Principles of Accounting Volume 2
19th Edition
ISBN: 9781947172609
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 4, Problem 6MC
Which document lists the inventory that will be removed from the raw materials inventory?
A.
B. purchase order
C. materials requisition form
D. receiving document
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Which of the following accounts would be debited in the journal entry to record the issuance of direct materials?
O A. Cost of Goods Sold
O B. Finished Goods Inventory
OC. Raw Materials Inventory
O D. Work-in-Process Inventory
Which document serve as a subsidiary ledger for the general ledger balance of work in process inventory?
Group of answer choices
labor time tickets
material requisitions
job cost sheets
material stockcards
all of the above answers
Which of the following accounts would be debited to record the assignment of indirect materials?
Group of answer choices
Work-in-process inventory
Manufacturing overhead
Supplies expense
Costs of goods sold
Chapter 4 Solutions
Principles of Accounting Volume 2
Ch. 4 - Which of the following product situations is...Ch. 4 - A job order costing system is most likely used by...Ch. 4 - Which of the following is a prime cost? A....Ch. 4 - Which of the following is a conversion cost? raw...Ch. 4 - During production, to what are the costs in job...Ch. 4 - Which document lists the inventory that will be...Ch. 4 - Which document shows the cost of direct materials,...Ch. 4 - Which document lists the total direct materials...Ch. 4 - Which document lists the total direct labor used...Ch. 4 - Assigning indirect costs to specific jobs is...
Ch. 4 - In a job order cost system, which account shows...Ch. 4 - In a job order cost system, raw materials...Ch. 4 - In a job order cost system, overhead applied is...Ch. 4 - In a job order cost system, factory wage expense...Ch. 4 - In a job order cost system, utility expense...Ch. 4 - In a job order cost system, indirect labor...Ch. 4 - The activity base for service industries is most...Ch. 4 - A printing company manufactures notebooks of...Ch. 4 - Burnham Industries incurs these costs for the...Ch. 4 - Chocos Chocolates incurs these costs for the...Ch. 4 - How do job order costing and process costing...Ch. 4 - Why are product costs assigned to the product and...Ch. 4 - Is the cost of goods manufactured the same as the...Ch. 4 - From beginning to end, place these items in the...Ch. 4 - How is the predetermined overhead rate determined?Ch. 4 - How is the predetermined overhead rate applied?Ch. 4 - Why are the overhead costs first accumulated in...Ch. 4 - Why is the manufacturing overhead account debited...Ch. 4 - Match the concept on the left to its correct...Ch. 4 - When compared to manufacturing companies, service...Ch. 4 - Little Things manufactures toys. For each item...Ch. 4 - Table 4.3 shows a list of expenses involved in the...Ch. 4 - Burnham Industries incurs these costs for the...Ch. 4 - Marzons records show raw materials Inventory had a...Ch. 4 - Sterlings records show the work in process...Ch. 4 - Logo Gear purchased $2,250 worth of merchandise...Ch. 4 - A company estimates its manufacturing overhead...Ch. 4 - Job order cost sheets show the following costs...Ch. 4 - A new company started production. Job 10 was...Ch. 4 - K company production was working on Job 1 and Job...Ch. 4 - A company has the following transactions during...Ch. 4 - During the month, Job AB2 used specialized...Ch. 4 - Job 113 was completed at a cost of $5,000, and Job...Ch. 4 - A companys Individual job sheets show these costs:...Ch. 4 - A summary of material requisition slips and time...Ch. 4 - Abuah Goods manufactures clothing. For each item...Ch. 4 - Chocos Chocolates incurs the following costs for...Ch. 4 - The table shows a list of expenses involved in the...Ch. 4 - Masonrys records show the raw materials inventory...Ch. 4 - Steinways records show their work in process...Ch. 4 - Langstons purchased $3,100 of merchandise during...Ch. 4 - A company estimates its manufacturing overhead...Ch. 4 - Job order cost sheets show the following costs...Ch. 4 - A new company started production. Job 1 was...Ch. 4 - Inez has the following information relating to Job...Ch. 4 - A company has the following information relating...Ch. 4 - A company has the following transactions during...Ch. 4 - During the month, Job Arch2 used specialized...Ch. 4 - Job 113 was completed