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Exam 17: Job Order Costing

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Question 21

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A difference in quantity of materials used on two comparable jobs may be caused by

A) inadequately trained employees
B) poor quality materials
C) employee carelessness
D) all of these

E) All of the above
F) A) and C)

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Question 22

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The direct labor and overhead costs of providing services to clients are accumulated in a work in process account.

A) True
B) False

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Question 23

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Activity-based costing is a method of accumulating and allocating costs by department.

Which of the following is not a characteristic of a job order costing system?

Match each of the following phrases with the term a-e) that it most closely describes it. Each term will be used only once. -the process by which factory overhead is assigned to a cost object

All of the following are examples of activity bases except

Which of the following would most likely use a job order costing system?

A summary of the materials requisitions completed during a period serves as the basis for transferring the cost of the materials from the controlling account in the general ledger to the controlling accounts for

A manufacturer may employ a job order cost system for some of its products and a process cost system for others.

In a factory with several processing departments, a single factory overhead rate may not provide accurate product costs and effective cost control.

Six selected transactions for the current month are indicated by letters in the following T accounts in a job order cost accounting system: Describe each of the six transactions.

When Job 117 was completed, direct materials totaled $4,400; direct labor, $5,600; and factory overhead, $2,400. A total of 1,000 units were produced at a per-unit cost of

During April, Cavy Company incurred factory overhead as follows: $\begin{array} { | l | l | } \hline \text { Indirect materials } & \$ 11,000 \\\hline \text { Factory supervisi on labor } & 4,000 \\\hline \text { Utilities } & 500 \\\hline \text { Depreciation fact ory) } & 700 \\\hline \text { Small tools } & 300 \\\hline \text { Equipment rental } & 750 \\\hline\end{array}$ Record the entry for factory overhead incurred during April.

Match the costs that follow to the type of product cost a-c) or designate as not a product cost d) . -president's salary

A widely used activity base for developing factory overhead rates in highly automated settings is

Period costs are costs that are incurred for the production requirements of a certain period.

Period costs are

In the job order costing system, the finished goods account is the controlling account for the factory overhead ledger.

Which of the following is a product cost?

Match each of the following phrases with the term a-e) that it most closely describes it. Each term will be used only once. -prepared when materials that have been ordered are received and inspected