Exam 3: Job Costing

Job 543 started on June 1 and finished on July 15. Total cost on July 1 was $10,800, and the costs added in July were $164,300. The product was sold. What is the debit to cost of goods sold?

Biltz Company uses a predetermined overhead rate based on machine hours to allocate manufacturing overhead to jobs. During the year, the company actually incurred manufacturing overhead costs of $582,000 and 135,000 direct labor hours were worked. The company estimated that it would incur $525,000 of manufacturing overhead during the year and that 150,000 direct labor hours would be worked. By how much was manufacturing overhead overallocated or underallocated for the year?

Oakland 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: Estimated direct labor cost $560,000 Actual direct labor cost $475,000 Estimated manufacturing overhead costs $420,000 Actual manufacturing overhead costs $353,000 Estimated direct labor hours 200,000 Actual direct labor hours 280,000 Determine the following: a)Predetermined manufacturing overhead rate using direct labor cost as the allocation base b)Predetermined manufacturing overhead rate using direct labor hours as the allocation base c)Allocated manufacturing overhead costs based on direct labor cost for the year d)Allocated manufacturing overhead costs based on direct labor hours for the year

Showboat Corporation had actual manufacturing overhead costs for the most recent year of $29,500. Manufacturing overhead is allocated using a predetermined manufacturing overhead rate of $1.50 per direct labor hour. Direct labor cost is $19 per hour. At the end of the year, Cabaret Corporation found it had overallocated manufacturing overhead by $1,250. How many direct labor hours were worked in total during the year?

Which of the following is not a way in which management can use job cost information?

Manufacturing overhead has an underallocated balance of $12,000; raw materials inventory balance is $145,000; work in process inventory is $122,000; finished goods inventory is $140,000; and cost of goods sold is $170,000. After adjusting for the underallocated manufacturing overhead, what is cost of goods sold?

Solid Oak Bureau Company uses job costing. Solid Oak Bureau Company has two departments, Trimming and Finishing. Manufacturing overhead is allocated based on direct labor cost in the Trimming Department and direct labor hours in the Finishing Department. The following additional information is available: Actual data for completed Job No. 650 is as follows: What is the predetermined manufacturing overhead rate for the Trimming Department?

Records for Speedy's Custom Networks contained the following data. Compute: a)Work in process inventory on June 30 b)Finished goods inventory on June 30 c)Cost of goods sold for June

If a job consists of a batch of identical units, how can managers find the unit cost?

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

The following information was gathered for the Falsetto Corporation for the most recent year. Manufacturing overhead is allocated using direct labor hours. Compute: a)Predetermined manufacturing overhead rate b)Manufacturing overhead allocated for the year c)Amount of over/underallocated overhead at the end of the year

To record depreciation on factory equipment, the needed journal entry would include a

The total cost of a job shown on the job cost record is the sum of the direct materials and direct labor traced to the job and the manufacturing overhead allocated to the job.

The entry to record the purchase of raw materials on account using a job costing system would include a

Solid Oak Bureau Company uses job costing. Solid Oak Bureau Company has two departments, Trimming and Finishing. Manufacturing overhead is allocated based on direct labor cost in the Trimming Department and direct labor hours in the Finishing Department. The following additional information is available: Actual data for completed Job No. 650 is as follows: What is the total manufacturing overhead cost for Job No. 650?

All manufacturers use either a pure process costing system or a pure job costing system.

Under a perpetual inventory system, the journal entry needed to record the sale of a job includes a

The following information was gathered for the Wesley Corporation for the most recent year. Manufacturing overhead is allocated using direct labor hours. What amount of manufacturing overhead would be allocated for the year?

Wet N Wild Sports Equipment Company's work in process inventory on June 1 has a balance of $22,400 representing Job No. 265. During June, $50,000 of direct materials were requisitioned for Job No. 265 and $35,000 of direct labor cost was incurred on Job No. 265. Manufacturing overhead is allocated at 125% of direct labor cost. Actual manufacturing overhead costs incurred in June amounted to $41,000. No new jobs were started during June. Job No. 265 is completed on June 28. Is manufacturing overhead overallocated or underallocated for the month of June? By how much?