Question 1

Job 222 started on June 1 and finished on July 15.Total cost on July 1 was $12,400,and the costs added in July were $188,500.The entry for the sale at a price of $310,000 would be:

Accepted Answer

A)    
B)    
C)    
D)    
A)    
B)    
C)    
D)

Question 2

Which of the following entries would be made to record the requisition of $11,000 of direct materials and $6,000 of indirect materials?

Accepted Answer

A)    
B)    
C)    
D)    
A)    
B)    
C)    
D)

Question 3

Here is some basic data for Shannon Company:
 
The journal entry to record the cost of raw materials placed into production involves a

Accepted Answer

A) debit to Overhead account for $51,000. 
B) debit to Work-in-Process Inventory account for $53,000. 
C) debit to Work-in-Process Inventory account for $51,000. 
D) credit to Manufacturing Overhead account for $2,000. 
A) debit to Overhead account for $51,000. 
B) debit to Work-in-Process Inventory account for $53,000. 
C) debit to Work-in-Process Inventory account for $51,000. 
D) credit to Manufacturing Overhead account for $2,000.

Question 4

London Ceramics makes custom ceramic tiles.During March,the company started and finished Job #266.Job #266 consists of 2,500 tiles;each tile sells for $12.00.The company's records show the following direct materials were requisitioned for Job #266.
Basic terra cotta tiles: 2,500 units at $4.00 per unit
Specialty paint: 5 quarts at $7.00 per quart
High gloss glaze: 4 quarts at $12.00 per quart
Labor time records show the following employees worked on Job #266:
Alice Cooper: 18 hours at $24 per hour
Matthew Kline: 20 hours at $13 per hour
Sierra Ceramics allocates manufacturing overhead at a rate of $27 per direct labor hour.
What is the total amount of direct materials,direct labor,and manufacturing overhead that should be shown on Job #266's job cost record?

Accepted Answer

A) $10,775 
B) $1,026 
C) $30,000 
D) $11,801 
A) $10,775 
B) $1,026 
C) $30,000 
D) $11,801

Question 5

Nadal 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 Nadal Company uses direct labor cost as the allocation base,what would the allocated manufacturing overhead be for the year?

Accepted Answer

A) $325,500 
B) $372,000 
C) $701,509 
D) $400,000 
A) $325,500 
B) $372,000 
C) $701,509 
D) $400,000

Question 6

Here are selected data for Stehli Company:
 
If the company allocates manufacturing overhead based on direct labor cost,what are the allocated manufacturing overhead costs?

Accepted Answer

A) $410,256 
B) $249,600 
C) $227,400 
D) $253,500 
A) $410,256 
B) $249,600 
C) $227,400 
D) $253,500

Question 7

A production schedule indicates the quantity and types of inventory that are scheduled to be manufactured during the period.

Accepted Answer

A) True 
 B)False

Question 8

________ laws ,or "take-back" laws,create future costs associated with the production of electronic devices and require manufacturers of electronic devices to take back their products at the end of the products' useful lives.

Accepted Answer

A) Extended Producer Responsibility (EPR) 
B) Manufacturing Overhead (MOH) 
C) Work in Process (WIP) 
D) None of the above 
A) Extended Producer Responsibility (EPR) 
B) Manufacturing Overhead (MOH) 
C) Work in Process (WIP) 
D) None of the above

Question 9

Manufacturers follow four steps to implement a manufacturing overhead allocation system.In the last step,to the company allocates some manufacturing overhead to each individual job.

Accepted Answer

A) True 
 B)False

Question 10

Jason 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 890 are as follows:
 
What amount of manufacturing overhead would be allocated to Job 612?

Accepted Answer

A) $5,500 
B) $6,300 
C) $6,600 
D) $5,250 
A) $5,500 
B) $6,300 
C) $6,600 
D) $5,250

Question 11

A job cost record is a document that accumulates direct materials costs,direct labor costs and manufacturing overhead costs assigned to each individual job.

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A) DuPont Chemical 
B) Exxon-Mobile (gasoline) 
C) Ashley Custom Furnishings 
D) General Mills (cereal) 
A) DuPont Chemical 
B) Exxon-Mobile (gasoline) 
C) Ashley Custom Furnishings 
D) General Mills (cereal)

Question 13

The quantities of incoming shipments of raw materials are counted and recorded on a purchase order.

