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Exam 7: Job Costing

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Question 31

Multiple Choice

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What is the ending balance in the Work-in-Process Inventory on June 30?

A) $4,800
B) $5,300
C) $9,300
D) $9,800

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Question 32

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What is the amount of the materials purchased?

A) $14,400
B) $16,400
C) $18,000
D) $19,600

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Question 33

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Scottso Corporation applies overhead using an actual costing approach.Budgeted factory overhead was $266,400,budgeted machine-hours were 18,500.Actual factory overhead was $287,920,actual machine-hours were 19,050.How much overhead would be applied to production?

The journal entry to write-off an insignificant overapplied overhead balance at the end of an accounting period for a service firm is

Which of the following approaches allocates overhead by multiplying a predetermined overhead rate $\times$ actual activity?

What is the value of the ending Work-in-Process Inventory?

What is the amount of the under- or overapplied manufacturing overhead?

For which of the following businesses would the job order cost system be appropriate?

If Job 406 were sold on account for $41,500 how much gross profit would be recognized for the job?

It is unethical to intentionally charge costs to the wrong job.

Service organizations generally use the same job costing procedures as manufacturers.

The end of the month Work-in-Process Inventory balance would be

If a company multiplies its predetermined overhead rate by the actual activity level of its allocation base,it is using

The journal entry to record actual manufacturing overhead for indirect labor debits Manufacturing Overhead (Control)and credits Work-in-Process inventory.

The journal entry to write-off an insignificant underapplied overhead balance at the end of an accounting period is

Job cost sheets are used in accounting systems as a subsidiary ledger for the Work-in-Process account.

Underapplied overhead occurs when the actual overhead costs incurred during a period are greater than the overhead costs applied during the period.

In a job costing system,the dollar amount in the journal entry that transfers the costs of jobs from Work-in-Process Inventory to Finished Goods Inventory is the sum of the costs charged to all jobs

Before prorating the manufacturing overhead costs at the end of 2008,the Cost of Goods Sold and Finished Goods Inventory had applied overhead costs of $57,500 and $20,000 in them,respectively.There was no work in process at the beginning or end of 2008.During the year,manufacturing overhead costs of $74,000 were actually incurred.The balance in the Applied Manufacturing Overhead was $77,500 at the end of 2008.If the under- or overapplied overhead is prorated between Cost of Goods Sold and the inventory accounts,how much will be the Cost of Goods Sold after the proration?

Scottso Corporation applies overhead using a normal costing approach based upon machine-hours.Budgeted factory overhead was $232,750,budgeted machine-hours were 17,500.Actual factory overhead was $227,830,actual machine-hours were 16,150.How much is the over- or underapplied overhead?