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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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

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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.
The costs incurred on jobs that are currently in production but are not yet complete would appear in the: A. Work-in-Process Control account. B. Materials Control account. C. Finished Goods Control account. D. Manufacturing Overhead Control account.
The entry to record actual manufacturing overhead incurred in a processing department would include a: a) credit to manufacturing overhead b) debit to work in process inventory c) credit to work in process inventory d) debit to manufacturing overhead
true (T) or false (F) Costs per job are computed in both job order and process costing systems.
Prepare the journal entry to record the overhead cost applied to production.
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
Under 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
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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