Exam 19: Job Order Costing

When goods are transferred from the Finished Goods Inventory account to the Cost of Goods Sold account,the product costs move from the balance sheet to the income statement.

At the end of the year,Martin,Inc.has an unadjusted credit balance in the Manufacturing Overhead account of $95.Provide the year-end adjusting entry needed to adjust the account.Omit explanation.

Kalliste,Inc.completed Job C50.Job C50 required $3,000 of direct materials cost,$2,000 of direct labor cost,and $600 of allocated manufacturing overhead.Provide the journal entry needed to record completion and transfer of the job.Omit explanation.

The journal entry to record $1600 of direct labor and $200 of indirect labor incurred will include debit(s)to the ________.

At the end of the year,Metro,Inc.has an unadjusted credit balance in the Manufacturing Overhead account of $820.Which of the following is the year-end adjusting entry needed to adjust the account?

Which of the following describes the allocation base for allocating manufacturing overhead costs?

SES Manufacturing has finished production activities for the year.The company allocates manufacturing overhead based on direct labor costs.The company has provided the following information: Total manufacturing overhead costs estimated at the beginning of the year \ 147,000 Total direct labor costs estimated at the beginning of the year \ 350,000 Total direct labor hours estimated at the beginning of the year 15,000 direct labor hours Actual manufacturing overhead costs for the year \ 160,700 Actual direct labor costs for the year \ 362,000 Actual direct labor hours for the year 12,700 direct labor hours Based on the above data,calculate the unadjusted ending balance in the Manufacturing Overhead account.

Which of the following best describes a job cost record?

Which of the following is a reason why a job order costing system is appropriate for a custom furniture manufacturer?

The Quadrangle Fabrication Plant suffered a fire incident at the beginning of the year,which resulted in the loss of property including the accounting records.Some data for the year were retrieved,and extracts from it are shown below: Total manufacturing overhead costs estimated at the beginning of the year \ 104,560 Total direct labor costs estimated at the beginning of the year \ 186,000 Total direct labor hours estimated at the beginning of the year 3300 direct labor hours Actual manufacturing overhead costs for the year \ 99,700 Actual direct labor costs for the year \ 150,000 Actual direct labor hours for the year 2100 direct labor hours The company's manufacturing overhead allocation is based on direct labor hours.How much manufacturing overhead was allocated to production during the year? (Round any intermediate calculations to two decimal places,and your final answer to the nearest dollar.)

Forsyth,Inc.uses estimated direct labor hours of 245,000 and estimated manufacturing overhead costs of $1,200,000 in establishing its predetermined overhead allocation rate for the year.Actual results showed the following: Actual manufacturing overhead \ 800,000 Allocated manufacturing overhead \ 825,000 The number of direct labor hours worked during the period was ________.(Round any intermediate calculations to two decimal places,and your final answer to the nearest whole number.)