Question 1

Match the costs that follow to the type of product cost (a-c)or designate as not a product cost (d).
-plastic parts

Accepted Answer

A) direct labor 
B) direct materials 
C) factory overhead 
D) not a product cost 
A) direct labor 
B) direct materials 
C) factory overhead 
D) not a product cost

Question 2

During the period,labor costs incurred on account amounted to $175,000,including $150,000 for production orders and $25,000 for general factory use.In addition,factory overhead charged to production was $32,000.The entry to record the direct labor costs is

Accepted Answer

A)  Work in Process 150,000
Wages Payable 150,000 
B)  Work in Process 175,000
Wages Payable 175,000 
C)  Wages Payable 175,000
Work in Process 175,000 
D)  Wages Payable 150,000
Work in Process 150,000 
A)  Work in Process 150,000
Wages Payable 150,000 
B)  Work in Process 175,000
Wages Payable 175,000 
C)  Wages Payable 175,000
Work in Process 175,000 
D)  Wages Payable 150,000
Work in Process 150,000

Question 3

Match the costs that follow to the type of product cost (a-c)or designate as not a product cost (d).
-machine operator

Accepted Answer

A) direct labor 
B) direct materials 
C) factory overhead 
D) not a product cost 
A) direct labor 
B) direct materials 
C) factory overhead 
D) not a product cost

Question 4

Which of the following systems provides for a separate record of the cost of each particular quantity of product that passes through the factory?

Accepted Answer

A)  job order cost system 
B)  general cost system 
C)  replacement cost system 
D)  process cost system 
A)  job order cost system 
B)  general cost system 
C)  replacement cost system 
D)  process cost system

Question 5

Recording jobs completed would include a credit to

Accepted Answer

A)  Factory Overhead 
B)  Finished Goods 
C)  Work in Process 
D)  Cost of Goods Sold 
A)  Factory Overhead 
B)  Finished Goods 
C)  Work in Process 
D)  Cost of Goods Sold

Question 6

The Cavy Company estimates that the factory overhead for the following year will be $1,470,000.The company has decided that the basis for applying factory overhead should be machine hours,which is estimated to be 40,000 hours.The machine hours for the month of April for all of the jobs were 4,780.Prepare the journal entry to apply factory overhead.

Accepted Answer

*($1,470,0

Question 7

Match each of the following phrases with the term (a-e)that it most closely describes it.Each term will be used only once.​
-serves as the basis for recording materials used

Accepted Answer

A) job cost sheets 
B) materials requisitions 
C) receiving report 
D) time tickets 
E) cost allocation 
A) job cost sheets 
B) materials requisitions 
C) receiving report 
D) time tickets 
E) cost allocation

Question 8

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

Accepted Answer

A) direct labor 
B) direct materials 
C) factory overhead 
D) not a product cost 
A) direct labor 
B) direct materials 
C) factory overhead 
D) not a product cost

Question 9

Information about costs developed through a job order cost system cannot be used to evaluate an organization's cost performance.

Accepted Answer

A) True 
 B)False

Question 10

Job order cost accounting systems may be used for planning and controlling a service business.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following would not be found in the accounting system of a service provider?

Accepted Answer

A)  cost ledger 
B)  finished goods ledger 
C)  deferred revenue account 
D)  job cost sheets 
A)  cost ledger 
B)  finished goods ledger 
C)  deferred revenue account 
D)  job cost sheets

Question 12

Cavy Company completed 26,000 units during the year at a cost of $2,139,800.The beginning finished goods inventory was 5,000 units valued at $405,000.Assuming a FIFO cost flow,determine the cost of goods sold for 20,000 units.

Accepted Answer

$405,000 +

Question 13

True / False
​
Cost accounting systems measure,record,and report product costs.

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

Which of the following represents the factory overhead applied to a product?

Accepted Answer

A)  predetermined factory overhead rate times estimated activity base 
B)  actual factory overhead rate times estimated activity base 
C)  predetermined factory overhead rate times actual activity base 
D)  actual factory overhead rate times actual activity base 
A)  predetermined factory overhead rate times estimated activity base 
B)  actual factory overhead rate times estimated activity base 
C)  predetermined factory overhead rate times actual activity base 
D)  actual factory overhead rate times actual activity base

Question 16

Which types of inventories does a manufacturing business report on the balance sheet?

