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nder the job-cost system using periodic inventory system, issues of direct materials from warehouse to production are credited to Materials Work in process Finished goods None of the above

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 does not accurately describe the application of job-order costing? a. Finished goods that are purchased by customers will directly impact cost of goods sold. b. Indirect manufacturing labor and indirect materials are part of the actual manufacturing costs incurred. c. Direct materials and direct manufacturing labor are included in total manufacturing costs. d. Manufacturing overhead costs incurred is used to determine total manufacturing costs.
Which of the following statements are true? I. In a job-order costing system, indirect labor is assigned to a job using information from the employee time ticket. II. If the allocation base in the predetermined overhead rate does not drive overhead costs, it will nevertheless provide reasonably accurate unit product costs because of the averaging process. III. In a job-order costing system, costs are traced to individual units of product. The sum total of such traced costs is called the unit product cost. Multiple Choice Only statement I is true. Statements I and II are true. Statements II and III are true. None of the statements are true.
65. Which of the following statements about job order cost sheets is true? a• If material requisition forms are used, job order cost sheets do not need to be maintained. b• All job cost sheets serve as the general ledger control account for Work in Process Inventory. c• Job order cost sheets show costs for direct materials and direct labor, but not for manufacturing overhead since it is applied amount. d• Job order cost sheets can serve as subsidiary ledger information for both Work in Process Inventory and Finished Goods Inventory. e• All of the above
Identifying job order costing journal entries Analyze the following T-accounts, and describe each lettered transaction. Note that some transactions may be compound entries.
A just want the answer , no need for steps
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Job order costing and process costing : a. both allocate applied manufacturing overhead cost to product cost . b. compute product cost per unit differently . c. All the given answers are NOT correct . d. differently assign direct materials cost direct labor cost, and manufacturing overhead costs to products. e. do not use the same manufacturing accounts , including Manufacturing Overhead , Raw Materials , Work in Process , and Finished Goods
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.
The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing systemDetermine whether there over or underapplied overhead Prepare the journal entry to allocate (close) overapplied or underapplied to Cost of Goods Sold
Under a job order costing system, individual jobs are charged with actual overhead costs when they are transferred to finished goods. TRUE FALSE
The journal entry for adjustment of underallocated manufacturing overhead includes a: A) credit to Finished Goods Inventory. B) credit to Manufacturing Overhead. C) debit to Work-in-Process Inventory. D) credit to Cost of Goods Sold.
Identify each item as job order costing or process costing. Job/Process One Work-in-Porcess Inventory account. Production cost reports Cost accumulated by process Job cost sheets Manufactures homogenous products Multiple Work-in-Porcess Inventory accounts. Costs transferred at the end of the period Manufactures batches of unique products or provides specialized services.