FINANCIAL & MANAGERIAL ACCOUNTING (ACCES
9th Edition
ISBN: 9781265484040
Author: Wild
Publisher: MCG
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- Job order cost sheets show the following costs assigned to each job: The company assigns overhead at twice the direct labor cost. What is the total cost for each job?arrow_forwardIn a job order cost system, which account shows the overhead used by the company? A. work in process inventory B. finished goods inventory C. cost of goods sold D. manufacturing overheadarrow_forwardIn a job order cost system, raw materials purchased are debited to which account? A. raw materials inventory B. work in process inventory C. finished goods inventory D. cost of goods soldarrow_forward
- During production, to what are the costs in job order costing applied? A. manufacturing overhead B. cost of goods sold C. each individual product D. each individual departmentarrow_forwardIn a job order cost system, factory wage expense is debited to which account? A. raw materials inventory B. work in process inventory C. finished goods inventory D. cost of goods soldarrow_forwardIn a job order cost system, direct labor and factory overhead applied are debited to individual jobs. How are these items treated in a process cost system and why?arrow_forward
- A. How is a predetermined factory overhead rate computed? B. Name three common bases used in computing the rate.arrow_forwardAssigning indirect costs to departments is completed by __________________________. applying the predetermined overhead rate debiting the manufacturing costs incurred applying the costs to manufacturing overhead applying the costs to work in process inventoryarrow_forwardA companys Individual job sheets show these costs: Overhead is applied at 1.25 times the direct labor cost. Use the data on the cost sheets to perform these tasks: Apply overhead to each of the jobs. Prepare an entry to record the assignment of direct materials to work in process. Prepare an entry to record the assignment of direct labor to work in process. Prepare an entry to record the assignment of manufacturing overhead to work in process.arrow_forward
- Overhead costs are assigned to each product based on __________________. A. the proportion of that products use of the cost driver B. a predetermined overhead rate for a single cost driver C. price of the product D. machine hours per productarrow_forwardWhich document shows the cost of direct materials, direct labor, and overhead applied for each specific job? A. job cost sheet B. purchase order C. materials requisition form D. receiving documentarrow_forwardIf a job order cost system tracks the direct materials and direct labor, why doesn't It track the actual overhead used for a specific job?arrow_forward
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