Factory overhead (including an allowance of P300 for spoiled work) Josh Inc. has completed the Job 101, containing 2,200 shoes, during 2016 at Problem 10: Spoiled Goods the following unit costs: Direct materials Direct labor 2,000 1,000 1,300 Final inspection of Job 101 disclosed 200 spoiled shoes which were sold to a department for P400,000.

Factory overhead (including an allowance of P300 for spoiled work) Josh Inc. has completed the Job 101, containing 2,200 shoes, during 2016 at Problem 10: Spoiled Goods the following unit costs: Direct materials Direct labor 2,000 1,000 1,300 Final inspection of Job 101 disclosed 200 spoiled shoes which were sold to a department for P400,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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True or false In a job costing system companies must accumulate costs and then assign costs to each job.
Examples of indirect costs typically include: (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) check all that apply The labor costs of temporary workers on the project. The rental of the corporate building. The rental of the temporary project office space.unanswered The salary of the CEO.unanswered The salary of the project manager.unanswered The labor cost of the accounting department.
provide correct option with explanation
A job cost accounting system is suitable for similar products that are mass produced. True False
Is it better for a manufacturer to use job order or process costing to determine the cost of goods manufactured? Why?
Which of the following statements related to job cost sheets is FALSE? a. Job cost sheets normally do not include the selling price of the job completed. O b. None of the given answers is FALSE. O c. Individual job cost sheets are used by companies which produce shoes. O d. Applied manufacturing overhead costs are included in job cost sheets. O e. Ajob cost sheet does not include selling and administrative costs. US PAGE NEXT PAGE MAR 18 étv 66 MacBook Air
Only product costs are recorded on job cost sheets. True or False True False
Wages paid to factory staff is an example of indirect cost
The job-order cost sheet accumulates the cost of all the jobs produced. True O False
2. Answer the Bot Please. Using a predetermined overhead rate, an appropriate amount of factory overhead should be added to a job cost sheet. Select one: True False Operating expenses that are incurred for the benefit of the business as a whole and that cannot be traced directly to any specific department are known as nonallocated expenses. Select one: True False The difference between a department's gross profit and its operating expenses is known as the departmental direct operating profit. Select one: True False
How can you reduce the risks involved in a job costing?