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Exam 3: Job Costing

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Question 81

Multiple Choice

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The journal entry needed to record depreciation on the factory equipment would include a

A) debit to manufacturing overhead.
B) debit to work in process inventory.
C) debit to depreciation expense.
D) debit to accumulated depreciation.

E) A) and B)
F) A) and C)

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Question 82

Multiple Choice

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What is the amount of allocated manufacturing overhead costs for the month at Cooper Company?

A) $12,000
B) $18,000
C) $27,000
D) $52,000

E) B) and C)
F) A) and D)

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Question 83

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A production schedule always covers a one-year period of time.

The hourly price charged to clients for professional labour is called the

Manufacturing overhead has an overallocated allocated balance of $6,200;raw materials inventory balance is $50,000;work in process inventory is $30,000;finished goods inventory is $20,000;and cost of goods sold is $100,000. Which of these accounts would have an ending credit balance?

The gross profit on the sale of a job is the difference between the sales price and the total cost reported on the job cost record.

Which of the following entries would be made to record the purchase of $20,000 of raw materials?

What is the finished goods ending inventory at Ansel Corporation?

Briefly explain the difference between job order and process costing and give examples of each.

The manufacturing overhead account is credited for actual manufacturing overhead costs incurred in the period.

Ninder Manufacturing uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required.At the beginning of the year,the company expected to incur the following: At the end of the year,the company had actually incurred the following: Required: 1.Compute Ninder's predetermined overhead rate. 2.How much manufacturing overhead was allocated to jobs during the year? 3.How much manufacturing overhead was incurred during the year? 4.Is manufacturing overhead over allocated or under allocated at the end of the year and by how much?

What type of product costing system would a manufacturer of plywood use?

Payroll costs for factory employees who do not work directly on the product are considered

At Sound Sink,Inc. ,the beginning balance of the work in process inventory account in May of the most recent year was $25,500.Direct materials used during May totaled $210,000.Total manufacturing labour incurred in May was $245,250,80% of this amount represented direct labour.The predetermined manufacturing overhead rate is 120% of direct labour cost.Actual manufacturing overhead costs for May amounted to $232,500. In May,two jobs were completed with total costs of $153,000 and $123,000,respectively.In May,the two jobs were sold on account for $262,500 and $190,500,respectively. a)Compute the balance in work in process inventory on May 30. b)Record the journal entry for direct materials used in May. c)Record the journal entry to record labour costs for May. d)Record the journal entry for allocated manufacturing overhead for May. e)Record the entry to move the completed jobs into finished goods inventory in May. f)Record the entry to sell the two completed jobs on account in May.

When job costing is used at a service company,direct costs of serving the client are traced to the job,whereas the indirect costs of serving the client are allocated to the job.

Newcomb Manufacturing uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the direct labour cost required.At the beginning of the year,the company expected to incur the following: Required: 1.Compute Newcomb's predetermined overhead rate. 2.How much manufacturing overhead was allocated to jobs during the year? 3.How much manufacturing overhead was incurred during the year? 4.Is manufacturing overhead over allocated or under allocated at the end of the year and by how much?

At a service company,the indirect costs of serving the client include manufacturing overhead.

The predetermined manufacturing overhead rate is calculated by dividing the total estimated manufacturing overhead costs by the total estimated amount of the allocation base.

Starlight Company uses a job costing system.Starlight Company uses estimated direct labour hours of 180,000 and estimated manufacturing overhead costs of $360,000 in establishing its predetermined manufacturing overhead rate.Actual results for the year showed: The number of direct labour hours worked during the period was

Match the following: