In a job order cost accounting system, the journal entry to record the flow of direct labor costs. into production consists of a Oa, debit to Factory Overhead and a credit to Wages Payable Ob. debit to Factory Overhead and a credit to Work in Process Oc. debit to Work in Process and a credit to Wages Payable Od. debit to Finished Goods and a credit to Wages Payable

In a job order cost accounting system, the journal entry to record the flow of direct labor costs. into production consists of a Oa, debit to Factory Overhead and a credit to Wages Payable Ob. debit to Factory Overhead and a credit to Work in Process Oc. debit to Work in Process and a credit to Wages Payable Od. debit to Finished Goods and a credit to Wages Payable

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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Which of the following statements is TRUE about job - order costing system: a. Actual direct labor and Actual direct materials are used to calculate total manufacturing cost. b. Applied manufacturing overhead costs are traceable costs. Actual manufacturing overhead costs are used to calculate total manufacturing cost. d. Applied overhead for the period is not known until the end of the period. All of the given answers are false. e.
Describe and illustrate a job order cost accounting system for a manufacturing business.
Journalize the entries for the following summarized operations related to production for a company using job order costing: a. Materials purchased on account b. Prepaid expenses incurred on account c. Materials requisitioned: For production orders For general factory use d. Factory labor used: On production orders For general factory purposes e. Depreciation on factory equipment f. Expiration of prepaid expenses, chargeable to factory g. Factory overhead costs incurred on account ) h. Factory overhead applied, based on machine hours i. Jobs finished j. Jobs shipped to customers: Cost Selling price (assume all sold on account) If an amount box does not require an entry, leave it blank. Show Transcribed Text a. C. f. b. d. 9. i. h. j. Show Transcribed Text Sale 3 00 00 00 00 00 000 000 00 00 - 00 00 00 00 00 Ć $176,000 12,200 153,700 2,700 141,300 12,000 37,000 6,100 76,000 105,300 415,300 412,000 638,000
What is the journal entry to record the cost of goods sold using a job order cost accounting system? The job was listed as finished goods but has now been sold. Group of answer choices debit finished goods, credit cost of goods sold debit finished goods, credit work in process debit cost of goods sold, credit finished goods debit work in process, credit cost of goods sold
Place the following steps required to prepare a process costing production report into their correct order. I. Reconcile the total cost of work in process inventory. II. Apply manufacturing overhead to specific jobs. III. Calculate cost per equivalent unit. IV. Record costs incurred for each job on a separate job cost sheet. V. Convert physical units into equivalent units. VI. Reconcile the number of physical units. VII. Prepare a production report. 1. 2. 3. 4. 5 List separately any step that should not be included in the process. (You may select more than one answer. Single click the box with a check mark for correct answers and double click to empty the box for the wrong answers.) ■ I ✔ || IV VI iv MI V il V VI VII
Determining the flow of costs in job order costing For the following accounts, indicate What Causes the account to increase and decrease. The first account is completed as an example.
Job order costing and process costing both: a. All the given answers are correct. b. both allocate applied manufacturing overhead cost to product cost. Oc. assign direct materials cost, direct labor cost, and manufacturing overhead costs to products. O d. use the same manufacturing accounts, including Manufacturing Overhead, Raw Materials, Work in Process, and Finished Goods. e. compute product cost per unit in the same manner.
Built-Tite uses job order costing. The T-account below summarizes Factory overhead activity for the current year. Factory Overhead Debit Credit 17,500 111,800 26,500 61, 500 1. Compute total applied overhead cost. 2. Compute total actual overhead cost. 3. Compute the underapplied or overapplied overhead. 1. Total applied overhead cost 2. Total actual overhead cost 3.
Only typing answer Please explain step by step without table and graph
17.) In a job order system, the ending Work in Process account balance should equal the sum of: A.) the Pokémon from all nine regions B.) all manufacturing costs for the period dloun C.) the open job cost sheets D.) the over or under-applied balance in Manufacturing Overhead for the period
Please explain it properly
Factory Wages for plant supervisors are ordinarily: A) Debited to Work-in-Process B) Debitèd to Overhead account C) Credited to Work-in-Process D) Credited to Overhead account