When direct materials are issued from inventory to production under a job order costing system an increase is recorded in A Materials inventory B Work in Process Inventory C) Manufacturing Overhead D) Finished Goods Inventory

When direct materials are issued from inventory to production under a job order costing system an increase is recorded in A Materials inventory B Work in Process Inventory C) Manufacturing Overhead D) Finished Goods Inventory

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 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
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.
The cost of materials used on a specific job is first captured on which source document? Select one: O a. Materials requisition form Ob. Process cost sheet Oc. Labor time ticket Od. Cost driver sheet
Which of the following is a characteristic of a process cost accounting system? A. Material, Labor, and Overheads are accumulated by orders. B. Companies use this system if they process custom orders. C. Only Closing stock of work in process is restated in terms of completed units. D. Opening and Closing stock of work in process are related in terms of completed units.
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.
In process costing, costs are accounted for by a. year. b. process. c. job. d. batch
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.
During production, how are the costs in process costing accumulated?A. to cost of goods soldB. to each individual productC. to manufacturing overheadD. to each individual department
In a process costing system, the purpose of a production cost report is to allocate production costs incurred in a process to which of the following? Group of answer choices To finished goods inventory To the units completed and transferred to the next process and incomplete units left in the ending work-in-process inventory account To direct costs and indirect costs To individual jobs completed during a period
Which of the following describes cost allocation? a. serves as the basis for recording materials used O b. process by which factory overhead is assigned to a cost object serves as the basis for recording direct labor on a job cost sheet O c. O d. completed when materials that have been ordered are received and inspected