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Exam 2: Job Order Costing

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Question 1

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Using the job order cost system, service organizations are able to bill customers on a weekly or monthly basis, even when the job has not been completed.

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Question 2

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In a job order cost accounting system for a service business, materials costs are normally included as part of overhead.

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Question 3

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Adams Company is a manufacturing company that has worked on several production jobs during the first quarter of the year.  Below is a list of all the jobs for the quarter: Jobs 356, 357, 358, and 359 were completed.  Jobs 356 and 357 were sold at a profit of $500 on each job. What is the ending balance of Finished Goods for Adams Company at the end of the first quarter?

Materials are transferred from the storeroom to the factory in response to materials requisitions.

A process cost accounting system provides for a separate record of the cost of each particular quantity of product that passes through the factory.

The following budget data are available for Sharp Company: If factory overhead is to be applied based on direct labor dollars, the predetermined overhead rate is

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

The Cavy Company accumulated 560 hours of direct labor on Job 345 and 800 hours on Job 777. The direct labor was incurred at a rate of $20 per direct labor hour for Job 345 and $21 per direct labor for Job 777. Journalize the entry to record the flow of labor costs into production.

Which of the following entries would not be found on the books of a service provider?

Interim financial statements for a manufacturing business would report overapplied factory overhead as a deferred item on the balance sheet.

Cost accounting systems measure, record, and report product costs.

Which of the following are the two main types of cost accounting systems for manufacturing operations?

Which of the following would most likely use a job order costing system?

At the end of April, Cavy Company had completed Jobs 766 and 765. The individual job cost sheets reveal the following information: Job 765 produced 152 units, and Job 766 consisted of 250 units. Assuming that the predetermined overhead rate is applied by using machine hours at a rate of $200 per hour, determine the (a) balance on the job cost sheets for each job, and (b) the cost per unit at the end of April.

Each document in the cost ledger is called a

The controlling account for the cost ledger is

Recording jobs shipped and customers billed would include a credit to

The basis for recording direct and indirect labor costs incurred is a summary of the period's

Adams Company is a manufacturing company that has worked on several production jobs during the first quarter of the year.  Below is a list of all the jobs for the quarter: Jobs 356, 357, 358, and 359 were completed.  Jobs 356 and 357 were sold at a profit of $500 on each job. What is the balance of Sales for Adams Company at the end of the first quarter?

At the end of the fiscal year, the balance in Factory Overhead is small. The balance would be