Accepted Answer

A)  finished goods inventory and work in process inventory only 
B)  direct materials inventory and work in process inventory only 
C)  direct materials inventory,work in process inventory,and finished goods inventory 
D)  direct materials inventory and finished goods inventory only 
A)  finished goods inventory and work in process inventory only 
B)  direct materials inventory and work in process inventory only 
C)  direct materials inventory,work in process inventory,and finished goods inventory 
D)  direct materials inventory and finished goods inventory only

Question 17

A widely used activity base for developing factory overhead rates in highly automated settings is

Accepted Answer

A)  direct labor hours 
B)  direct labor dollars 
C)  direct materials 
D)  machine hours 
A)  direct labor hours 
B)  direct labor dollars 
C)  direct materials 
D)  machine hours

Question 18

Selected accounts with some amounts omitted are as follows ​
  ​
  If the balance of Work in Process on October 31 is $21,000,what was the amount of factory overhead applied in October?

Accepted Answer

A)  $63,300 
B)  $21,300 
C)  $42,300 
D)  $11,300 
A)  $63,300 
B)  $21,300 
C)  $42,300 
D)  $11,300

Question 19

Match the costs that follow to the type of product cost (a-c)or designate as not a product cost (d).
-salesmen commissions

Accepted Answer

A) direct labor 
B) direct materials 
C) factory overhead 
D) not a product cost 
A) direct labor 
B) direct materials 
C) factory overhead 
D) not a product cost

Question 20

The Cavy Company estimates that the factory overhead for the following year will be $1,470,000.The company has decided that the basis for applying factory overhead should be machine hours,which is estimated to be 40,000 hours.Calculate the predetermined overhead rate to apply factory overhead.

Accepted Answer

$1,470,000

Exam 16: Job Order Costing

Match the costs that follow to the type of product cost (a-c)or designate as not a product cost (d). -plastic parts

During the period,labor costs incurred on account amounted to $175,000,including $150,000 for production orders and $25,000 for general factory use.In addition,factory overhead charged to production was $32,000.The entry to record the direct labor costs is

Match the costs that follow to the type of product cost (a-c)or designate as not a product cost (d). -machine operator

Which of the following systems provides for a separate record of the cost of each particular quantity of product that passes through the factory?

Recording jobs completed would include a credit to

Match each of the following phrases with the term (a-e)that it most closely describes it.Each term will be used only once.​ -serves as the basis for recording materials used

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

Information about costs developed through a job order cost system cannot be used to evaluate an organization's cost performance.

Job order cost accounting systems may be used for planning and controlling a service business.

Which of the following would not be found in the accounting system of a service provider?

Cavy Company completed 26,000 units during the year at a cost of $2,139,800.The beginning finished goods inventory was 5,000 units valued at $405,000.Assuming a FIFO cost flow,determine the cost of goods sold for 20,000 units.

True / False ​ Cost accounting systems measure,record,and report product costs.

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

Which of the following represents the factory overhead applied to a product?

Which types of inventories does a manufacturing business report on the balance sheet?

A widely used activity base for developing factory overhead rates in highly automated settings is

Selected accounts with some amounts omitted are as follows ​ ​ If the balance of Work in Process on October 31 is $21,000,what was the amount of factory overhead applied in October?

Match the costs that follow to the type of product cost (a-c)or designate as not a product cost (d). -salesmen commissions

The Cavy Company estimates that the factory overhead for the following year will be $1,470,000.The company has decided that the basis for applying factory overhead should be machine hours,which is estimated to be 40,000 hours.Calculate the predetermined overhead rate to apply factory overhead.

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Completing the Accounting Cycle

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Liabilities: Current,installment Notes,and Contingencies

Liabilities: Bonds Payable

Corporations: Organization, stock Transactions, and Dividends

Statement of Cash Flows

Financial Statement Analysis

Introduction to Managerial Accounting

Process Cost Systems

Activity-Based Costing

Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Evaluating Variances From Standard Costs

Evaluating Decentralized Operations

Differential Analysis and Product Pricing

Capital Investment Analysis

Lean Manufacturing and Activity Analysis

Filters

Match each of the following phrases with the term (a-e)that it most closely describes it.Each term will be used only once. -serves as the basis for recording materials used

True / False Cost accounting systems measure,record,and report product costs.

Selected accounts with some amounts omitted are as follows If the balance of Work in Process on October 31 is $21,000,what was the amount of factory overhead applied in October?