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Exam 15: Job Order Costing and Analysis

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Question 81

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When raw materials are used in production and are recorded in job cost system:

A) Goods in Process is credited and Finished Goods is debited.
B) Direct Material and Indirect Material are debited and Goods in Process is credited.
C) Direct Material and Indirect Material are debited and Raw Materials Inventory is credited.
D) Goods in Process is debited and Raw Materials Inventory is credited.
E) Goods in Process and Factory Overhead are debited and Raw Materials Inventory is credited.

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Question 82

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During last period, a company's direct labor cost was double the cost of its direct material used. In addition, factory overhead was $5,000 underapplied. Use the following incomplete accounts to determine the cost of direct labor.

A) $15,000
B) $88,000
C) $45,000
D) $70,000
E) $30,000

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Question 83

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A manufacturing company uses a job order cost accounting system. Overhead is applied using direct labor hours as an allocation base. Total costs for a particular job were $5,720. Of this amount $2,600 was direct labor and $1,040 was direct material. The company pays $26 per hour of direct labor and $2 per pound of direct materials. What is this company's overhead rate?

A job order cost accounting system would best fit the needs of a company that makes:

Estimated overhead and direct labor costs for the year were $250,000 and $125,000, respectively. During the year, actual overhead was $248,000 and actual direct labor cost was $123,000. The entry to close the over- or under-applied overhead at year-end, assuming an immaterial amount, would include:

A source document that an employee uses to record the number of hours at work and that is used to determine the total labor cost for each pay period is a:

A manufacturing company that uses a cost accounting system normally has only two inventory accounts: Finished Goods Inventory and Goods in Process Inventory.

A company that uses a job order cost accounting system incurred $10,000 of factory payroll during May. Present the May 31 entry assuming $8,000 is direct labor and $2,000 is indirect labor.

During last period, a company's overhead rate was 150% of direct labor cost. This caused factory overhead to be $10,000 overapplied. Use the following incomplete accounts to determine the cost of goods sold.

A materials requisition is a source document used by production managers to request materials for manufacturing and also used to assign materials costs to specific jobs or to overhead.

A time ticket is a source document an employee uses to record the number of hours at work and that is used each pay period to determine the total labor cost.

If one unit of Product X used $.75 of direct materials and $6.00 of direct labor, sold for $12.00, and was assigned overhead at the rate of 20% of direct labor costs, how much gross profit was realized from this sale?

A time ticket is a source document used by an employee to record the number of hours worked on a particular job during the work day.