Exam 3: Job Costing

Overallocated manufacturing overhead results when

Which of the following is most likely NOT to use process costing?

Wood Sculptor Company had the following labor-related transactions at their plant last month: What is the journal entry to record the incurrence of direct labor?

The cost of indirect materials used in production is credited to

In job costing, the journal entry to record the use of direct materials on jobs is to debit work in process inventory and credit

Stanley Company uses a job cost system. Manufacturing overhead has been overapplied by $5,600 for the year. Actual overhead incurred was $105,000. Other balances are: What will be adjusted cost of goods sold after closing manufacturing overhead?

Cooper's Company manufactures custom engines for use in the lawn and garden equipment industry. The company allocates manufacturing overhead based on machine hours. Selected data for costs incurred for Job 798 are as follows: What is the total manufacturing cost of Job 798?

Hurley Enterprises uses job costing. Actual overhead for the year was $494,500. The allocated overhead was $523,500. What is the balance in the manufacturing overhead account?

The entry to allocate manufacturing overhead costs to work in process requires a debit to work in process.

If jobs have been undercosted due to underallocation of manufacturing overhead, then cost of goods sold (COGS)is too low and which of the following corrections must be made?

In job costing, the purchase of raw materials is recorded as a debit to raw materials inventory and a credit to accounts payable.

How do you calculate the predetermined manufacturing overhead rate used to allocate manufacturing overhead costs?

Here is some basic data for Honey Dukes Corporation: The entry to record the cost of goods completed would be a

The bill of materials lists all of the raw materials needed to manufacture the job.

Before the year began, Milkway Manufacturing estimated that manufacturing overhead for the year would be $175,000 and that 25,000 direct labor hours would be worked. Actual results for the year included the following: If the company allocates manufacturing overhead based on direct labor hours, the manufacturing overhead for the year would have been

Morgan Corporation uses estimated direct labor hours of 200,000 and estimated manufacturing overhead costs of $920,000 in establishing manufacturing overhead rates. Actual manufacturing overhead was $970,000, and allocated manufacturing overhead was $1,012,000. What were the number of actual direct hours worked?

Which of the following is an example of an industry that would use a process costing-rather than a job costing-system?

For each of the following items, determine whether it would be more appropriate to increase A)manufacturing overhead or B)work in process inventory. Enter either the letter A or the letter B on the line in front of each statement. ____ indirect materials used ____ direct materials used ____ indirect labor used ____ direct labor used ____ plant utilities

When an item is sold, finished goods inventory is credited and cost of goods sold is debited.

Federer Company is debating the use of direct labor cost or direct labor hours as the cost allocation base for allocating manufacturing overhead. The following information is available for the most recent year: If Federer Company uses direct labor hours as the allocation base, what would the predetermined manufacturing overhead rate be?