a predetermined overhead rate based on direct labor costs. The following information appears in the company's Work in Process Inventory account for the month of June. Debits to account: Balance, June 1 Direct naterials Direct labor Manufacturing overhead (applied to jobs as 125% of direct labor cost) $ 5,e8e 18,888 12,eee 15,8ee $ 58,800 Total debits to account Credits to account: Transferred to...
4.. Dina Corp. uses a job order cost accounting system. Four jobs were started during the current year. The following is a record of the costs incurred: Job # 1010 1011 1012 1013 Material Direct Labor Direct Labor Used Used Hours Used $45,000 $72,000 8,000 59,000 77,000 7,000 35,000 30,000 3,000 26,000 40,000 5,000 Actual overhead costs were $55,800. The predetermined overhead allocation rate is $2.40 per direct labor hour. During the year, Jobs 1010, 1012, and 1013 were completed....
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $105,600 of manufacturing overhead for an estimated allocation base of $88,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: $ 138,000 $ 84,000 Purchase of raw...
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