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Exam 16: Job Order Costing

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Question 1

Multiple Choice

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At the end of the fiscal year, the balance in Factory Overhead is small. The balance will be

A) transferred to Work in Process
B) transferred to Cost of Goods Sold
C) transferred to Finished Goods
D) allocated between Work in Process and Finished Goods

E) B) and C)
F) C) and D)

Correct Answer

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B

Question 2

Short Answer

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Match each of the following costs with the appropriate classification (a-e).​ -Salary of secretary to vice president of finance A)Product cost - direct materials B)Product cost - direct labor C)Product cost - factory overhead D)Period cost - selling expense E)Period cost - administrative expense

Correct Answer

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e

Question 3

Multiple Choice

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Each document in the cost ledger is called a

Match each of the following phrases with the term (a-e) that most closely describes it. Each term will be used only once.​ -Serves as the basis for recording materials used A)Job cost sheets B)Materials requisitions C)Receiving report D)Time tickets E)Cost allocation

Match the costs that follow to the type of product cost (a-c) or designate as not a product cost (d). -Assembler's wages A)Direct labor B)Direct materials C)Factory overhead D)Not a product cost

Match each of the following costs with the appropriate classification (a-e).​ -Depreciation on factory equipment A)Product cost - direct materials B)Product cost - direct labor C)Product cost - factory overhead D)Period cost - selling expense E)Period cost - administrative expense

A summary of the time tickets for August follows: Journalize the entries to record (a) the labor cost incurred and (b) the application of factory overhead to production for August. The factory overhead rate is 70% of direct labor cost.

The journal entries to record the cost and sale of a finished good on account are

Match each of the following phrases with the term (a-g) that it most closely describes.​ -Applied overhead is less than actual overhead incurred A)Job order cost system B)Process cost system C)Activity-based costing D)Underapplied overhead E)Overapplied overhead F)Finished goods ledger G)Materials ledger

On which of the following would the labor costs for an individual job be recorded?

Which of the following is the correct flow of manufacturing costs?

Match each of the following costs with the appropriate classification (a-e).​ -Cost of a radio commercial A)Product cost - direct materials B)Product cost - direct labor C)Product cost - factory overhead D)Period cost - selling expense E)Period cost - administrative expense

Which of the following is a product cost?

Match each of the following costs with the appropriate classification (a-e).​ -Define and discuss the two main types of cost accounting systems for manufacturing operations. A)Product cost - direct materials B)Product cost - direct labor C)Product cost - factory overhead D)Period cost - selling expense E)Period cost - administrative expense

Discuss how job order cost information is used in decision making. What are some possible reasons that the actual costs of materials would exceed expected costs for a job?

Which of the following costs are not included in finished goods inventory?

Materials purchased on account during the month amounted to $190,000. Materials requisitioned and placed in production totaled $156,000. The journal entry to record the materials requisitioned by the production department is

During April, Cavy Company incurred factory overhead as follows: Journalize the entry to record the factory overhead incurred during April.

Match the costs that follow to the type of product cost (a-c) or designate as not a product cost (d). -Plastic parts A)Direct labor B)Direct materials C)Factory overhead D)Not a product cost

Match each of the following costs with the appropriate classification (a-e).​ -Telephone cable for a telephone company A)Product cost - direct materials B)Product cost - direct labor C)Product cost - factory overhead D)Period cost - selling expense E)Period cost - administrative expense