Problem 1MC: Which of the following product situations is better suited to job order costing than to process... Problem 2MC: A job order costing system is most likely used by which of the following? a pet food manufacturer a... Problem 3MC: Which of the following is a prime cost? A. indirect materials B. direct labor C. administrative... Problem 4MC: Which of the following is a conversion cost? raw materials direct materials administrative expenses... Problem 5MC: During production, to what are the costs in job order costing applied? A. manufacturing overhead B.... Problem 6MC: Which document lists the inventory that will be removed from the raw materials inventory? A. job... Problem 7MC: Which document shows the cost of direct materials, direct labor, and overhead applied for each... Problem 8MC: Which document lists the total direct materials used in a specific job? A. job cost sheet B.... Problem 9MC: Which document lists the total direct labor used in a specific job? A. job cost sheet B. purchase... Problem 10MC: Assigning indirect costs to specific jobs is completed by which of the following? applying the costs... Problem 11MC: In a job order cost system, which account shows the overhead used by the company? A. work in process... Problem 12MC: In a job order cost system, raw materials purchased are debited to which account? A. raw materials... Problem 13MC: In a job order cost system, overhead applied is debited to which account? A. work in process... Problem 14MC: In a job order cost system, factory wage expense is debited to which account? A. raw materials... Problem 15MC: In a job order cost system, utility expense incurred is debited to which account? A. work in process... Problem 16MC: In a job order cost system, indirect labor incurred is debited to which account? A. work in process... Problem 17MC: The activity base for service industries is most likely to be _________________. A. machine hours B.... Problem 1Q: A printing company manufactures notebooks of various sizes. The company manufactures 3,000 notebooks... Problem 2Q: Burnham Industries incurs these costs for the month: What is the prime cost? Problem 3Q: Chocos Chocolates incurs these costs for the month: Â What is the conversion cost? Problem 4Q: How do job order costing and process costing differ with respect to recording direct materials and... Problem 5Q: Why are product costs assigned to the product and period costs immediately expensed? Problem 6Q: Is the cost of goods manufactured the same as the cost of goods sold? Problem 7Q: From beginning to end, place these items in the order of the flow of goods. A. cost of goods sold B.... Problem 8Q: How is the predetermined overhead rate determined? Problem 9Q: How is the predetermined overhead rate applied? Problem 10Q: Why are the overhead costs first accumulated in the manufacturing overhead account instead of in the... Problem 11Q: Why is the manufacturing overhead account debited as expenses are recognized and then credited when... Problem 12Q: Match the concept on the left to its correct description. Problem 13Q: When compared to manufacturing companies, service industries do not generally use _____________ as a... Problem 1EA: Little Things manufactures toys. For each item listed, identify whether it is a product cost, a... Problem 2EA: Table 4.3 shows a list of expenses involved in the production of custom, professional lacrosse... Problem 3EA: Burnham Industries incurs these costs for the month: A. What Is the prime cost? B. What is the... Problem 4EA: Marzons records show raw materials Inventory had a beginning balance of $200 and an ending balance... Problem 5EA: Sterlings records show the work in process Inventory had a beginning balance of $4000 and an ending... Problem 6EA: Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement... Problem 7EA: A company estimates its manufacturing overhead will be $750,000 for the next year. What is the... Problem 8EA: Job order cost sheets show the following costs assigned to each job: The company assigns overhead at... Problem 9EA: A new company started production. Job 10 was completed, and Job 20 remains in production. Here is... Problem 10EA: K company production was working on Job 1 and Job 2 during the month. Of the $780 in direct... Problem 11EA: A company has the following transactions during the week. Purchase of $1,000 raw materials inventory... Problem 12EA: During the month, Job AB2 used specialized machinery for 450 hours and incurred $500 in utilities on... Problem 13EA: Job 113 was completed at a cost of $5,000, and Job 85 was completed at a cost of $3,000 and sold on... Problem 14EA: A companys Individual job sheets show these costs: Overhead is applied at 1.25 times the direct... Problem 15EA: A summary of material requisition slips and time tickets, along with the overhead allocation, show... Problem 1EB: Abuah Goods manufactures clothing. For each item listed, Identify whether It is a product cost, a... Problem 2EB: Chocos Chocolates incurs the following costs for the month: A. What is the prime cost? B. What is... Problem 3EB: The table shows a list of expenses involved in the production