Exam 16: Job Order Costing

Match each of the following phrases with the term (a-e) that most closely describes it. Each term will be used only once.​ -These make up the work in process subsidiary ledger 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). -Factory depreciation A)Direct labor B)Direct materials C)Factory overhead D)Not a product cost

Indirect materials are any materials needed to make a product that can be directly traced to the product.

Aspen Technologies has the following budget data: If factory overhead is to be applied based on direct labor hours, the predetermined overhead rate is

Each account in the work in process subsidiary ledger in a job order costing system is called a job cost sheet.

Match each of the following costs with the appropriate classification (a-e).​ -Engine oil for manufacturer and distributor of motorcycles 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

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. Factory overhead applied to production was $32,000. The journal entry to record the actual factory overhead costs incurred is

The details concerning the costs incurred on each job order are accumulated in a work in process account and supported by a

Which of the following would be most likely to use process costing?

The cost of production of completed and transferred goods during the period amounted to $540,000, and the finished products shipped to customers had total production costs of $375,000. The journal entry to record the transfer of costs from work in process to finished goods is

Technics Inc., a manufacturing company, utilizes job order costing. Each division establishes its own estimates regarding overhead, which are as follows: If Division A allocates overhead on the basis of machine hours and Division B allocates overhead as a percentage of direct labor costs, what would the predetermined overhead rate be for each division?

Match each of the following costs with the appropriate classification (a-e).​ -Bonuses paid to salespersons 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 represents the factory overhead applied to a product?

Match each of the following costs with the appropriate classification (a-e).​ -Production supervisor's salary 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

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. Factory overhead applied to production was $23,000. The journal entry to record the factory overhead applied to production is

The materials requisition serves as the source document for debiting the accounts in the materials ledger.

The balance of Material Q on May 1 and the receipts and issuances during May are as follows: Determine the cost of each of the issuances under a perpetual system, using the FIFO method.

Match each of the following costs with the appropriate classification (a-e).​ -Gloves for factory machine operators 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

All of the following are examples of activity bases except

When Job 117 was completed, direct materials totaled $4,400; direct labor, $5,600; and factory overhead, $2,400. A total of 1,000 units were produced at a per-unit cost of