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Exam 21: Cost Accounting Systems

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Question 31

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When direct materials are issued from inventory to production under a job order costing system an increase is recorded in the:

A) materials inventory account.
B) manufacturing overhead account.
C) finished goods inventory account.
D) work in process inventory account.

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Question 32

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Equivalent units of production measures:

A) the number of partial jobs completed in the period.
B) the number of jobs started but not completed in the period.
C) the production level which could have been achieved under optimum circumstances.
D) the number of full units that could have been completely produced with the effort expended.

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Question 33

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In a factory with several processes, there may be one or more service departments that do not process the materials directly. Which of the following is not an example of a service department?

Which industry generally uses a job costing system?

Which of the following are similar for job order and process costing?

Which of the following statements concerning the job cost order is incorrect?

Young Manufacturing uses the weighted average method of computing equivalent units of production. In beginning work in process, there were 7000 units 40% complete as to conversion. In ending work in process, there were 4000 units 80% complete. 11 000 units were completed during the year. Determine the equivalent units of production.

Which of the following control accounts are used in job costing? I. Factory Overhead II. Work in process Inventory III. Finished Goods Inventory IV. Raw Materials Inventory

In a job cost system, the overhead costs are assigned using:

Which of the following is not included on a cost of production report?

Which of the following is not a feature of just-in-time processing?

In 2018, Brewster's Painting Supplies planned the following: $\begin{array} { l r } \text { Factory overhead costs } & \$ 220000 \\\text { Direct labour costs } ( 18000 \text { hours at } \$ 9.00 \text { per hour) } & \$ 162000 \\\text { Machine Hours } & 54000 \\\text { Direct material costs } & \$ 134000\end{array}$ The predetermined overhead rate is based on direct labour hours and planned production during 2018 is 20 000 units. The estimated cost per unit produced is:

Which of the following is not an element of Just-in-time processing (JIT) ?

Which of the following statements concerning cost accounting for service type businesses is correct?

In an 'ideal' just-in-time processing plant, the inventories held are:

Manufacturing entities use two basic types of cost accounting systems. They are:

In 2018 Valentino Coffee Supplies planned the following: $\begin{array} { l r } \text { Factory overhead costs } & \$ 120000 \\\text { Direct labour costs (12 } 000 \text { hours at } \$ 8.00 \text { per hour) } & \$ 96000 \\\text { Machine Hours } & 45000 \\\text { Direct material costs } & \$ 85000\end{array}$ The predetermined overhead rate is based on direct labour hours and planned production during 2018 is 20 000 units. By the end of 2018, a total of 18 000 units had been produced and 11 000 direct labour hours used. How much overhead was applied to work in process?

The overhead budget, based on a budgeted volume of 100 000 direct labour hours, was $325 000. Actual overhead costs amounted to $340 000 and actual direct labour hours were 106 000. By how much was overhead under or overapplied?

Predetermined overhead rates are necessary for which of the following reasons? I. Actual overheads are not incurred evenly over the period. II. Product costs need to be calculated promptly for decision- making. III. Overhead cannot be traced directly to products because of its indirect nature.

Greg's Repair Services uses job order costing. At the end of the month the following information was available. $\begin{array} { l l l l } & \text { Job D-1 } & \text { Job D-2 } & \text { Job D-3 } \\\text { Direct materials } & \$ 40 & \$ 60 & \$ 50 \\\text { Direct labour } & \$ 20 & \$ 30 & \$ 10\end{array}$ Actual overhead costs are $150. Overhead is applied on the basis of 200% of direct labour costs. Jobs D-1 and D-2 have been completed and sold. Job D-3 is not yet complete. At month-end the work in process inventory balance is: