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Exam 2: Job Order Costing

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Question 31

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The cost of materials used on a specific job is first captured on which source document?

A) Cost driver sheet
B) Materials requisition form
C) Labor time ticket
D) Process cost sheet

E) A) and B)
F) B) and C)

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Question 32

Multiple Choice

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The current manufacturing costs include ________ direct labor,________ direct materials,and ________ manufacturing overhead.

A) actual;actual;applied
B) actual;actual;actual
C) estimated;actual;applied
D) estimated;estimated;applied

E) A) and B)
F) A) and C)

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Question 33

Multiple Choice

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The most common method for disposing of over or underapplied overhead is to:

To incorporate sustainability into the Cost of Goods Manufactured report,include information on all of the following except:

Source documents are used to assign all manufacturing costs to jobs.

Chloe Corp.uses a job order costing system with manufacturing overhead applied to products on the basis of direct labor hours.For the upcoming year,Chloe Corp.estimated total manufacturing overhead cost at $480,000 and total direct labor hours of 40,000.During the year actual manufacturing overhead incurred was $462,500 and 41,000 direct labor hours were used. a.Calculate the predetermined overhead rate. b.Calculate how much manufacturing overhead will be applied to production. c.Is overhead over- or underapplied? By how much? d.What account should be adjusted for over- or underapplied overhead? Should the balance be increased or decreased?

Miller Park Inc.uses a job order costing system with manufacturing overhead applied to products at a rate of 80% of direct labor cost.Treating each case independently,find the missing amounts for a through l:

Manufacturing overhead was estimated to be $400,000 for the year along with 20,000 direct labor hours.Actual manufacturing overhead was $415,000 and actual labor hours were 21,000.The predetermined manufacturing overhead rate per direct labor hour would be:

Which of the following would be used to record the property taxes on a factory building?

Optimum Finance Inc.provides budget,savings,and investment services to clients who want a stress-free financial lifestyle.The company customizes a program for each client based on their individual goals that includes budget recommendations,investment counseling,and savings techniques.The company uses a job order cost system that keeps track of the cost of the amount of time financial consultants spend with each client. Optimum applies all indirect operating costs (e.g. ,rent,utilities,and management salaries) as a percentage of the consultant's labor cost.During the most recent year,the firm estimated that it would pay $500,000 to its consultants and incur indirect operating costs of $750,000.Actual consultant labor costs were $537,500 and actual indirect operating costs were $725,000.During the year,Optimum provided 64 hours of consulting services to Robert Howard for which Optimum pays an average of $18 per hour.What is the total cost of providing services to Robert?

A materials requisition form is used to authorize the purchase of direct materials.

If a company uses a predetermined overhead rate,which of the following statements is correct?

Which of the following accounts is not affected by applied manufacturing overhead?

All the costs assigned to an individual job are summarized on a:

When units are completed,the cost associated with the job is credited to which account?

Christine Corp.applies manufacturing overhead to production at 80% of direct labor cost.During the year ended 20xx,manufacturing overhead of $200,000 was applied to production;actual manufacturing overhead was $189,000.Beginning Work in Process Inventory was $25,000,and beginning Finished Goods Inventory was $45,000.Work in Process Inventory decreased by 20% during the year and Finished Goods Inventory decreased by 10% during the year.Adjusted Cost of Goods Sold was $623,500 for the year ended 20xx. Complete the following schedule:

When materials are placed into production:

Deer Lake Inc.uses a job order costing system with manufacturing overhead applied to products at a rate of 150% of direct labor cost.Treating each case independently,find the missing amounts for a through l:

Which of the following represents the accumulated costs of incomplete jobs?

Which of the following represents the cost of jobs completed but not yet sold?