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Exam 16: Job Order Costing

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Question 71

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Match each of the following costs with the appropriate classification (a-e).​ -Maintenance and repair costs for factory equipment A)Product cost - direct materials B)Product cost - direct labor C)Product cost - factory overhead D)Period cost - selling expense E)Period cost - administrative expense

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Question 72

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The following budget data are available for Sharp Company: If factory overhead is applied based on direct labor hours, the amount of overhead to be applied is

A) $180,000
B) $181,000
C) $172,500
D) $184,000

E) A) and C)
F) A) and B)

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Question 73

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

Match each of the following phrases with the term (a-g) that it most closely describes.​ -Typically used by companies that make custom products A)Job order cost system B)Process cost system C)Activity-based costing D)Underapplied overhead E)Overapplied overhead F)Finished goods ledger G)Materials ledger

In the job order costing system, the finished goods account is the controlling account for the factory overhead ledger.

If the amount of factory overhead cost incurred exceeds the amount applied, the factory overhead account will have a

The following data were compiled from job cost sheets for similar products: Based on the trends you can observe in the data, which of the following is likely true?

Cavy Company accumulated 560 hours of direct labor on Job 345 and 800 hours on Job 777. The direct labor was incurred at a rate of $20 per direct labor hour for Job 345 and $21 per direct labor for Job 777. Journalize the entry to record the flow of labor costs into production.

On May 15, the Stamping Department accepted Job 051507A to make 1,000 funnels. Materials requisitioned were 1,100 sheets at $1.20 per sheet and 1,150 grommets at $0.15 per set. The cost driver used by the 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. Assume the number of drop-forge strokes is 1,115. 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 the entries to record all events as of May 15.

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 overapplied or underapplied manufacturing overhead at the end of the year?

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

All of the following are true regarding product costs except

Match each of the following costs with the appropriate classification (a-e).​ -Fees paid for lawn service for office grounds A)Product cost - direct materials B)Product cost - direct labor C)Product cost - factory overhead D)Period cost - selling expense E)Period cost - administrative expense

A process cost accounting system is best used by manufacturers of like units of product that are not distinguishable from each other during a continuous production process.

Interim financial statements for a manufacturing business would report overapplied factory overhead as a deferred item on the balance sheet.

If factory overhead applied exceeds the actual costs, overhead is said to be underapplied.

Match the costs that follow to the type of product cost (a-c) or designate as not a product cost (d). -Factory supervisor's salary A)Direct labor B)Direct materials C)Factory overhead D)Not a product cost

The controlling account for the job cost sheets is

The period costs of a textbook printer would include

In a job order cost accounting system, the journal entry to record the flow of direct materials into production consists of a