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Exam 3: Job Costing

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Question 131

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The following information was gathered for the Wesley Corporation for the most recent year.Manufacturing overhead is allocated using direct labor hours. What is the amount of overallocated or underallocated overhead for the year?

A) $145,000 overallocated
B) $145,000 underallocated
C) $86,000 underallocated
D) $86,00 overrallocated

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Question 132

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In job costing,the purchase of raw materials is recorded as a debit to the Raw Materials Inventory account and a credit to accounts payable.

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Question 133

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The following is selected financial data from Turtle Bay Manufacturing for the most recent year. What is the beginning finished goods inventory?

The following information was gathered for the Wesley Corporation for the most recent year.Manufacturing overhead is allocated using direct labor hours. What amount of manufacturing overhead would be allocated for the year?

Biltz Company uses a predetermined overhead rate based on direct labor hours to allocate manufacturing overhead to jobs.During the year,the company actually incurred manufacturing overhead costs of $582,000 and 135,000 direct labor hours were worked.The company estimated that it would incur $525,000 of manufacturing overhead during the year and that 150,000 direct labor hours would be worked. By how much was manufacturing overhead overallocated or underallocated for the year?

A receiving report is typically a duplicate of the purchase order but without the prices and quantities pre-listed on the form.

To record direct labor costs incurred,which of the following accounts would be debited?

A manufacturer of luxury yachts would use which type of costing system?

Manufacturing overhead is underallocated if the amount

Under a perpetual inventory system,the journal entry needed to record the sale of a job includes a

Hardrock Company uses job costing.Hardrock Company has two departments,Sanding and Finishing.Manufacturing overhead is allocated based on direct labor cost in the Sanding Department and direct labor hours in the Finishing Department.The following additional information is available: Actual data for completed Job No.140 is as follows: a.Compute the predetermined manufacturing overhead rate for the Sanding Department. b.Compute the predetermined manufacturing overhead rate for the Finishing Department. c.What is the total manufacturing overhead cost for Job.No.140? d.If Job No.140 consists of 500 units of product,what is the average unit cost of this job?

Missy & Daughters allocates manufacturing overhead to jobs based on direct labor hours.The company has the following estimated costs for the upcoming year: The company estimates that 1,360 direct labor hours will be worked in the upcoming year,while 1,000 machine hours will be used during the year.The predetermined manufacturing overhead rate per direct labor hour will be

Denver Company uses a job costing system.The work in process inventory on December 31 consisted of Job No.173 with a balance of $66,200.Job No.173 has been charged with manufacturing overhead costs of $20,000.Denver allocates manufacturing overhead costs at a rate of 50% of direct labor cost. What was the amount of direct materials charged to Job No.173?

A paper mill company like International Paper would most likely use job costing.

Job order costing might be used by a

The ________ is the hourly price charged to clients for professional labor.

Cost of Goods Sold account is debited and Finished Goods Inventory is credited for

Under which of the following situations is Raw Materials Inventory account credited and Work-in-Process Inventory account debited?

When direct materials are requisitioned,they flow directly into

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