Exam 2: Job Order Costing

A manufacturing company applies factory overhead based on direct labor hours.At the beginning of the year, it estimated that factory overhead costs would be $360,000 and direct labor hours would be 30,000.Actual factory overhead costs incurred were $377,200, and actual direct labor hours were 36,000.What is the amount of over applied or under applied manufacturing overhead at the end of the year?

Depreciation expense on factory equipment is part of factory overhead cost.

At the end of April, Cavy Company had completed Jobs 766 and 765.The individual job cost sheets reveal the following information: Job 765 produced 152 units, and Job 766 consisted of 250 units. Assuming that the predetermined overhead rate is applied by using machine hours at a rate of $200 per hour, determine the a balance on the job cost sheets for each job, and b the cost per unit at the end of April.

The entry to record the flow of direct labor costs into production in a job order cost accounting system is

Which of the following is not a characteristic of a job order costing system?

A separate account for each material is found in a

The details concerning the costs incurred on each job order are accumulated in a work in process account and supported by a

Bar code scanners are now being used to track incoming materials and to electronically transmit this data.Scanners have replaced which of the following?

Match the costs that follow to the type of product cost a-c or designate as not a product cost d. -maintenance supplies

In a factory with several processing departments, a single factory overhead rate may not provide accurate product costs and effective cost control.

The job order costing system is used by service firms to determine revenues, expenses, and ultimately profit.

Match each of the following phrases with the term a-g that it most closely describes. -the stock ledger

Match the costs that follow to the type of product cost a-c or designate as not a product cost d. -wood

At the end of the year, overhead applied was $42,000,000.Actual overhead was $40,300,000.Closing over/under applied overhead into Cost of Goods Sold would cause net income to

On May 15, the stamping department accepted Job 051507A to make 1,000 funnels.Materials requisitioned was 1,100 sheets at $1.20 per sheet and 1,150 grommets at $0.15 per set.The cost driver used by stamping department is the drop-forge strokes indicated by a machine mounted counter.Overhead is applied at $2.25 for each drop-forge stroke.Additionally, $375.00 of overhead is applied to each job due to setup and tear down.Direct labor is applied at $22.50 per hour for the machine operator and $11.10 for the machine loader.The job required 6.5 hours of labor. Upon completion, the job was transferred to Finished Goods Inventory.Journalize all events as of May 15.

The source document for the data for debiting Work in Process for direct materials is a

During April, Cavy Company incurred factory overhead as follows: Record the entry for factory overhead incurred during April.

A difference in quantity of materials used on two comparable jobs may be caused by

Job order cost accounting systems may be used to evaluate a company's efficiency.

The amount of time spent by an employee in the factory is usually recorded on