at a cost of $7,500, and Job...Ch. 4 - A companys individual job sheets show these costs:...Ch. 4 - A summary of materials requisition slips and time...Ch. 4 - For each item listed, state whether a job order...Ch. 4 - York Company Is a machine shop that estimated...Ch. 4 - Pocono Cement Forms expects $900,000 in overhead...Ch. 4 - Job cost sheets show the following information:...Ch. 4 - Complete the information in the cost computations...Ch. 4 - During the year, a company purchased raw materials...Ch. 4 - Freeman Furnishings has summarized its data as...Ch. 4 - Coops Stoops estimated its annual overhead to be...Ch. 4 - MountaIn Peaks applies overhead on the basis of...Ch. 4 - The actual overhead for a company is $74,539....Ch. 4 - When setting its predetermined overhead...Ch. 4 - The following data summarize the operations during...Ch. 4 - The following events occurred during March for...Ch. 4 - A movie production studio incurred the following...Ch. 4 - For each item listed, state whether a job order...Ch. 4 - Rulers Company is a neon sign company that...Ch. 4 - Event Forms expects $120,000 in overhead during...Ch. 4 - Summary information from a companys job cost...Ch. 4 - Complete the information in the cost computations...Ch. 4 - During the year, a company purchased raw materials...Ch. 4 - Freeman Furnishings has summarized its data as...Ch. 4 - Queen Bees Honey, Inc., estimated its annual...Ch. 4 - Mountain Tops applies overhead on the basis of...Ch. 4 - The actual overhead for a company is $73,175....Ch. 4 - When setting its predetermined overhead...Ch. 4 - The following data summarize the operations during...Ch. 4 - The Following events occurred during March for...Ch. 4 - A leather repair shop incurred the following...Ch. 4 - Can a company use both job order costing and...Ch. 4 - If a job order cost system tracks the direct...Ch. 4 - What are the similarities in calculating the cost...Ch. 4 - If a company bases its predetermined overhead rate...Ch. 4 - How do the job cost sheets act as a subsidiary...Ch. 4 - How is a job order cost system used in a service...
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- In 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_forwardFor each cost pool, identify an appropriate cost driver. A. order department B. accounts receivable processing C. catering D. raw material inventoryarrow_forwardHow do the job cost sheets act as a subsidiary ledger for the work in process inventory if journal entries are not made to the job cost sheets?arrow_forward
- In a job order cost system, utility expense incurred is debited to which account? A. work in process inventory B. finished goods inventory C. manufacturing overhead D. cost of goods soldarrow_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_forwardIn a process cost system, factory depreciation expense incurred is debited to _____________________. finished goods inventory work in process inventory manufacturing overhead cost of goods soldarrow_forward
- Which document lists the total direct materials used in a specific job? A. job cost sheet B. purchase order C. materials requisition form D. receiving documentarrow_forwardIn a job order cost system, overhead applied is debited to which account? A. work in process inventory B. finished goods inventory C. manufacturing overhead D. cost of goods soldarrow_forwardIn a job order cost system, indirect labor incurred is debited to which account? A. work in process inventory B. finished goods inventory C. manufacturing overhead D. cost of goods soldarrow_forward
- Cost of materials issuances under the FIFO method An incomplete subsidiary ledger of materials inventory for May is as follows: A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. B. Determine the materials inventory balance at the end of May. C. Journalize the summary entry to transfer materials to work in process. D. Explain how the materials ledger might be used as an aid in maintaining inventory quantities on hand.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 process costing system, which account shows the overhead assigned to the department? A. cost of goods sold B. finished goods inventory C. raw material inventory D. work in process inventoryarrow_forward
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INVENTORY & COST OF GOODS SOLD; Author: Accounting Stuff;https://www.youtube.com/watch?v=OB6RDzqvNbk;License: Standard Youtube License