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Exam 27: Job Order Cost Accounting

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Question 31

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The entry to record applied overhead includes a(n)____________________ to the Work in Process Inventory account.

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Question 32

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A worker completes a(n)____________________ for each job indicating the job performed and the corresponding starting and stopping time.

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Question 33

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At the end of each year,the underapplied or overapplied overhead appears as an adjustment to the Cost of Goods Sold amount on the Income Statement.

When materials that will become part of a finished product are removed from the storeroom and placed in production,

Under the LIFO method of inventory pricing,the quantities issued are priced from the oldest inventory items available in the order they were received.

The advantages of a just-in-time inventory system include all of the following except:

Jacson Corp.was undecided whether to use labor hours or labor cost in establishing the annual overhead rate.Labor costs are prone to fluctuate based on new hires,raises,retirements,and personnel leaving.They decided to compute both rates.The overhead costs for the year were estimated at $525,000 with expected direct labor hours of 35,000 and indirect hours of 15,000.Direct and indirect labor costs are estimated to be $420,000 and $210,000 respectively.The overhead application rate using either base (labor hours,labor cost) would be:

Acceptable methods for determining cost of inventory include FIFO,LIFO,weighted average cost,specific identification and standard cost.

Utilizing standard costing systems enables management to evaluate manufacturing efficiencies.

Materials may be withdrawn from the storeroom only on completion of a materials ___________________.

In a just-in-time inventory system,the _________________________ account is debited when goods arrive.

Martinez Manufacturing applies overhead based on direct labor hours.The company estimates that their overhead for the year will be $180,000,and that they will use 72,000 direct labor hours.During the year,Martinez Manufacturing actually used 75,000 direct labor hours and actual overhead costs were $190,000.At the end of the year,manufacturing overhead was:

At the end of the accounting period,the balance in the Work in Process inventory account reflects the cost

The McGreen Company employees worked 10,000 hours last year with an average hourly rate of $11 per hour.The overhead was $495,000.If overhead is based on direct labor costs,then the overhead rate is ________ per direct labor dollar.

The balance in the Work in Process account is $22,270.

The _________________________ rate is often computed by dividing estimated overhead costs by estimated direct labor costs.

A(n)____________________ cost accounting system is normally used when standard types of products are made in continuous operations.

A job order cost sheet would be utilized to track the cost of the following costs except for:

Martinez Manufacturing applies overhead based on direct labor hours.The company estimates that their overhead for the year will be $180,000,and that they will use 72,000 direct labor hours.Martinez Manufacturing actually used 75,000 direct labor hours.The journal entry to record manufacturing overhead would include a:

At the end of the year,Harding Company had a balance in Manufacturing Overhead of $19,000,and a balance in Manufacturing Overhead Applied of $20,000.When the Manufacturing Overhead account is closed,the Cost of Goods Sold account will be: