The cost of materials used on a specific job is first captured on which source documentSelect one.O a. Materials requisition formOD. Process cost sheetOc Labor time ticketa. Cost driver sheetCompany XYZ applies overhead cost to jobs on the basis ot direct labor cost. Job A wwCompany XYZ applies overhead cost to jobs on the basis of direct labor cost. lob A, which was started andcompleted during the current period, shows charges of $15,000 for direct materials, $13,000 for direct labor,and $26,000 for overhead on its job cost sheet. Job which is stil in process at year-end, shows charges of$12400 for drect materials and $8.000 for applied overhead. Drect labor cost of Job B at year-end isSelect oneO a None of the answers givenOb. $20400Oc S4000Oa000O S13000

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Answered: The cost of materials used on a…

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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When direct labor cost are incurred, (but not yet paid) in manufacturing: _______ is debited and _____ is credited -wages payable -Cost of good sold -Work in process inventory -Finish goods inventory -Cash -manufacturing overhead control When units are sold: Cost associated with units are debited to which account? -Wages payable -Finish goods inventory -Manufacturing overhead control -Completed units payable -Work in process inventory -Cost of sold Call associated with units are credited to which account? -Manufacturing overhead control -Finish goods inventory -Cost of good sold -Cash -Work and process inventory -Completed units payable
I - Manufacturing costs are generally incurred in one period and recorded in a subsequent period. II - A job order cost system is most appropriate when a large volume of uniform products are produced. * A. T, F B. F, T C. T, T D. F, F
The subject is Managerial Accounting
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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
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
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.
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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
Job order costing: O a. All the given answers are correct. O b. allocates applied manufacturing overhead cost to product cost. is used by companies which produce customized jewelry. С. O d. uses the manufacturing accounts, including Manufacturing Overhead, Raw Materials, Work in Process, and Finished Goods. O e. assigns direct materials cost, direct labor cost, and manufacturing overhead costs to products to compute product cost per unit.
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.

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