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Exam 19: Job Order Costing

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Question 61

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The job order cost sheets used by Garza Company revealed the following: Job No.125 was completed during May and Jobs No.124 and 125 were shipped to customers in May.What was the company's cost of goods sold for May and the goods in process inventory on May 31?

A) $3,200; $ 900.
B) $2,900; $1,200.
C) $1,200; $2,900.
D) $1,700; $1,200.
E) $4,100; $ 0.

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

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Question 62

Multiple Choice

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A job cost sheet includes:

A) Direct materials, direct labor, operating costs.
B) Direct materials, overhead, administrative costs.
C) Direct labor, overhead, selling costs.
D) Direct material, direct labor, overhead.
E) Direct materials, direct labor, selling costs.

F) D) and E)
G) All of the above

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Question 63

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A materials requisition is a source document used by materials managers of a manufacturing company to order raw materials from suppliers; it serves the same purpose as a purchase order in a merchandising company.

The predetermined overhead allocation rate for Forsythe,Inc.,is based on estimated direct labor costs of $400,000 and estimated factory overhead of $500,000.Actual costs incurred were: (a)Calculate the predetermined overhead rate and calculate the overhead applied during the year. (b)Determine the amount of over- or underapplied overhead and prepare the journal entry to eliminate the over- or underapplied overhead assuming that it is not material in amount.

Penn Company uses a job order cost accounting system.In the last month,the system accumulated labor time tickets totaling $24,600 for direct labor and $4,300 for indirect labor.These costs were accumulated in Factory Payroll as they were paid.Which entry should Penn make to assign the Factory Payroll?

Labor costs in production can be:

_______________________,or customized production,produces products in response to customer orders.

The collection of cost sheets for unfinished jobs makes up a subsidiary ledger controlled by the Goods in Process Inventory account in the general ledger.

The Factory Overhead account will have a credit balance at the end of a period if overhead applied during the period is greater than the overhead incurred.

Docksider Boats uses a job order cost accounting system.During one month Docksider purchased $153,000 of raw materials on credit; issued materials to production of $164,000 of which $24,000 were indirect.Docksider incurred a factory payroll of $95,000,paid in cash,of which $25,000 is classified as indirect labor.Docksider uses a predetermined overhead application rate of 170% of direct labor cost.The journal entry to record the allocation of factory payroll to production is:

The direct materials section of a job cost sheet shows the materials costs assigned to a job,but the direct labor section only shows the total hours of labor allocated to the job.

The cost of all materials issued to production is debited to Goods in Process Inventory.

The overhead allocation rate in Frantz Company's job order cost accounting system applies overhead based on direct labor costs.The company's manufacturing costs for the current year were: direct materials,$108,000; direct labor,$144,000; and factory overhead,$18,000.At year-end,the total cost of goods in process is $36,000,which includes $12,000 of direct labor cost.What amount of direct material cost is included in the ending goods in process inventory?

Target cost is calculated as

The R&R Company's production costs for August are: direct labor,$13,000; indirect labor,$6,500; direct materials,$15,000; property taxes on production equipment,$800; heat,lights and power,$1,000; and insurance on plant and equipment,$200.R&R Company's factory overhead incurred for August is:

Job order production is also known as:

If it is a material amount,overapplied or underapplied overhead should be disposed of by allocating it to:

A document in a job order cost accounting system that is used to record the costs of producing a job is a(n) :

In a job order cost accounting system,indirect labor costs are debited to the Factory Overhead account.

A company's file of job cost sheets for finished but unsold jobs equals the balance in the Finished Goods Inventory account.