Exam 16: Job Order Costing

Match each of the following costs with the appropriate classification (a-e).​ -Insurance on factory building 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 period cost?

Journalizing the entry to record the application of factory overhead costs to jobs would include a credit to

Winston Company estimates that the factory overhead for the following year will be $1,250,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 50,000 hours. The total machine hours for the year were 54,300. The actual factory overhead for the year was $1,375,000. Determine the over- or underapplied amount for the year.

Journalizing the entry to record the indirect labor costs incurred for general factory use would include a debit to

The following budget data are available for Sharp Company: If factory overhead is to be applied based on direct labor dollars, the predetermined overhead rate is

Which of the following types of inventories does a manufacturing business report on the balance sheet?

For which of the following businesses would the process cost system be appropriate?

During the period, labor costs incurred on account amounted to $175,000, including $150,000 for production orders and $25,000 for general factory use (indirect labor). In addition, factory overhead charged to production was $32,000. The journal entry to record the direct labor costs is

Cranston Company estimates the following overhead costs for the coming year: Cranston is also budgeting $600,000 in direct labor costs and 15,000 machine hours for the coming year. a. Compute the predetermined overhead rate using direct labor costs as the allocation base. b. Compute the predetermined overhead rate using machine hours as the allocation base.

Sanders Inc. has applied $567,988 of overhead to jobs. Actual overhead at the end of the year is $575,000. The adjustment for over- or underapplied overhead is

Nonmanufacturing costs are generally classified into two categories: selling and administrative.

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

Which of the following are the two main types of cost accounting systems for manufacturing operations?

Selected accounts with some amounts omitted are as follows: If the balance of Work in Process on August 31 is $220,000, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs?

Journalizing the entry to record jobs shipped and customers billed would include a credit to

If the underapplied factory overhead amount is immaterial, it is transferred to Cost of Goods Sold at the end of the fiscal year.

Match each of the following costs with the appropriate classification (a-e).​ -Salary of the director of internal auditing 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

Adams Company is a manufacturing company that has worked on several production jobs during the first quarter of the year. Below is a list of all the jobs for the quarter: Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job. -What is the balance of Sales for Adams Company at the end of the first quarter?

Match each of the following costs with the appropriate classification (a-e).​ -Cotton for a textile manufacturer of blue jeans 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