FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Which document shows the cost of direct materials, direct labor, and
A.
B. purchase order
C. materials requisition form
D. receiving document
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- In a job order cost accounting system, the journal entry to record the flow of direct materials into production consists of a a. debit to Work in Process and a credit to Materials Ob. debit to Factory Overhead and a credit to Materials Oc. debit to Work in Process and a credit to Supplies d. debit to Materials and a credit to Work in Processarrow_forwardJob order costing and process costing both: a. All the given answers are correct. b. both allocate applied manufacturing overhead cost to product cost. Oc. assign direct materials cost, direct labor cost, and manufacturing overhead costs to products. O d. use the same manufacturing accounts, including Manufacturing Overhead, Raw Materials, Work in Process, and Finished Goods. e. compute product cost per unit in the same manner.arrow_forwardhow to allocate manufacturing overhead by department?arrow_forward
- Explain how overhead is assigned to production when a predetermined overhead rate is used?arrow_forwardWhich document lsts the total direct materials used in a specific job? job cost sheet purchase order materials requistion form receiving docuemtnarrow_forwardsystem Which accounts can we find the cost of goods manufactured? (check all that apply) Direct Material Direct Labor Overhead Work in Process Finished Goods Cost of Goods Sold SUBMITarrow_forward
- The cost of materials used on a specific job is first captured on which source document? Select one: O a. Materials requisition form Ob. Process cost sheet Oc. Labor time ticket Od. Cost driver sheetarrow_forwardIn a job order cost accounting system, when goods that have been ordered are received, the receiving department personnel count, inspect the goods, and complete a a.arrow_forwardProcess cost systems use job cost sheets. Select one: O a. FALSE O b. TRUEarrow_forward
- During production, how are the costs in process costing accumulated?A. to cost of goods soldB. to each individual productC. to manufacturing overheadD. to each individual departmentarrow_forwardThe appropriate cost accounting system to use when inventory items are produced on an assembly line is a. perpetual method. b. job-order costing. c. weighted average. d. process costing.arrow_forwardIn a process costing system, the purpose of a production cost report is to allocate production costs incurred in a process to which of the following? Group of answer choices To finished goods inventory To the units completed and transferred to the next process and incomplete units left in the ending work-in-process inventory account To direct costs and indirect costs To individual jobs completed during a periodarrow_forward
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