1 Accounting As A Tool For Managers 2 Building Blocks Of Managerial Accounting 3 Cost-volume-profit Analysis 4 Job Order Costing 5 Process Costing 6 Activity-based, Variable, And Absorption Costing 7 Budgeting 8 Standard Costs And Variances 9 Responsibility Accounting And Decentralization 10 Short-term Decision Making 11 Capital Budgeting Decisions 12 Balanced Scorecard And Other Performance Measures 13 Sustainability Reporting Chapter4: Job Order Costing
Chapter Questions Section: Chapter Questions
Problem 1MC: Which of the following product situations is better suited to job order costing than to process... Problem 2MC: A job order costing system is most likely used by which of the following? a pet food manufacturer a... Problem 3MC: Which of the following is a prime cost? A. indirect materials B. direct labor C. administrative... Problem 4MC: Which of the following is a conversion cost? raw materials direct materials administrative expenses... Problem 5MC: During production, to what are the costs in job order costing applied? A. manufacturing overhead B.... Problem 6MC: Which document lists the inventory that will be removed from the raw materials inventory? A. job... Problem 7MC: Which document shows the cost of direct materials, direct labor, and overhead applied for each... Problem 8MC: Which document lists the total direct materials used in a specific job? A. job cost sheet B.... Problem 9MC: Which document lists the total direct labor used in a specific job? A. job cost sheet B. purchase... Problem 10MC: Assigning indirect costs to specific jobs is completed by which of the following? applying the costs... Problem 11MC: In a job order cost system, which account shows the overhead used by the company? A. work in process... Problem 12MC: In a job order cost system, raw materials purchased are debited to which account? A. raw materials... Problem 13MC: In a job order cost system, overhead applied is debited to which account? A. work in process... Problem 14MC: In a job order cost system, factory wage expense is debited to which account? A. raw materials... Problem 15MC: In a job order cost system, utility expense incurred is debited to which account? A. work in process... Problem 16MC: In a job order cost system, indirect labor incurred is debited to which account? A. work in process... Problem 17MC: The activity base for service industries is most likely to be _________________. A. machine hours B.... Problem 1Q: A printing company manufactures notebooks of various sizes. The company manufactures 3,000 notebooks... Problem 2Q: Burnham Industries incurs these costs for the month: What is the prime cost? Problem 3Q: Chocos Chocolates incurs these costs for the month: Â What is the conversion cost? Problem 4Q: How do job order costing and process costing differ with respect to recording direct materials and... Problem 5Q: Why are product costs assigned to the product and period costs immediately expensed? Problem 6Q: Is the cost of goods manufactured the same as the cost of goods sold? Problem 7Q: From beginning to end, place these items in the order of the flow of goods. A. cost of goods sold B.... Problem 8Q: How is the predetermined overhead rate determined? Problem 9Q: How is the predetermined overhead rate applied? Problem 10Q: Why are the overhead costs first accumulated in the manufacturing overhead account instead of in the... Problem 11Q: Why is the manufacturing overhead account debited as expenses are recognized and then credited when... Problem 12Q: Match the concept on the left to its correct description. Problem 13Q: When compared to manufacturing companies, service industries do not generally use _____________ as a... Problem 1EA: Little Things manufactures toys. For each item listed, identify whether it is a product cost, a... Problem 2EA: Table 4.3 shows a list of expenses involved in the production of custom, professional lacrosse... Problem 3EA: Burnham Industries incurs these costs for the month: A. What Is the prime cost? B. What is the... Problem 4EA: Marzons records show raw materials Inventory had a beginning balance of $200 and an ending balance... Problem 5EA: Sterlings records show the work in process Inventory had a beginning balance of $4000 and an ending... Problem 6EA: Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement... Problem 7EA: A company estimates its manufacturing overhead will be $750,000 for the next year. What is the... Problem 8EA: Job order cost sheets show the following costs assigned to each job: The company assigns overhead at... Problem 9EA: A new company started production. Job 10 was completed, and Job 20 remains in production. Here is... Problem 10EA: K company production was working on Job 1 and Job 2 during the month. Of the $780 in direct... Problem 11EA: A company has the following transactions during the week. Purchase of $1,000 raw materials inventory... Problem 12EA: During the month, Job AB2 used specialized machinery for 450 hours and incurred $500 in utilities on... Problem 13EA: Job 113 was completed at a cost of $5,000, and Job 85 was completed at a cost of $3,000 and sold on... Problem 14EA: A companys Individual job sheets show these costs: Overhead is applied at 1.25 times the direct... Problem 15EA: A summary of material requisition slips and time tickets, along with the overhead allocation, show... Problem 1EB: Abuah Goods manufactures clothing. For each item listed, Identify whether It is a product cost, a... Problem 2EB: Chocos Chocolates incurs the following costs for the month: A. What is the prime cost? B. What is... Problem 3EB: The table shows a list of expenses involved in the production of custom snowboard bindings. For each... Problem 4EB: Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials... Problem 5EB: Steinways records show their work in process Inventory had a beginning balance of $3,000 and an... Problem 6EB: Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a... Problem 7EB: A company estimates its manufacturing overhead will be $840,000 for the next year. What is the... Problem 8EB: Job