Exam 4: Job-Order Costing Systems

When is the predetermined overhead rate usually calculated?

When can an actual overhead rate be calculated?

Overhead is applied using what types of costs?

What type of costing system would manufacturers that produce unique or customized products employ?

What is a disadvantage of actual costing?

Griswold 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 labour hours 80,000 The following information about the jobs was given for September. Job 101 Job 102 Job 103 Job 104 Balance 9/1 \ 64,900 \ 40,770 \ 30,500 0 Direct materials 54,000 37,900 25,000 11,000 Direct labour 80,000 38,500 43,000 21,000 Number of setups 40 10 30 200 Number of parts 300 80 400 500 Direct labour hours 5,000 2,400 5,200 1,200 By September 30, Jobs 102 and 103 were completed and sold. The remaining jobs were still in process. -Refer to the figure.The cost of goods sold would consist of the costs of what jobs?

Which cost accounting process would be most appropriate for accumulating costs of identical,standardized units?

What does a debit balance in overhead control imply?

What does manufacturing overhead consist of?

How can the effect of uniform production levels on unit production costs be achieved?

Walter Company uses a job-order costing system to account for product costs. The following information pertains to the current year: Materials placed into production \ 140,000 Indirect labour 40,000 Direct labour (10,000 hours) 160,000 Depreciation of factory building 60,000 Other factory overhead 100,000 Increase in work-in-process inventory 30,000 Factory overhead rate is $18 per direct labour hour. -Refer to the figure.What is the total amount debited to finished goods inventory?

What is the purpose of developing a source document?

$\text { In the Mains Company, the following job cards were totalled at the end of the month: }$ 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. -Refer to the figure.What is the cost of goods manufactured for the month?

For which of the following companies would a job-order costing process be most applicable?

Griswold 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 labour hours 80,000 The following information about the jobs was given for September. Job 101 Job 102 Job 103 Job 104 Balance 9/1 \ 64,900 \ 40,770 \ 30,500 0 Direct materials 54,000 37,900 25,000 11,000 Direct labour 80,000 38,500 43,000 21,000 Number of setups 40 10 30 200 Number of parts 300 80 400 500 Direct labour hours 5,000 2,400 5,200 1,200 By September 30, Jobs 102 and 103 were completed and sold. The remaining jobs were still in process. -Refer to the figure.What is the cost of goods manufactured?

Total manufacturing-related costs incurred for Miller Company in October for all jobs is as follows: Direct materials \ 900 Insurance-factory building 150 Direct labour 1,200 Property taxes -factory building 400 Other factory overhead costs 1,450 Factory overhead applied 1,650 Assuming Miller uses a normal costing system and applies overhead based on a predetermined rate,what is the credit to overhead control to close the account at the end of the year?

Which of the following firms would make extensive use of job-order costing?

Which of the following is a manufactured product?

On April 9,Job XX4 was completed.The job cost sheet showed a total of $4,000 in direct materials and $6,000 in direct labour at a rate of $20 per direct labour hour.Factory overhead is applied at $30 per direct labour hour.What would be the debit to finished goods inventory to record the completion of Job XX4?

$\text { In the Mains Company, the following job cards were totalled at the end of the month: }$ 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. -Refer to the figure.What is the ending work-in-process inventory for the month?