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Exam 17: Job Order Costing

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Question 81

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Classify each of the preceding costs as product costs or period costs. For those costs classified as product costs, indicate whether the product cost is a direct materials cost, direct labor cost, or factory overhead cost. For those costs classified as period costs, indicate whether the period cost is a selling expense or an administrative expense. Use the following tabular headings for preparing your answer. Place an X in the appropriate column. ANSWER: -Discuss the use of job order costing for professional services businesses. What are the similarities and differences between service and manufacturing business job order costing?

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Professional service providers-attorneys...

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Question 82

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The amount of time spent by an employee in the factory is usually recorded on

A) time tickets
B) job order cost sheets
C) employees' earnings records
D) statement of owners' equity

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Question 83

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The recording of the factory labor incurred for general factory use would include a debit to

Which of the following is not a reason a service firm would use a job order costing system?

Which of the following costs are not included in finished goods inventory?

A separate account for each material is found in a

When a job is completed in a service organization, the job costs are transferred to the

Put the following in the order of the flow of manufacturing costs for a company. a. Closing under/over applied factory overhead to Cost of Goods Sold b. Materials purchased c. Factory labor used and factory overhead incurred in production d. Completed jobs moved to finished goods e. Factory overhead applied to jobs according to the predetermined overhead rate f. Materials requisitioned to jobs g. Selling of finished product h. Preparation of financial statements to determine gross profit

For a manufacturing business, products that are in the process of being manufactured are referred to as

The materials requisition serves as the source document for debiting the accounts in the materials ledger.

Match the costs that follow to the type of product cost a-c) or designate as not a product cost d) . -factory supervisor's salary

Match the costs that follow to the type of product cost a-c) or designate as not a product cost d) . -machine operator

The process cost system is appropriate where few products are manufactured and each product is made to customers' specifications.

Nonmanufacturing costs are generally classified into two categories: selling and administrative.

Sanders Inc. has applied $567,988 of overhead to jobs in the cost ledger. Actual overhead at the end of the year is $575,000. The adjustment for over or under applied overhead is

Job cost sheets can provide information to managers on unit cost trends, the cost impact of continuous improvement in the manufacturing process, the cost impact of materials changes, and the cost impact of direct materials price or direct labor rate changes over time.

A job order cost system would be appropriate for a crude oil refining business.

The direct labor and overhead costs of providing services to clients are accumulated in

Costs that are treated as assets until the product is sold are

Match each of the following phrases with the term a-g) that it most closely describes. -applied overhead is less than actual overhead incurred