Question 1

Direct labor and indirect labor are transferred, respectively, to:

Accepted Answer

A)  Manufacturing Overhead and Work in Process.
B)  Work in Process and Finished Goods.
C)  Finished Goods and Work in Process.
D)  Work in Process and Manufacturing Overhead.E) A) and B)
F) C) and D)

Question 2

What form is presented at the storeroom to obtain materials or supplies?

Accepted Answer

A)  Materials Request Form
B)  Raw Materials Ledger Card
C)  Materials Requisition Form
D)  Production Order FormE) A) and D)
F) B) and C)

Question 3

Manufacturing overhead includes all of the following except

Accepted Answer

A)  indirect labor.
B)  payroll taxes on factory labor.
C)  factory utilities.
D)  direct labor.E) B) and C)
F) A) and D)

Question 4

What is the subsidiary ledger that contains a record for each overhead item called?

Accepted Answer

A)  Manufacturing Overhead Control
B)  Manufacturing Overhead Ledger
C)  Manufacturing Overhead Records Book
D)  Manufacturing Overhead CardE) C) and D)
F) B) and D)

Question 5

The manufacturing overhead recorded in the Work in Process Inventory account is not necessarily the actual overhead incurred.

Accepted Answer

A) True 
 B)False

Question 6

There may not be a raw materials inventory account when a just-in-time inventory system is used.

Accepted Answer

A) True 
 B)False

Question 7

If a firm applies its manufacturing overhead based on direct labor cost and estimates that for the coming year it will have expected total direct labor costs of $60,000 and total manufacturing overhead costs of $36,000, its overhead application rate will be 60 percent.

Accepted Answer

A) True 
 B)False

Question 8

Materials may be withdrawn from the storeroom only on completion of a----------- .

Accepted Answer

materials ...

Question 9

At the end of the year the Manufacturing Overhead account is closed into what account?

Accepted Answer

A)  Work in Process
B)  Cost of Goods Sold
C)  Finished Goods
D)  Manufacturing Overhead ControlE) B) and C)
F) A) and D)

Question 10

When materials that will become part of a finished product are removed from the storeroom and placed in production,

Accepted Answer

A)  Raw Materials Inventory is debited.
B)  Manufacturing Overhead is debited.
C)  Work in Process Inventory is debited.
D)  Work in Process Inventory is credited.E) All of the above
F) A) and B)

Question 11

When a perpetual inventory system is used, the balance of the Raw Materials Inventory account at the end of an accounting period should reflect the cost of materials on hand.

Accepted Answer

A) True 
 B)False

Exam 27: Job Order Cost Accounting

What is the subsidiary ledger that contains a record for each overhead item called?

Correct Answer
verified

The manufacturing overhead recorded in the Work in Process Inventory account is not necessarily the actual overhead incurred.

Correct Answer
verified

Direct labor and indirect labor are transferred, respectively, to:

Correct Answer
verified

If a firm applies its manufacturing overhead based on direct labor cost and estimates that for the coming year it will have expected total direct labor costs of $60,000 and total manufacturing overhead costs of $36,000, its overhead application rate will be 60 percent.

Correct Answer
verified

What form is presented at the storeroom to obtain materials or supplies?

Correct Answer
verified

Manufacturing overhead includes all of the following except

Correct Answer
verified

When materials that will become part of a finished product are removed from the storeroom and placed in production,

Correct Answer
verified

At the end of the year the Manufacturing Overhead account is closed into what account?

Correct Answer
verified

When a perpetual inventory system is used, the balance of the Raw Materials Inventory account at the end of an accounting period should reflect the cost of materials on hand.

Correct Answer
verified

Materials may be withdrawn from the storeroom only on completion of a----------- .

Correct Answer
verified
materials ...
View Answer

There may not be a raw materials inventory account when a just-in-time inventory system is used.

Correct Answer
verified

Exam 27: Job Order Cost Accounting

What is the subsidiary ledger that contains a record for each overhead item called?

Correct AnswerverifiedShow Answer

The manufacturing overhead recorded in the Work in Process Inventory account is not necessarily the actual overhead incurred.

Correct AnswerverifiedShow Answer

Direct labor and indirect labor are transferred, respectively, to:

Correct AnswerverifiedShow Answer

If a firm applies its manufacturing overhead based on direct labor cost and estimates that for the coming year it will have expected total direct labor costs of $60,000 and total manufacturing overhead costs of $36,000, its overhead application rate will be 60 percent.

Correct AnswerverifiedShow Answer

What form is presented at the storeroom to obtain materials or supplies?

Correct AnswerverifiedShow Answer

Manufacturing overhead includes all of the following except

Correct AnswerverifiedShow Answer

When materials that will become part of a finished product are removed from the storeroom and placed in production,

Correct AnswerverifiedShow Answer

At the end of the year the Manufacturing Overhead account is closed into what account?

Correct AnswerverifiedShow Answer

When a perpetual inventory system is used, the balance of the Raw Materials Inventory account at the end of an accounting period should reflect the cost of materials on hand.

Correct AnswerverifiedShow Answer

Materials may be withdrawn from the storeroom only on completion of a----------- .

Correct Answerverifiedmaterials ...View AnswerShow Answer

There may not be a raw materials inventory account when a just-in-time inventory system is used.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
materials ...
View Answer

Correct Answer
verified