Answered: Supervisors in the work centers oversee…

Supervisors in the work centers oversee the usage of raw material in production; explain why the work centers do not keep the records of the work-in-process.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter3: Accounting For Labor

Section: Chapter Questions

Problem 13Q

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Supervisors in the work centers oversee the usage of raw material in production; explain why the work centers do not keep the records of the work-in-process.

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Maintaining internal control over labor costs is necessary for a cost accounting system to function effectively. What are the internal control procedures regarding the charge to the work in process account and the credit to the payroll account in the general ledger?
How do the job cost sheets act as a subsidiary ledger for the work in process inventory if journal entries are not made to the job cost sheets?
If a job order cost system tracks the direct materials and direct labor, why doesn't It track the actual overhead used for a specific job?
In a job order cost system, direct labor and factory overhead applied are debited to individual jobs. How are these items treated in a process cost system and why?
Wages paid to the supervisor of the warehouse where raw materials and parts are temporarily stored before being used in production is considered an example of:
When materials are received, employees count and inspect them and record the items’ quantity and cost on a receiving report. True or False?
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What is the purpose of the following control procedures (i.e., what threats is it designed to mitigate)? b. Reconciliation of labor costs (based on job-time ticket data) with payroll (based on time card data).
1. In a job-order costing system, the recovery value of scrap that is significant in economic value, abnormal and due to the nature of particular jobs should be credited to: a) Loss from Abnormal Spoilageb) Materialsc) Manufacturing Overheadd) Work in Process 2. The document that is used to secure information as to the type of work performed is the: a) time ticket b) clock card c) requisition report d) labor voucher
In 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.
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