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Exam 17: Costing Systems- Job Order Costing

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Question 31

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The Work in Process Inventory account for Corbett Company for the month ended June 30 appears below. $\begin{array}{l}\text { Work in Procen is Inventory }\\\begin{array} { l | c } \hline \text { Beginning Balence } & \text { Completed } \\0 & 135,800 \\\text { Direct Materiels } & \\38,200 & \\\text { Direct Labor } \\48,000 & \\\text { Overhead } & \\86,400\end{array}\end{array}$ Overhead is applied based on direct labor dollars.Direct material costs for the one job remaining in work in process on June 30 was $12,300. a. What was the overhead rate used to apply overhead to jobs? b. Determine the amount of direct labor charged to the one remaining job.

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b.$8,750
ending work in process ...

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Question 32

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In a job order costing system,when the goods are sold,the Cost of Goods Sold account is increased,and the Finished Goods Inventory account is decreased for the selling price of the goods sold.

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In a job order costing system,indirect labor costs incurred are charged to the Work in Process Inventory account.

The basic document for keeping track of costs in a job order costing system is a

In a job order costing system,a separate job order cost card is used for each individual job.

If there is a credit balance in the Factory Payroll Payable at the end of the accounting period,it represents

If applied overhead exceeds actual overhead,cost of goods sold must be reduced by the amount of the overcharge in a job order costing system.

A basic part of a job order costing system is the set of procedures and entries used to record the costs incurred for materials,labor,and overhead.

In a job order costing system,the transfer of overhead costs to the Work in Process Inventory account must take place before product unit costs can be computed.

In cost-plus contracts,the "plus" represents

In a job order costing system,the subsidiary ledger for the Work in Process Inventory account consists of

Which of the following could not be learned by analyzing job order cost cards?

Unit costs for each job are computed by dividing

Under a job order costing system,the dollar amount of the entry involved in the transfer of goods from work in process to finished goods is the total of the costs charged to all jobs

The typical product costing system in a factory incorporates parts of both job order costing and process costing to create a hybrid system.

Which of the following accurately describes a difference between job order and process costing systems?

As related to a job order costing system,answer the following short questions: a. What is a job order costing system? Identify three kinds of companies that would use such as system. b. What is a job order? c. What is the purpose of a job order cost card? Identify the kinds of information recorded on it.

The following information is available at the end of May: $\begin{array}{lr}\text { Balance in work in process on May 1 } & \$ 141,800 \\\text { Direct materials costs for May } & 174,500 \\\text { Direct labor costs for May } & 162,500\\\text { Overhead applied at rate of } 140 \% \text { of direct labor dollars } \end{array}$ $\text { Jobs completed during May: }$ $\begin{array}{lr}\text { Job 84 } & \$ 198,780 \\\text { Job 85 } & 102,520 \\\text { Job 86 } & 119,450 \\\text { Job 87 } & 93,150\end{array}$ $\text { Job } 88 \text { was not complete at the end of May }$ If $72,400 of materials were charged to Job 88's job cost card,how much overhead was applied to Job 88?

When a job has been completed,all of the costs assigned to that job order are moved to the Finished Goods Inventory account.

Job order cost cards for incomplete jobs make up the subsidiary ledger for the Finished Goods Inventory account.