Question 4 What is the value of direct labor allocated to Job 1? Question 4 options: $160,000 $140,000 $60,000 $30,000 $50,000
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
Question 4
What is the value of direct labor allocated to Job 1?
Question 4 options:
|
$160,000 |
|
|
$140,000 |
|
|
$60,000 |
|
|
$30,000 |
|
|
$50,000 |
Question 5
What is the value of direct labor allocated to Job 2?
Question 5 options:
|
$140,000 |
|
|
$50,000 |
|
|
$160,000 |
|
|
$30,000 |
|
|
$60,000 |
Question 6
What is the value of direct labor allocated to Job 3?
Question 6 options:
|
$160,000 |
|
|
$50,000 |
|
|
$140,000 |
|
|
$30,000 |
|
|
$60,000 |
Question 7
What is the value of factory overhead allocated to Job 1?
Question 7 options:
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$50,000 |
|
|
$40,000 |
|
|
$60,000 |
|
|
$32,000 |
|
|
$8,000 |
Question 8
What is the value of factory overhead allocated to Job 2?
Question 8 options:
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$50,000 |
|
|
$32,000 |
|
|
$60,000 |
|
|
$40,000 |
|
|
$8,000 |
Question 9
What is the value of factory overhead allocated to Job 3?
Question 9 options:
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$50,000 |
|
|
$40,000 |
|
|
$60,000 |
|
|
$32,000 |
|
|
$8,000 |
Question 10
What is the value of total costs allocated to Job 1?
Question 10 options:
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$240,000 |
|
|
$188,000 |
|
|
$88,000 |
|
|
$132,000 |
|
|
$242,000 |
Question 11
What is the value of total costs allocated to Job 2?
Question 11 options:
|
$132,000 |
|
|
$88,000 |
|
|
$188,000 |
|
|
$240,000 |
|
|
$242,000 |
Question 12
What is the value of total costs allocated to Job 3?
Question 12 options:
|
$88,000 |
|
|
$242,000 |
|
|
$132,000 |
|
|
$240,000 |
|
|
$188,000 |
Question 13
What is the Job 1's cost per unit?
Question 13 options:
|
$11 |
|
|
$10 |
|
|
$20 |
|
|
$18 |
|
|
$15 |
Question 14
What is the Job 2's cost per unit?
Question 14 options:
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$20 |
|
|
$18 |
|
|
$15 |
|
|
$10 |
|
|
$11 |
Question 15
What is the Job 3's cost per unit?
Question 15 options:
|
$11 |
|
|
$20 |
|
|
$15 |
|
|
$10 |
|
|
$18 |
Question 16
What is the ending value of Raw Materials (also referred to as Raw Materials Inventory) relating to Jobs 1, 2 and 3 ?
Question 16 options:
|
$59,000 |
|
|
$51,000 |
|
|
$44,000 |
|
|
$45,000 |
|
|
$53,000 |
Question 17
What is the ending value of WIP (also referred to as Work in Process Inventory) relating to Jobs 1, 2 and 3?
Question 17 options:
|
$95,000 |
|
|
$44,000 |
|
|
$53,000 |
|
|
$45,000 |
|
|
$51,000 |
Question 18
What is the ending value of Finished Goods (also referred to as Finished Goods Inventory) relating to Jobs 1, 2 and 3?
Question 18 options:
|
$45,000 |
|
|
$44,000 |
|
|
$51,000 |
|
|
$53,000 |
|
|
$59,000 |
Question 19
What is the January Sales Revenue related to Job 1?
Question 19 options:
|
$450,000 |
|
|
$500,000 |
|
|
$380,000 |
|
|
$540,000 |
|
|
$100,000 |
Question 20
What is the January Sales Revenue related to Job 2?
Question 20 options:
|
$500,000 |
|
|
$380,000 |
|
|
$450,000 |
|
|
$100,000 |
|
|
$540,000 |
Question 21
What is the January Sales Revenue related to Job 3?
Question 21 options:
|
$380,000 |
|
|
$540,000 |
|
|
$500,000 |
|
|
$450,000 |
|
|
$100,000 |
Question 22
What is the January Cost of Goods Sold (CGS) related to Job 1?
Question 22 options:
|
$148,000 |
|
|
$180,000 |
|
|
$200,000 |
|
|
$218,000 |
|
|
$44,000 |
Question 23
What is the January Cost of Goods Sold (CGS) related to Job 2?
Question 23 options:
|
$180,000 |
|
|
$218,000 |
|
|
$44,000 |
|
|
$148,000 |
|
|
$200,000 |
Question 24
What is the January Cost of Goods Sold (CGS) related to Job 3?
Question 24 options:
|
$218,000 |
|
|
$44,000 |
|
|
$180,000 |
|
|
$200,000 |
|
|
$148,000 |
Question 25
What is the Gross Margin Percentage related to Job 1?
Question 25 options:
|
56.00% |
|
|
60.00% |
|
|
54.00% |
|
|
50.67% |
|
|
66.67% |
Question 26
What is the Gross Margin Percentage related to Job 2?
Question 26 options:
|
66.67% |
|
|
60.00% |
|
|
54.00% |
|
|
56.00% |
|
|
50.67% |
Question 27
What is the Gross Margin Percentage related to Job 3?
Question 27 options:
|
56.00% |
|
|
60.00% |
|
|
54.00% |
|
|
50.67% |
|
|
66.67% |
Question 28
What is the total value of inventory Kaitlyn, Inc. will report on it's January 31st
Question 28 options:
|
$153,000 |
|
|
$159,000 |
|
|
$151,000 |
|
|
$145,000 |
|
|
$190,000 |
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What is the ending value of Raw Materials (also referred to as Raw Materials Inventory) relating to Jobs 1, 2 and 3 ?
Question 16 options:
|
|
$45,000 |
|
|
$59,000 |
|
|
$53,000 |
|
|
$44,000 |
|
|
$51,000 |
by Bartleby ExpertWhat is the value of direct materials allocated to Job 1 in the determination of the total cost of Job 1?
by Bartleby Expert
