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Exam 19: Job Order Costing

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Question 1

Multiple Choice

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For the manufacturing business, inventory which is in the process of being manufactured is referred to as:

A) supplies inventory
B) work in process inventory
C) finished goods inventory
D) direct materials inventory

E) None of the above
F) A) and B)

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Question 2

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If factory overhead applied exceeds the actual costs, the factory overhead account will have a credit balance.

A) True
B) False

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Question 3

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At the end of April, Cavy Company had completed Job 766 and 765. According to the individual job cost sheets the information is as follows: Job 765 produced 152 units, and Job 766 consisted of 250 units. Assuming that the predetermined overhead rate is applied by using machine hours at a rate of $200 per hour, determine the (a) balance on the job cost sheets for each job, and (b) the cost per unit at the end of April.

Which of the following represents the factory overhead applied to a product?

A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $360,000 and direct labor hours would be 30,000. Actual manufacturing overhead costs incurred were $377,200, and actual direct labor hours were 36,000. The entry to apply the factory overhead costs for the year would include a

Which of the following would probably not be found in the accounting system of a service provider?

During the period, labor costs incurred on account amounted to $275,000 including $200,000 for production orders and $75,000 for general factory use. In addition, factory overhead charged to production was $32,000. From the following, select the entry to record the direct labor costs.

If factory overhead applied exceeds the actual costs, overhead is said to be underapplied.

A job order cost system would be appropriate for a crude oil refining business.

The basis for recording direct and indirect labor costs incurred is a summary of the period's:

During the period, labor costs incurred on account amounted to $275,000 including $200,000 for production orders and $75,000 for general factory use. In addition, factory overhead applied to production was $32,000. From the following, select the entry to record the actual factory overhead costs incurred.

The recording of the jobs completed would include a debit to:

Selected accounts with some debits and credits omitted are presented as follows: If the balance of Work in Process at October 31 is $21,000, what was the amount of factory overhead applied in October?

Which of the following systems provides for a separate record of the cost of each particular quantity of product that passes through the factory?

The direct labor and overhead costs of providing services to clients are accumulated in a work-in-process account.

The recording of the factory labor incurred for general factory use would include a debit to:

Job cost sheets can provide information to managers on unit cost trends, the cost impact of continuous improvement in the manufacturing process, the cost impact of materials changes, and the cost impact of direct materials price or direct labor rate changes over time.

Which of the following is not true about why a service firm will use the job order costing system?

If the amount of factory overhead cost incurred exceeds the amount applied, the factory overhead account will have a:

Job order costing and process costing are