A) is only an external document. B) provides transaction data that can be recorded in a database. C) is only used to record a transaction between an organization and an outside vendor. D) is only an internal document. A) is only an external document. B) provides transaction data that can be recorded in a database. C) is only used to record a transaction between an organization and an outside vendor. D) is only an internal document.

The Nautical Corporation manufactures custom-made wood wall units. The following data pertains to Job X4A: $\begin{array}{lr} \text { Direct materials placed into production } & \$ 9,000 \\ \text { Direct labor hours worked } & 300 \text { hours } \\ \text { Direct labor rate per hour } & \$ 15 \\ \text { Machine hours worked } & 100 \text { hours } \end{array}$ Factory overhead rate is $22.50 per machine hour. Job X4A consists of 500 units. One-half of Job X4A was sold for $10,000. What is the cost per unit for Job X4A?

A) $18 B) $31.50 C) $27 D) $40.50 A) $18 B) $31.50 C) $27 D) $40.50

Wrap Corporation is a job-order costing company that uses activity-based costing to apply overhead to jobs. The following overhead activities were budgeted for the year: \[\begin{array} { | l | c | c | c | } \hline \text { Activity } & \text { Cost } & \text { Driver } & \text { Amount of driver } \\ \hline \text { Setups } & \$ 220,000 & \text { Number of setups } & 8,000 \\ \hline \text { Purchasing } & 210,000 & \text { Number of parts } & 30,000 \\ \hline \text { Other overhead } & 260,000 & \text { Direct labor hours } & 80,000 \\ \hline \end{array}\] The following information about the jobs was given for August: \[\begin{array} { | l | r | r | r | r | } \hline & \text { Job 201 } & \text { Job 202 } & \text { Job 203 } & \text { Job 204 } \\ \hline \text { Balance 8/1 } & \$ 64,500 & \$ 40,250 & \$ 31,400 & 0 \\ \hline \text { Direct materials } & 64,000 & 32,300 & 21,000 & 16,000 \\ \hline \text { Direct labor } & 82,000 & 39,600 & 45,000 & 25,000 \\ \hline \text { Number of setups } & 30 & 15 & 40 & 190 \\ \hline \text { Number of parts } & 200 & 70 & 500 & 400 \\ \hline \text { Direct labor hours } & 4,000 & 2,300 & 5,000 & 1,600 \\ \hline \end{array}\] By August 31, Jobs 202 and 203 were completed and sold. The remaining jobs were still in process. What is the activity rate for purchasing?

A) $9 B) $7 C) $6 D) $5 A) $9 B) $7 C) $6 D) $5

Lamour Corporation is a job order costing company that uses activity-based costing to apply overhead to jobs. The following overhead activities were budgeted for the year. \[\begin{array} { | l | c | c | c | } \hline \text { Activity } & \text { Cost } & \text { Driver } & \text { Amount of driver } \\ \hline \text { setups } & \$ 240,000 & \text { number of setups } & 6,000 \\ \hline \text { purchasing } & 160,000 & \text { number of parts } & 20,000 \\ \hline \text { other overhead } & 300,000 & \text { direct labor hours } & 80,000 \\ \hline \end{array}\] The following information about the jobs was given for April. \[\begin{array} { | l | r | r | r | r | } \hline & \text { Job 101 } & \text { Job 102 } & \text { Job 103 } & \text { Job 104 } \\ \hline \text { Balance 4/1 } & \$ 64,900 & \$ 40,770 & \$ 30,500 & 0 \\ \hline \text { direct materials } & 54,000 & 37,900 & 25,000 & 11,000 \\ \hline \text { direct labor } & 80,000 & 38,500 & 43,000 & 21,000 \\ \hline \text { number of setups } & 40 & 10 & 30 & 200 \\ \hline \text { number of parts } & 300 & 80 & 400 & 500 \\ \hline \text { direct labor hours } & 5,000 & 2,400 & 5,200 & 1,200 \\ \hline \end{array}\] By April 30, Jobs 102 and 103 were completed and sold. The remaining jobs were still in process. What is the cost of job 102?

A) $ 86,440 B) $ 127,210 C) $ 117,170 D) none of the above A) $ 86,440 B) $ 127,210 C) $ 117,170 D) none of the above

Lanyard Company uses a job-order costing system to account for product costs. The following information pertains to 2018: \[\begin{array} { l r } \text { Materials placed into production } & \$ 140,000 \\ \text { Indirect labor } & 40,000 \\ \text { Direct labor (10,000 hours) } & 160,000 \\ \text { Depreciation of factory buil ding } & 60,000 \\ \text { Other factory overhead } & 100,000 \\ \text { Increase in work-in-process inventory } & 30,000 \end{array}\] Factory overhead rate is $18 per direct labor hour. What is the total amount debited to Finished Goods Inventory in 2018?

