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Exam 4: Job Costing

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Question 31

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The two underlying reasons that managers use longer time periods,such as a year,to calculate indirect-cost rates are:

A) ability;capability.
B) process systems;evaluation.
C) quality of cost base;systems.
D) job-costing systems;job pools.
E) numerator reason;denominator reason.

F) A) and E)
G) A) and B)

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Question 32

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In 2012,Jim's Renovation Services used machine-hours as the only overhead cost-allocation base.According to his accountant,the following information was reported: Under the actual-costing system,what was the 2012 budgeted manufacturing rate?

A) $4.00 per machine hour
B) $4.66 per machine hour
C) $4.75 per machine hour
D) $4.95 per machine hour
E) $5.10 per machine hour

F) B) and E)
G) None of the above

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Question 33

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A cost pool is a grouping of individual direct cost items.

When there are more than two support departments with reciprocal relationships,manager can use software such as Excel to calculate the complete reciprocated costs of each support department.

The following data was reported by the manager at Cost Less Manufacturing: Required: Compute the actual manufacturing overhead rate for the single manufacturing overhead cost pool.

In some service organizations,a variation from normal costing is helpful because actual direct labor costs,the largest component of total costs,can be difficult to trace to jobs as they are completed.

The specific term for assigning direct costs is:

Direct materials used and direct manufacturing labor costs cannot be easily traced to jobs.

The iMac computer,or the service cost of repairing an iMac computer,are examples of:

In 2012,Alan's Seafood Supply Manufacturing uses machine-hours as the only overhead cost-allocation base.The accountant reported the following information: Using job costing,compute the 2012 actual indirect cost rate.

In the manufacturing sector,the construction of ships at a company is an example of a company that utilizes job costing.

Per-unit cost is the ________ unit cost.

In U.S.government contracting firms,errors in accounting for costs can then lead to overcharging the government and penalties and fines for the companies.

Actual costing uses actual indirect cost rates calculated annually at the end of the year.

Is the use of budgeted rates for direct costs different to the methods employed when using budgeted rates for indirect costs in normal costing?

What is a challenge to managers when they implement job-costing systems?

Modern information technology provides managers with quick and accurate information,making it easier to manage and control jobs.

Cost pools can range from broad,such as all manufacturing-plant costs,to narrow,such as the costs of operating metal-cutting machines.

Casio Company manufactures stereos.For each unit,$3,500 of direct material is used and there is $2,500 of direct manufacturing labor at $25 per hour.Manufacturing overhead is applied at $40 per direct manufacturing labor hour.Compute the cost of each unit.

The system that calculates the actual costs of jobs is: