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Exam 5: Job Order Costing

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Question 51

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The source document that records the amount of raw material that has been requested by production is the

A) job-order cost sheet.
B) bill of lading.
C) interoffice memo.
D) material requisition.

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Question 52

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Perry Company employs a job-order costing system.Only three jobs-Job #205,Job #206,and Job #207-were worked on during January and February.Job #205 was completed February 10;the other two jobs were still in production on February 28,the end of the company's operating year.Job cost sheets on the three jobs follow:

	Job Cost Sheet
	Job #205	Job #206	Job #207
January costs incurred:
Direct material	$16,500	$ 9,300	$ —
Direct labor	13,000	7,000	—
Manufacturing overhead	20,800	11,200	—
February costs incurred:
Direct materials	—	8,200
Direct labor	4,000	6,000
Manufacturing overhead	?	?	?

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Question 53

Multiple Choice

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The trend in job-order costing is to

Levine Company Levine Company has a job-order costing system and an overhead application rate of 125 percent of direct labor cost.Job #123 is charged with direct material of $18,000 and overhead of $9,000.Job #124 has direct material of $4,500 and direct labor of $12,000. Refer to Levine Company.What is the total cost of Job #124?

Tuscaloosa Company applies overhead to jobs at the rate of 40 percent of direct labor cost.Direct material of $1,250 and direct labor of $1,400 were expended on Job #145 during September.On August 31,the balance of Job #145 was $2,800.The balance on September 30 is:

When indirect materials are added to a job,the _________ account is debited.

Total manufacturing costs for the year plus beginning Work in Process Inventory cost equals

In a production environment that manufactures goods to customer specifications,a job-order costing system

In a job-order costing system,costs are accumulated for each individual job.

Overapplied factory overhead that is immaterial in amount is closed to cost of goods sold at year end.

Levine Company Levine Company has a job-order costing system and an overhead application rate of 125 percent of direct labor cost.Job #123 is charged with direct material of $18,000 and overhead of $9,000.Job #124 has direct material of $4,500 and direct labor of $12,000. Refer to Levine Company.What amount of direct labor cost has been charged to Job #123?

Williams Company Williams Company has a job-order costing system and an overhead application rate of 120 percent of direct labor cost.Job #63 is charged with direct material of $12,000 and overhead of $7,200.Job #64 has direct material of $2,000 and direct labor of $9,000. Refer to Williams Company.What amount of direct labor cost has been charged to Job #63?

Grant Company. Grant Company uses a job-order costing system and develops its predetermined overhead rate based on machine hours.The company has two jobs in process at the end of the cycle,Jobs #177 and #179. Budgeted overhead                         $\$ 100,300$ Budgeted machine hours                  85,000 Raw material                                    $63,000 Labor cost                                        $\$ 50,000$ Refer to Grant Company.Fifty-four percent of raw material belongs to Job 17 and 38 percent belongs to Job 179,and the balance is considered indirect material.What amount of raw material used was allocated to overhead as indirect material?

In a standard job-order costing system,factory overhead is applied using predetermined rates times actual input.

After the completion of production,standard and actual costs are compared to determine the ____ of the production process.

Which of the following statements is false?

The cost of abnormal losses (net of disposal costs) should be written off as $\text {\underline{Product cost} }$                    $\text {\underline{ Period cost} }$

Spears Manufacturing Company Spears Manufacturing Company produces beach chairs.Chair frames are all the same size,but can be made from plastic,wood,or aluminum.Regardless of frame choice,the same sailcloth is used for the seat on all chairs.Spears has set a standard for sailcloth of $9.90 per square yard and each chair requires 1 square yard of material.Spears produced 500 plastic chairs,100 wooden chairs,and 250 aluminum chairs during June.The total cost for 1,000 square yards of sailcloth during the month was $10,000.At the end of the month,50 square yards of sailcloth remained in inventory. Refer to Spears Manufacturing Company.The unfavorable material price variance for sailcloth purchases for the month was

A service organization would be most likely to use a predetermined overhead rate based on

A company producing which of the following would be most likely to use a time standard for labor?