Accepted Answer

A) True 
 B)False

Question 14

The predetermined indirect cost allocation rate is computed as

Accepted Answer

A) total estimated indirect costs / total estimated amount of the allocation base. 
B) total amount of the allocation base / total estimated indirect costs. 
C) total estimated indirect costs + total estimated amount of the allocation base. 
D) total amount of the allocation base - total estimated indirect costs. 
A) total estimated indirect costs / total estimated amount of the allocation base. 
B) total amount of the allocation base / total estimated indirect costs. 
C) total estimated indirect costs + total estimated amount of the allocation base. 
D) total amount of the allocation base - total estimated indirect costs.

Job 222 started on June 1 and finished on July 15.Total cost on July 1 was $12,400,and the costs added in July were $188,500.The entry for the sale at a price of $310,000 would be:

Which of the following entries would be made to record the requisition of $11,000 of direct materials and $6,000 of indirect materials?

Here is some basic data for Shannon Company: The journal entry to record the cost of raw materials placed into production involves a

Here are selected data for Stehli Company: If the company allocates manufacturing overhead based on direct labor cost,what are the allocated manufacturing overhead costs?

A production schedule indicates the quantity and types of inventory that are scheduled to be manufactured during the period.

________ laws ,or "take-back" laws,create future costs associated with the production of electronic devices and require manufacturers of electronic devices to take back their products at the end of the products' useful lives.

Manufacturers follow four steps to implement a manufacturing overhead allocation system.In the last step,to the company allocates some manufacturing overhead to each individual job.

Jason 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 890 are as follows: What amount of manufacturing overhead would be allocated to Job 612?

A job cost record is a document that accumulates direct materials costs,direct labor costs and manufacturing overhead costs assigned to each individual job.

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

The quantities of incoming shipments of raw materials are counted and recorded on a purchase order.

The predetermined indirect cost allocation rate is computed as

Introduction to Managerial Accounting

Building Blocks of Managerial Accounting

Activity-Based Costing, lean Operations, and the Costs of Quality

Process Costing

Cost Behavior

Cost-Volume-Profit Analysis

Relevant Costs for Short-Term Decisions

The Master Budget

Performance Evaluation

Standard Costs and Variances

Capital Investment Decisions and the Time Value of Money

Statement of Cash Flows

Financial Statement Analysis

Sustainability

Filters

Exam 3: Job Costing

Job 222 started on June 1 and finished on July 15.Total cost on July 1 was $12,400,and the costs added in July were $188,500.The entry for the sale at a price of $310,000 would be:

Which of the following entries would be made to record the requisition of $11,000 of direct materials and $6,000 of indirect materials?

Here is some basic data for Shannon Company: The journal entry to record the cost of raw materials placed into production involves a

Here are selected data for Stehli Company: If the company allocates manufacturing overhead based on direct labor cost,what are the allocated manufacturing overhead costs?

A production schedule indicates the quantity and types of inventory that are scheduled to be manufactured during the period.

________ laws ,or "take-back" laws,create future costs associated with the production of electronic devices and require manufacturers of electronic devices to take back their products at the end of the products' useful lives.

Manufacturers follow four steps to implement a manufacturing overhead allocation system.In the last step,to the company allocates some manufacturing overhead to each individual job.

Jason 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 890 are as follows: What amount of manufacturing overhead would be allocated to Job 612?

A job cost record is a document that accumulates direct materials costs,direct labor costs and manufacturing overhead costs assigned to each individual job.

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

The quantities of incoming shipments of raw materials are counted and recorded on a purchase order.

The predetermined indirect cost allocation rate is computed as

Introduction to Managerial Accounting

Building Blocks of Managerial Accounting

Activity-Based Costing, lean Operations, and the Costs of Quality

Process Costing

Cost Behavior

Cost-Volume-Profit Analysis

Relevant Costs for Short-Term Decisions

The Master Budget

Performance Evaluation

Standard Costs and Variances

Capital Investment Decisions and the Time Value of Money

Statement of Cash Flows

Financial Statement Analysis

Sustainability

Filters