of custom snowboard bindings. For each... Problem 4EB: Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials... Problem 5EB: Steinways records show their work in process Inventory had a beginning balance of $3,000 and an... Problem 6EB: Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a... Problem 7EB: A company estimates its manufacturing overhead will be $840,000 for the next year. What is the... Problem 8EB: Job order cost sheets show the following costs assigned to each job: The company assigns overhead at... Problem 9EB: A new company started production. Job 1 was completed, and Job 2 remains in production. Here is the... Problem 10EB: Inez has the following information relating to Job AA5. Direct material cost was $200,000, direct... Problem 11EB: A company has the following information relating to its production costs: Compute the actual and... Problem 12EB: A company has the following transactions during the week. Purchase of $3,000 raw materials inventory... Problem 13EB: During the month, Job Arch2 used specialized machinery for 350 hours and incurred $700 in utilities... Problem 14EB: Job 113 was completed at a cost of $7,500, and Job 85 was completed at a cost of $2,300 and sold on... Problem 15EB: A companys individual job sheets show these costs: Overhead is applied at 1.75 times the direct... Problem 16EB: A summary of materials requisition slips and time tickets, along with the overhead allocation, show... Problem 1PA: For each item listed, state whether a job order costing system or process costing system would be... Problem 2PA: York Company Is a machine shop that estimated overhead will be $50,000, consisting of 5,000 hours of... Problem 3PA: Pocono Cement Forms expects $900,000 in overhead during the next year. It does not know whether it... Problem 4PA: Job cost sheets show the following information: What are the balances in the work in process... Problem 5PA: Complete the information in the cost computations shown here: Problem 6PA: During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of... Problem 7PA: Freeman Furnishings has summarized its data as shown: Compute the cost of goods manufactured,... Problem 8PA: Coops Stoops estimated its annual overhead to be $85,000 and based its predetermined overhead rate... Problem 9PA: MountaIn Peaks applies overhead on the basis of machine hours and reports the following information:... Problem 10PA: The actual overhead for a company is $74,539. Overhead was based on 6,000 direct labor hours and was... Problem 11PA: When setting its predetermined overhead application race, Tasty Box Meals estimated its overhead... Problem 12PA: The following data summarize the operations during the year. Prepare a journal entry for each... Problem 13PA: The following events occurred during March for Ajax Company. Prepare a journal entry for each... Problem 14PA: A movie production studio incurred the following costs related to its current movie: Purchased... Problem 1PB: For each item listed, state whether a job order costing system or process costing system would be... Problem 2PB: Rulers Company is a neon sign company that estimated overhead will be $60,000, consisting of 1,500... Problem 3PB: Event Forms expects $120,000 in overhead during the next year. It doesn't know whether it should... Problem 4PB: Summary information from a companys job cost sheets shows the following information: What are the... Problem 5PB: Complete the information in the cost computations shown here: Problem 6PB: During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of... Problem 7PB: Freeman Furnishings has summarized its data as shown. Direct labor hours will be used as the... Problem 8PB: Queen Bees Honey, Inc., estimated its annual overhead to be $110,000 and based its predetermined... Problem 9PB: Mountain Tops applies overhead on the basis of direct labor hours and reports the following... Problem 10PB: The actual overhead for a company is $73,175. Overhead was based on 4,500 machine hours and was... Problem 11PB: When setting its predetermined overhead application rate. Tasty Turtle estimated its overhead would... Problem 12PB: The following data summarize the operations during the year. Prepare a journal entry for each... Problem 13PB: The Following events occurred during March for Ajax Company. Prepare a journal entry for each... Problem 14PB: A leather repair shop incurred the following expenses while repairing luggage for a major airline.... Problem 1TP: Can a company use both job order costing and process costing? Why or why not? Problem 2TP: If a job order cost system tracks the direct materials and direct labor, why doesn't It track the... Problem 3TP: What are the similarities in calculating the cost of materials used in production, the cost of goods... Problem 4TP: If a company bases its predetermined overhead rate on 100,000 machine hours, and It actually has... Problem 5TP: How do the job cost sheets act as a subsidiary ledger for the work in process inventory if journal... Problem 6TP: How is a job order cost system used in a service industry? format_list_bulleted
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning