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Exam 17: Job Order Cost Systems and Overhead Allocations

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Question 1

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The information below is taken from the job cost sheets of O'Leary Company: During November, job numbers 352 and 353 were completed and job numbers 350, 351 and 352 were delivered to customers. Jobs nos. 354 and 355 are still in process at November 30. From this information, compute the following: -What is the work in process inventory at November 30? $__________

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Job 354 = $2,128 + $5,573 Job 355 = $3,987 Total = $11,688

Question 2

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The information below is taken from the job cost sheets of O'Leary Company: During November, job numbers 352 and 353 were completed and job numbers 350, 351 and 352 were delivered to customers. Jobs nos. 354 and 355 are still in process at November 30. From this information, compute the following: -What is the finished goods inventory at October 31? $__________

Correct Answer

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Job 350 = $10,955 as of October 31 Job 351 = $8,810 as of October 31 Total = $19,765

Question 3

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In a job order cost system, the sum of debits to the Work in Process controlling account during a particular period is equal to each of the following except:

The Work in Process controlling account of a manufacturing firm shows a debit balance of $5,000 at the end of an accounting period. The job cost sheet of the two uncompleted jobs shows charges of $700 and $1,300 for materials used and charges of $400 and $600 for direct labor used. From this information, it appears that the company is using a predetermined factory overhead rate (as a percentage of direct labor cost) of:

The information below is taken from the job cost sheets of O'Leary Company: During November, job numbers 352 and 353 were completed and job numbers 350, 351 and 352 were delivered to customers. Jobs nos. 354 and 355 are still in process at November 30. From this information, compute the following: -What is the cost of goods sold during November? $__________

The information below is taken from the job cost sheets of O'Leary Company: During November, job numbers 352 and 353 were completed and job numbers 350, 351 and 352 were delivered to customers. Jobs nos. 354 and 355 are still in process at November 30. From this information, compute the following: -What is the finished goods inventory at November 30? $__________

The information below is taken from the job cost sheets of O'Leary Company: During November, job numbers 352 and 353 were completed and job numbers 350, 351 and 352 were delivered to customers. Jobs nos. 354 and 355 are still in process at November 30. From this information, compute the following: -What is the work in process inventory at October 31? $__________

The use of activity-based costing is most appropriate for: