Exam 5: Job-Order Costing

Which statement best describes overhead costs?

Match each following terms with their correct description from the items listed below. -A single overhead rate calculated using all estimated overhead for a factory divided by the estimated activity level across the entire factory

Match each following cost flows with their corresponding job-costing event from the items listed below.* Each term may be used more than once, and it is possible that one or more of the classifications may not be used at all. -Direct materials, direct labour and applied overhead are totalled to yield manufacturing cost of job

What account is debited when goods are sold?

Which type of business is most likely to use a process costing system?

HiTech Housing HiTech Housing uses job-order costing. At the end of the month, the following data were gathered: Job \# Total Cost Complete? Sold? 529 \ 409 no no 530 \ 513 yes no 531 \ 115 no no 532 \ 790 yes yes 533 \ 650 yes no 534 \ 540 no no 535 \ 90 no no 536 \ 970 yes yes 537 \ 179 no no 538 \ 400 no no Sales price is cost plus 50% for each of its houses. -Refer to HiTech Housing. What is the selling price of Job 536?

The journal entry for overhead applied at the rate of $3 per direct labour hour when 210 direct labour hours were worked is: Work-in-Process Inventory 630 Overhead Control 630

Match each following terms with their correct description from the items listed below. -Estimated overhead for a single department divided by the estimated activity level for that same department

Using a time ticket, the cost accounting department can enter the cost of direct materials onto the correct job-order cost sheet.

Which of the following reflects Finished Goods Inventory?

How do process costing firms accumulate costs?

Langley Company provided the following data: Budgeted overhead $100,000 Budgeted direct labour hours 10,000 Actual overhead $99,000 Actual direct labour hours 11,000 A. Calculate applied overhead. B. Calculate the overhead variance. Is it overapplied or underapplied?

Rally Point Inc.Rally Point Inc. designs and builds volleyball gymnasiums. Each gymnasium is custom-built to an individual customer's specifications. The company uses job-order costing to track its costs. In January, the company worked on three jobs. Data for these jobs are as follows: Job 100 Job 200 Job 300 Balance 1/1 \ 13,790 \ 0 \0 Direct Materials 16,200 8,500 30,500 Direct Labour Cost 23,300 7,600 45,000 Machine Hours 400 300 2,000 Overhead is applied to jobs at the rate of $25 per machine hour. By January 31, Job 200 is the only job unfinished. The balance of Finished Goods Inventory on January 1 is $63,290 (consisting of Job 100 only). Jobs 100 and 300 are sold during January. The company sells its product at cost plus 40%. -Refer to Rally Point, Inc. What is the Cost of Goods Sold for January?

Refer to Company Inc. Suppose the actual overhead for January is $51,000. What is the overhead variance?

Which account is credited when overhead is debited to overhead control?

Elegant Furnishings designs and builds upscale dining room tables for individual customers. On June 1, two jobs were in process: Braun with a beginning balance of $21,700; and Prince with a beginning balance of $8,790. Overhead costs are applied by using a rate of 70% of direct labour costs. Both jobs are unfinished at the end of June. Data on July costs for both jobs are as follows: Braun Prince Direct Materials \ 6,100 \ 10,200 Direct Labour Cost \ 2,700 \ 11,000 What is the total of the Work-in-Process Inventory account at June 30?

Which method assigns support department costs by giving full recognition to support department interactions?

Consider two costing systems, normal costing and actual costing. A. Which costing system do most firms use to assign costs to units of product or service? What does this costing system include? B. What is the other costing system? What does this costing system include?

For which of the following are time tickets filled out?

Which cost is included in labour cost flows?