A) $490,000 B) $510,000 C) $450,000 D) $550,000 A) $490,000 B) $510,000 C) $450,000 D) $550,000

The Nautical Corporation manufactures custom-made wood wall units. The following data pertains to Job X4A: $\begin{array}{lr} \text { Direct materials placed into production } & \$ 9,000 \\ \text { Direct labor hours worked } & 300 \text { hours } \\ \text { Direct labor rate per hour } & \$ 15 \\ \text { Machine hours worked } & 100 \text { hours } \end{array}$ Factory overhead rate is $22.50 per machine hour. Job X4A consists of 500 units. One-half of Job X4A was sold for $10,000. What is the total amount of costs assigned to Job X4A?

A) $20,250 B) $15,750 C) $13,500 D) $9,000 A) $20,250 B) $15,750 C) $13,500 D) $9,000

The Omega Company manufactures customized motors on a job-order basis. Job 492 is an order for 100 units. It requires the following: \[\begin{array} { l c } \text { direct materials } & \$ 3,000 \\ \text { direct labor } ( \$ 10 / h r ) & 1,000 \\ \text { overhead } ( 150 \% \text { DL } \$ ) & 1,500 \end{array}\] After inspection, 2 units required rework which required 8 additional direct labor hours and $60 of materials. If the rework is considered abnormal spoilage, what is the cost of job 492?

A) $5,500 B) $5,760 C) $3,140 D) $5,640 A) $5,500 B) $5,760 C) $3,140 D) $5,640

The Cameron Corporation manufactures custom-made purses. The following data pertains to Job XY5: $\begin{array}{lr} \text { Direct materials placed into production } & \$ 4,000 \\ \text { Direct labor hours worked } & 50 \text { hours } \\ \text { Direct labor rate per hour } & \$ 15 \\ \text { Machine hours worked } & 100 \text { hours } \end{array}$ Factory overhead is applied using a plant-wide rate based on direct labor hours. Factory overhead was budgeted at $80,000 for the year and the direct labor hours were estimated to be 20,000. Job XY5 consists of 50 units. What the total cost assigned to Job XY5?

A) $5,150 B) $4,400 C) $4,200 D) $4,950 A) $5,150 B) $4,400 C) $4,200 D) $4,950

Exam 5: Product and Service Costing: Job-Order System

In the Monroe Company, the following Job cards were totaled at the end of the month: Job 243 $5,750 Job 244 $4,980 Job 245 $3,675 Job 246 $4,250 Job 247 $5,100 Job 248 $3,800 Jobs 243 and 244 were in Finished Goods Inventory at the beginning of the month. Jobs 245 and 246 were in Work-in-process at the beginning of the month. Jobs 247 and 248 were started during the month. At the end of the month, Jobs 243 and 247 were sent to customers; jobs 245, 247, and 248 were completed and sent to finished goods. What is the cost of goods sold for the month?

(Multiple Choice)

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Question 61

Which cost accounting processes would be most appropriate for firms that mass-produce large quantities of similar or homogeneous products?

(Multiple Choice)

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Question 62

A source document

(Multiple Choice)

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Question 63

The Nautical Corporation manufactures custom-made wood wall units. The following data pertains to Job X4A: Direct materials placed into production \ 9,000 Direct labor hours worked 300 hours Direct labor rate per hour \ 15 Machine hours worked 100 hours Factory overhead rate is $22.50 per machine hour. Job X4A consists of 500 units. One-half of Job X4A was sold for $10,000. What is the cost per unit for Job X4A?

(Multiple Choice)

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Question 64

Manufacturers producing unique or customized products would employ a(n)

(Multiple Choice)

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Question 65

Wrap Corporation is a job-order costing company that uses activity-based costing to apply overhead to jobs. The following overhead activities were budgeted for the year: Activity Cost Driver Amount of driver Setups \ 220,000 Number of setups 8,000 Purchasing 210,000 Number of parts 30,000 Other overhead 260,000 Direct labor hours 80,000 The following information about the jobs was given for August: Job 201 Job 202 Job 203 Job 204 Balance 8/1 \ 64,500 \ 40,250 \ 31,400 0 Direct materials 64,000 32,300 21,000 16,000 Direct labor 82,000 39,600 45,000 25,000 Number of setups 30 15 40 190 Number of parts 200 70 500 400 Direct labor hours 4,000 2,300 5,000 1,600 By August 31, Jobs 202 and 203 were completed and sold. The remaining jobs were still in process. What is the activity rate for purchasing?

