Exam 3: Job Costing

Sales revenue is $725,700; allocated manufacturing overhead is $95,100; actual manufacturing overhead is $120,500; and cost of goods sold before adjustment is $380,300. What is the actual gross profit?

Grassland Corporation had actual manufacturing overhead costs of $32,500 for the past year. Direct labor cost is $12.00 per hour. Manufacturing overhead is allocated at a rate of $4.00 per direct labor hour. Manufacturing overhead was overallocated for the year by $2,500. Calculate: a. Allocated manufacturing overhead costs for year b. Actual number of direct labor hours worked in year

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

Here are selected data for Whatchamacallit Company: Manufacturing overhead is allocated at 60% of direct labor cost. What was the amount of direct labor costs?

Here is some basic data for Delta Manufacturing: The journal entry to record actual manufacturing overhead costs includes a

Before the year began, Jupiter Manufacturing estimated that manufacturing overhead for the year would be $200,600 and that 25,600 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 (Round intermediary calculations to the nearest cent.)

Which of the following would NOT use process costing?

The following information was gathered for the Wesley Corporation for the most recent year. Manufacturing overhead is allocated using direct labor hours. What is the amount of overallocated or underallocated overhead for the year? (Round intermediary calculations to the nearest cent and the final answer to the nearest dollar.)

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

The predetermined manufacturing overhead rate is calculated by dividing the total estimated manufacturing overhead costs by the total estimated amount of the allocation base.

The amount of overallocation or underallocation is found by taking the difference between the amount of overhead allocated during the year and the amount of overhead incurred during the year.

In job costing, when indirect materials are requisitioned for a job, the Raw Materials Inventory account is credited.

Hollinger Ceramics makes custom ceramic tiles. During March, the company started and finished Job #755. The company's records show the following direct materials were requisitioned for Job #755. Labor time records show the following employees worked on Job #755: Hollinger Ceramics allocates manufacturing overhead at a rate of $14 per direct labor hour. a. Compute the total amount of direct materials, direct labor, and manufacturing overhead that should be shown on Job #755's job cost record. b. Job #755 consists of 1,200 tiles. If each tile sells for $12.00, what is the gross profit per tile?

Biltz Company uses a predetermined overhead rate based on direct labor hours to allocate manufacturing overhead to jobs. During the year, the company actually incurred manufacturing overhead costs of $582,000 and 136,000 direct labor hours were worked. The company estimated that it would incur $525,100 of manufacturing overhead during the year and that 150,800 direct labor hours would be worked. By how much was manufacturing overhead overallocated or underallocated for the year? (Round intermediary calculations to the nearest cent.)

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

The Work-in-Process account is debited for the cost of direct labor in a job cost system.

Guys and Dolls Corporation uses job costing. The following selected financial data from the company is for the most recent year. Compute: a)Beginning raw materials inventory b)Beginning work in process inventory c)Beginning finished goods inventory d)Actual manufacturing overhead costs incurred during the year

Management can use job cost information for each of the following except

Quick Step 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 Quick Step Company uses direct labor hours as the allocation base, what would the allocated manufacturing overhead be for the year? (Round intermediary calculations to the nearest cent.)

Job costing systems accumulate the costs for each individual job.