Exam 16: Job Order Costing

At the end of the period,Carson Company had the following balances in selected accounts: Materials $ 80,000 Finished goods 190,000 Work in process 70,000 Cost of goods sold 1,000,000 Factory overhead 30,000 ​ (a)The factory overhead balance is relatively small; prepare the journal entry to close the Factory Overhead account assuming a debit balance.What does a debit balance mean? (b)The factory overhead balance is relatively small; prepare the journal entry to close the Factory Overhead account assuming a credit balance.What does a credit balance mean?

A manufacturing business reports just two types of inventory on its balance sheet: work in process inventory and finished goods inventory.

A receiving report is prepared when purchased materials are first received by the manufacturing department.

The following is a list of costs incurred by several business organizations: ​ Classify each of the preceding costs as product costs or period costs.For those costs classified as product costs,indicate whether the product cost is a direct materials cost,direct labor cost,or factory overhead cost.For those costs classified as period costs,indicate whether the period cost is a selling expense or an administrative expense.Use the following tabular headings for preparing your answer.Place an X in the appropriate column.

Match the costs that follow to the type of product cost (a-c)or designate as not a product cost (d). -president's salary