(Multiple Choice)

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Question 66

The document that identifies each job and accumulates its manufacturing costs is called:

(Multiple Choice)

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Question 67

Direct labor costs are assigned to individual jobs using a source document known as a

(Multiple Choice)

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Question 68

Lamour Corporation is a job order costing company that uses activity-based costing to apply overhead to jobs. The following overhead activities were budgeted for the year. Activity Cost Driver Amount of driver setups \ 240,000 number of setups 6,000 purchasing 160,000 number of parts 20,000 other overhead 300,000 direct labor hours 80,000 The following information about the jobs was given for April. Job 101 Job 102 Job 103 Job 104 Balance 4/1 \ 64,900 \ 40,770 \ 30,500 0 direct materials 54,000 37,900 25,000 11,000 direct labor 80,000 38,500 43,000 21,000 number of setups 40 10 30 200 number of parts 300 80 400 500 direct labor hours 5,000 2,400 5,200 1,200 By April 30, Jobs 102 and 103 were completed and sold. The remaining jobs were still in process. What is the cost of job 102?

(Multiple Choice)

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Question 69

Lanyard Company uses a job-order costing system to account for product costs. The following information pertains to 2018: Materials placed into production \ 140,000 Indirect labor 40,000 Direct labor (10,000 hours) 160,000 Depreciation of factory buil ding 60,000 Other factory overhead 100,000 Increase in work-in-process inventory 30,000 Factory overhead rate is $18 per direct labor hour. What is the total amount debited to Finished Goods Inventory in 2018?

(Multiple Choice)

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Question 70

The Nautical Corporation manufactures custom-made wood wall units. The following data pertains to Job X4A: Direct materials placed into production \ 9,000 Direct labor hours worked 300 hours Direct labor rate per hour \ 15 Machine hours worked 100 hours Factory overhead rate is $22.50 per machine hour. Job X4A consists of 500 units. One-half of Job X4A was sold for $10,000. What is the total amount of costs assigned to Job X4A?

(Multiple Choice)

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Question 71

Unit costs are critical for

(Multiple Choice)

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Question 72

The __________ activity level is the production level a firm expects to attain for the coming year.

(Short Answer)

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Question 73

Service firms produce intangible products that are not separable from the customer.

(True/False)

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Question 74

Cost assignment is the assignment of costs to products or services once the costs have been accumulated and measured.

(True/False)

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Question 75

Normal costing uses which cost in work in process?

(Multiple Choice)

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Question 76

A job-order costing process would be applicable for an airplane manufacturer.

(True/False)

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Question 77

A debit balance in Overhead Control:

(Multiple Choice)

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Question 78

The Omega Company manufactures customized motors on a job-order basis. Job 492 is an order for 100 units. It requires the following: direct materials \ 3,000 direct labor (\ 10/hr) 1,000 overhead (150\% DL \ ) 1,500 After inspection, 2 units required rework which required 8 additional direct labor hours and $60 of materials. If the rework is considered abnormal spoilage, what is the cost of job 492?

(Multiple Choice)

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(83)

Question 79

The Cameron Corporation manufactures custom-made purses. The following data pertains to Job XY5: Direct materials placed into production \ 4,000 Direct labor hours worked 50 hours Direct labor rate per hour \ 15 Machine hours worked 100 hours Factory overhead is applied using a plant-wide rate based on direct labor hours. Factory overhead was budgeted at $80,000 for the year and the direct labor hours were estimated to be 20,000. Job XY5 consists of 50 units. What the total cost assigned to Job XY5?

(Multiple Choice)

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Question 80

Which cost accounting processes would be most appropriate for firms that mass-produce large quantities of similar or homogeneous products?

A source document

Manufacturers producing unique or customized products would employ a(n)

The document that identifies each job and accumulates its manufacturing costs is called:

Direct labor costs are assigned to individual jobs using a source document known as a

Unit costs are critical for

The __________ activity level is the production level a firm expects to attain for the coming year.

Service firms produce intangible products that are not separable from the customer.

Cost assignment is the assignment of costs to products or services once the costs have been accumulated and measured.

Normal costing uses which cost in work in process?

A job-order costing process would be applicable for an airplane manufacturer.

A debit balance in Overhead Control:

Introduction to Cost Management

Basic Cost Management Concepts

Cost Behavior

Activity-Based Costing

Process Costing

Allocating Costs of Support Departments and Joint Products

Budgeting for Planning and Control

Standard Costing: a Functional-Based Control Approach

Decentralization: Responsibility Accounting, Performance

Strategic Cost Management

Activity-Based Management

The Balanced Scorecard: Strategic-Based Control

Quality and Environmental Cost Management

Lean Accounting and Productivity Measurement

Cost-Volume-Profit Analysis

Activity Resource Usage Model and Tactical Decision Making

Pricing and Profitability Analysis

Capital Investment

Inventory Management: Economic Order Quantity, Jit, and the Theory of Constraints

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