Which of the following statements related to job cost sheets is TRUE? Job cost sheets normally include the selling price of а. the job completed. O b. None of the given answers is TRUE. C. Applied manufacturing overhead costs are included in job cost sheets. O d. Ajob cost sheet includes selling and administrative costs. e. Individual job cost sheets are used by companies which produce socks.

Which of the following statements related to job cost sheets is TRUE? Job cost sheets normally include the selling price of а. the job completed. O b. None of the given answers is TRUE. C. Applied manufacturing overhead costs are included in job cost sheets. O d. Ajob cost sheet includes selling and administrative costs. e. Individual job cost sheets are used by companies which produce socks.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 9EB: A new company started production. Job 1 was completed, and Job 2 remains in production. Here is the...

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In a job-order costing system, indirect labor cost is usually recorded a :debit Manufacturing Overhead .a C None of the given answer is correct .b C Work in Process .c C .Cost of Goods Sold .d O .Cash or Wage Payable .e O
Total manufacturing cost in a job-sheet for job-order costing, includes: a. Actual direct materials costs b. None of the given costs in the answers. С. Actual direct labor costs d. All of the given costs in the answers. e. Applied manufacturing overhead costs
Which of the following statements is true? O a. Absorption costing treats fixed overhead as an expense in the period it is incurred. O b. Variable costing excludes all overhead from product costs. O c. Variable costing treats fixed overhead as a period cost. O d. Absorption costing treats fixed overhead as a period cost. ment 3-Group Assignment on Job Juh: 0.2022 orc Corting Due Dato here to search 3 E R lumn to 5: O 5 D & 3' ks 6 Assignment 4- Fi
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In a job-order costing system, manufacturing overhead applied is recorded as a credit to: O a. None of the given answer is correct O b. Manufacturing Overhead. Work in Process inventory. O d. Finished Goods inventory. Fi е. Cost of Goods Sold.
Lehigh Manufacturing Corporation was started with the issuance of common stock for $60,000. It purchased $14,000 of raw materials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated.) Direct Raw Direct Materials Used Labor Job 1 $ 2,800 $ 6,000 Job 2 4,000 6,000 8,000 Job 3 4,000 Total $12,800 $18,000 Factory overhead is applied using a predetermined overhead rate of $0.60 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $20,000 cash. Lehigh paid $800 for selling and administrative expenses. Actual factory overhead was $11,300. Required a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example. c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant. d. Prepare a schedule of cost of goods…
Tir Which of the following statements related to job cost sheets is TRUE? O a. Ajob cost sheet includes selling and administrative costs. O b. Actual manufacturing overhead costs are included in job cost sheets. O c. Individual job cost sheeßs are used by companies which produce socks. O d. Job cost sheets do not normally include the selling price of the job completed. O e. None of the given answers is TRUE. on Overhead costs are overapplied if the amount applied to Work in Process is: hp fs 米 16 10 17 f1o #3 3 & 4 6 7 8 E R Y U D H b. 5 F. %24 47
:All the following statements about multiple predetermined overhead rates are correct, EXCEP a O They are based on estimated total manufacturing overhead costs They are calculated at the beginning of the accounting period once the actual amount of .b O .manufacturing overhead is known They make job-order costing less accurate accounting for costs They are calculated for each department by dividing total estimated manufacturing overhead .d C .c O .cost by total estimated units of the allocation base .e O .none of the given answers is correct During June at XYZ company, OMR 85,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The direct materials totaled OMR 7,000. The journal entry to record the requisition from the storeroom would :include a None of the given answer is correct .a O debit to Manufacturing Overhead of OMR 78,000 .b O debit to Raw Materials of OMR 85,000 .c O debit to Work in…
ple predetermined overhead rates The job cost sheet records which of the following. costs? (check all that apply) 03:10 20:38 Actual direct material Estimated direct material Actual direct labor Estimated direct labor Actual overhead Estimated overhead SUBMIT 10 + > CC " F
:Total manufacturing cost in a job-sheet for job-order costing, includes All of the given costs in the answers .a None of the given costs in the answers .b Actual direct materials costs .C Applied manufacturing overhead costs d Actual direct labor costs .e Under which costing system fixed manufacturing overhead costs will not be ?included in calculating product costs None of the given answers .a O Absorption costing and Variable costing systems b Activity based costing system only .c Absorption costing systemonly dO .Variable costing system only.e O
Doaktown Products manufactures fishing equipment for recreational uses. The Miramichi plant produces the company's two versions of a special reel used for river fishing. The two models are the M-008, a basic reel, and the M-123, a new and improved version. Cost accountants at company headquarters have prepared costs for the two reels for the most recent period. The plant manager is concerned. The cost report does not coincide with her intuition about the relative costs of the two models. She has asked you to review the cost accounting and help her prepare a response to headquarters. Manufacturing overhead is currently assigned to products based on their direct labor costs. For the most recent month, manufacturing overhead was $334,400. During that time, the company produced 14,900 units of the M-008 and 2,400 units of the M-123. The direct costs of production were as follows. М-008 М-123 Total Direct materials $119,200 $ 96,000 48,000 $215,200 Direct labor 119,200 167,200 Management…
does thi s balance consist of? (h) What is the amount of over- or underapplied overhead? P2-2A For the year ended December 31, 2014, the job cost sheets of Cinta Company contained the following data. Prepare entries in a job order cost system and partial income statement. Job Direct Manufacturing Overhead Direct Total (LO 2, 3, 4, 5, 6), AN Number Explanation Materials Labor Costs $ 77,800 109,200 50,600 7640 Balance 1/1 $25,000 30,000 11,000 43,000 58,000 $24,000 36,000 $28,800 43,200 21,600 57,600 66,000 Current year's costs Balance 1/1 7641 Current year's costs Current year's costs 18,000 48,000 55,000 148,600 7642 179,000 Other data: 1. Raw materials inventory totaled $15,000 on January 1. During the year, $140,000 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $87,000 and Job No. 7639 for $92,000. 3. Job No. 7640 and Job No. 7641 were completed during the year. 4. Job Nos. 7638, 7639, and 7641 were sold on account for…