order cost sheets show the following costs assigned to each job: The company assigns overhead at... Problem 9EB: A new company started production. Job 1 was completed, and Job 2 remains in production. Here is the... Problem 10EB: Inez has the following information relating to Job AA5. Direct material cost was $200,000, direct... Problem 11EB: A company has the following information relating to its production costs: Compute the actual and... Problem 12EB: A company has the following transactions during the week. Purchase of $3,000 raw materials inventory... Problem 13EB: During the month, Job Arch2 used specialized machinery for 350 hours and incurred $700 in utilities... Problem 14EB: Job 113 was completed at a cost of $7,500, and Job 85 was completed at a cost of $2,300 and sold on... Problem 15EB: A companys individual job sheets show these costs: Overhead is applied at 1.75 times the direct... Problem 16EB: A summary of materials requisition slips and time tickets, along with the overhead allocation, show... Problem 1PA: For each item listed, state whether a job order costing system or process costing system would be... Problem 2PA: York Company Is a machine shop that estimated overhead will be $50,000, consisting of 5,000 hours of... Problem 3PA: Pocono Cement Forms expects $900,000 in overhead during the next year. It does not know whether it... Problem 4PA: Job cost sheets show the following information: What are the balances in the work in process... Problem 5PA: Complete the information in the cost computations shown here: Problem 6PA: During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of... Problem 7PA: Freeman Furnishings has summarized its data as shown: Compute the cost of goods manufactured,... Problem 8PA: Coops Stoops estimated its annual overhead to be $85,000 and based its predetermined overhead rate... Problem 9PA: MountaIn Peaks applies overhead on the basis of machine hours and reports the following information:... Problem 10PA: The actual overhead for a company is $74,539. Overhead was based on 6,000 direct labor hours and was... Problem 11PA: When setting its predetermined overhead application race, Tasty Box Meals estimated its overhead... Problem 12PA: The following data summarize the operations during the year. Prepare a journal entry for each... Problem 13PA: The following events occurred during March for Ajax Company. Prepare a journal entry for each... Problem 14PA: A movie production studio incurred the following costs related to its current movie: Purchased... Problem 1PB: For each item listed, state whether a job order costing system or process costing system would be... Problem 2PB: Rulers Company is a neon sign company that estimated overhead will be $60,000, consisting of 1,500... Problem 3PB: Event Forms expects $120,000 in overhead during the next year. It doesn't know whether it should... Problem 4PB: Summary information from a companys job cost sheets shows the following information: What are the... Problem 5PB: Complete the information in the cost computations shown here: Problem 6PB: During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of... Problem 7PB: Freeman Furnishings has summarized its data as shown. Direct labor hours will be used as the... Problem 8PB: Queen Bees Honey, Inc., estimated its annual overhead to be $110,000 and based its predetermined... Problem 9PB: Mountain Tops applies overhead on the basis of direct labor hours and reports the following... Problem 10PB: The actual overhead for a company is $73,175. Overhead was based on 4,500 machine hours and was... Problem 11PB: When setting its predetermined overhead application rate. Tasty Turtle estimated its overhead would... Problem 12PB: The following data summarize the operations during the year. Prepare a journal entry for each... Problem 13PB: The Following events occurred during March for Ajax Company. Prepare a journal entry for each... Problem 14PB: A leather repair shop incurred the following expenses while repairing luggage for a major airline.... Problem 1TP: Can a company use both job order costing and process costing? Why or why not? Problem 2TP: If a job order cost system tracks the direct materials and direct labor, why doesn't It track the... Problem 3TP: What are the similarities in calculating the cost of materials used in production, the cost of goods... Problem 4TP: If a company bases its predetermined overhead rate on 100,000 machine hours, and It actually has... Problem 5TP: How do the job cost sheets act as a subsidiary ledger for the work in process inventory if journal... Problem 6TP: How is a job order cost system used in a service industry? Problem 6PB: During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of...
Related questions
• prepare a cost of goods manufactured statement
• tell me if freight out is included in the computation of COGM
• and if purchases discounts & purchases returns and allowances are included too in the computation of COGM, specifically if it will be deducted to the purchases material
• also, is there a manufacturing overhead ?
Transcribed Image Text: The given miscellaneous data has been
collected for a manufacturing company for
the year ended 12/31/2020.
Inventories:
• Beginning
- raw material_P50,000
- work in process_P40,000
- finished goods_P60,000
Ending
- raw material_P55,000
- work in process_P45,000
finished goods_P50,000
costs recorded during the year:
- purchases of raw material_P195,000
- direct labor_P150,000
- COGS_P595,000
- freight out_P25,000
- purchase discount_P32,000
- purchase return and allowances_P23,000
-
Required: Prepare a statement of cost of
goods manufactured.
Definition Definition Indirect costs incurred while producing goods or services. Overhead costs cannot be directly attributed to products or services. Overhead includes indirect material cost, indirect labor cost, rent, utilities expenses, and depreciation. Since these costs directly affect the profitability of a company, managing overhead becomes an important task for management.
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