In a job order cost accounting system, which account

QUESTION 1

1. In a job order cost accounting system, which account would be credited when time tickets related to a specific job are recorded or posted to that job?
2. a.Finished Goods Inventory
3. b.Goods in Process Inventory
4. c.Wages Expense
5. d.Factory Overhead
6. e.Factory Payroll
7. 
   

10 points

QUESTION 2

1. Alpha Company uses the job order costing method to account for it's manufacturing costs. The company estimates it's total manufacturing overhead costs for the coming period to be $582,575. The total direct materials costs are estimated to be $522,000. The total direct labor hours are estimated to be 25,780 hours with direct labor costs estimated at $393,145. What is the Predetermined Overhead rate if overhead is applied based on direct labor costs?
2. a.63.66%
3. b.111.60%
4. c.67.48%
5. d.148.18%
6. e.1.48%
7. 
   

10 points

QUESTION 3

1. Which of the following costs would flow through as a debit to the factory overhead account as actual factory overhead?
2. a.Factory supervisory salaries
3. b.Depreciation on factory equipment
4. c.Indirect materials
5. d.All of the answers are correct.
6. e.Indirect labor
7. 
   

5 points

QUESTION 4

1. Which of the following would be considered a major aim of a job order costing system?
2. a.All of the answers are correct.
3. b.To determine the costs of producing each job or lot
4. c.To compute the cost per unit
5. d.To include separate records for each job to track the costs
6. 
   

5 points

QUESTION 5

1. In a job order cost accounting system, which journal entry would be made when raw materials are transferred into production during the month?
2. a.Debit Goods in Process Inventory and Credit Materials Expense
3. b.Debit Factory Overhead and Credit Raw Materials Inventory
4. c.Debit Goods in Process Inventory and Credit Raw Materials Inventory
5. d.Debit Raw Materials Inventory and Credit Goods in Process Inventory
6. e.Debit Finished Goods Inventory and Credit Goods in Process Inventory
7. 
   

10 points

QUESTION 6

1. Which of the following would be considered factory overhead using a job order cost system?
2. a.Depreciation on factory buildings
3. b.None of the answers are correct.
4. c.Direct materials
5. d.Direct labor
6. e.Salesperson's salary
7. 
   

5 points

QUESTION 7

1. Which of the following is characteristic of a job order cost accounting system?
2. a.It tracks cost by job.
3. b.None of the answers are correct.
4. c.It is best suited for customized products.
5. d.All of the answers are correct.
6. e.It records manufacturing activities using a perpetual inventory system.
7. 
   

5 points

QUESTION 8

1. Which of the following is true about the Factory Payroll account?
2. a.It is credited to transfer the labor to a specific job.
3. b.It is debited to accrue wages that are utilized in production.
4. c.It is treated as a temporary account, which holds the cost until it can be allocated to the proper balance sheet account.
5. d.It should not have a balance at the end of the accounting period.
6. e.All of the answers are correct.
7. 
   

5 points

QUESTION 9

1. In a job order cost accounting system, which account would be debited when raw materials are purchased on account for use in production?
2. a.Factory Overhead
3. b.Goods in process inventory
4. c.Finished Goods Inventory
5. d.Raw materials inventory
6. e.Accounts Payable
7. 
   

10 points

QUESTION 10

1. A company's Factory Overhead account shows total debits of $120,000 and total credits of $105,000. To adjust for any overapplied or underapplied factory overhead, the journal entry would be:
2. a.Debit Factory Overhead for $15,000 and credit Cost of Goods Sold for $15,000.
3. b.Debit Cost of Goods Sold for $15,000 and credit Factory Overhead for $15,000.
4. c.Debit Cost of Goods Sold for $120,000 and credit Factory Overhead for $120,000.
5. d.None of the answers are correct.
6. e.Debit Factory Overhead for $105,000 and credit Cost of Goods Sold for $105,000.
7. 
   

10 points

QUESTION 11

1. The job cost sheet for Job A476 is shown below. The Predetermined Overhead Rate is 125% of direct labor cost. How much Factory overhead should be applied to Job A476 and what are the total costs for Job A476?
2. Home Alarm System Install
3. Job A476
4. Direct Materials
5. Direct Labor
6. Overhead
7. Date
8. Cost
9. Date
10. Cost
11. Date
12. Cost
13. March 5
14. $540
15. March 8
16. $143
17. March 8
18. $????
19. a.Overhead applied = $675.00 and Total Job costs = $1,358
20. b.Overhead applied = $861.75 and Total Job costs = $178.75
21. c.Overhead applied = $17.87 and Total Job costs = $700.87
22. d.Overhead applied = $178.75 and Total Job costs = $861.75
23. e.Overhead applied = $125.00 and Total Job costs = $808.00
24. 
    

10 points

QUESTION 12

1. The predetermined overhead rate is $12.00 per direct labor hour. Job 213 required 420 total direct labor hours to complete of which 300 hours were incurred during the current month. How much overhead should be applied to Job 213 during the current month?
2. a.$8,640
3. b.$5,040
4. c.None of the above
5. d.$2,556
6. e.$3,600
7. 
   

10 points

QUESTION 13

1. A company's Factory Overhead account shows total debits (actual costs) of $135,650 and total credits (applied costs based on POHR) of $147,340. The overhead account is said to be underapplied?
2. True
3. False