In a job order system, the ending Work in Process acco A.) the Pokémon from all nine regions B.) all manufacturing costs for the period C.) the open job cost sheets D.) the over or under-applied balance in Manufactur

In a job order system, the ending Work in Process acco A.) the Pokémon from all nine regions B.) all manufacturing costs for the period C.) the open job cost sheets D.) the over or under-applied balance in Manufactur

Name: 17.) In a job order system, the ending Work in Process account balanc
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Description: 17.) In a job order system, the ending Work in Process account balance should equal the sum of:A.) the Pokémon from all nine regionsB.) all manufacturing costs for the perioddlounC.) the open job cost sheetsD.) the over or under-applied balance in M

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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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
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In a process cost system total costs are determined when the Job is completed. costs are summarized in a job cost sheet. only one work in process account is used. the unit cost is total manufacturing costs for the period divided by the units produced during the periad.
The costs incurred on jobs that are currently in production but are not yet complete would appear in the: A. Work-in-Process Control account. B. Materials Control account. C. Finished Goods Control account. D. Manufacturing Overhead Control account.
which of the following is not among the features of Job-order costing system Select one: O a. Work in process has a production report for each batch of products. O b. Many unique, high cost jobs. O c. Jobs built to customer order. O d. Costs accumulated by the job.
Which document shows the cost of direct materials, direct labor, and overhead applied for each specific job?A. job cost sheetB. purchase orderC. materials requisition formD. receiving document
Which of the following statements is true? (You may select more than one answer.)a. The Manufacturing Overhead account is debited when manufacturing overhead isapplied to Work in Process.b. Job cost sheets accumulate the actual overhead costs incurred to complete a job.c. When products are transferred from work in process to finished goods it results ina debit to Finished Goods and a credit to Work in Process.d. Selling expenses are applied to production using a predetermined overhead ratethat is computed at the beginning of the period.
Name two principal types of cost accounting systems. Which system provides for a separate record of each particular quantity of product that passes through the factory? Which system accumulates the costs for each department or process within the factory? How is product cost information used by managers? Discuss how the predetermined factory overhead rate can be used in job order cost accounting to assist management in pricing jobs. How is a predetermined factory overhead rate calculated? Name three common bases used in calculating the rate. How can activity-based costing be used in service companies?
Which one of the following best describes a job cost sheet? A. It is a form used to record the costs chargeable to a specific job and to determine the total and unit costs of the completed job. B. It is used to track manufacturing overhead costs for specific jobs. C. It is used by management to understand how direct costs affect profitability. D. It is a daily form that management uses for tracking worker productivity on which employee raises are based.
In a process cost system total costs are determined when the job is completed. costs are summarized in a job cost sheet. only one work in process account is used. the unit cost is total manufacturing costs for the period divided by the unts produced during the period.
Number the following in the order of the flow of manufacturing costs for a company: a. Closing under/overapplied factory overhead to cost of goods sold b. Materials purchased c. Factory labor used and factory overhead incurred in production d. Completed jobs moved to finished goods e. Factory overhead applied to jobs according to the predetermined overhead rate f. Materials requisitioned to jobs g. Selling of finished product h. Preparation of financial statements to determine gross profit
In a job order cost accounting system, when goods that have been ordered are received, the receiving department personnel count, inspect the goods, and complete a a.